KRG PM Barzani's Speech at Erbil Energy Conference
Speech by KRG Prime Minister Nechirvan Barzani, at the STEAM Conference, Saad Palace Conference Centre, Erbil, 20th May 2012. Good morning and welcome to Erbil, the capital of the Kurdistan Region. I would like to welcome His Excellency Taner Yildiz, the Minister for Energy and Natural Resources, Mr Madhat Balkan, Chairman of the STEAM organization, […]
Ssangyong Rumoured to have Won $250m Iraqi Water Deal
Reuters quotes local media reports in Korea as saying that Ssangyong Engineering & Construction has won a $250 million deal to build a water supply network in Iraq. The Korean Stock Exchange reportedly asked the company Ssangyong to submit a filing to clarify the report. (Source: Reuters)
Dep Finance Minister: Dropping Zeros Won't Raise Dinar Value
Rudaw reports that Kurdish members of the Iraqi Parliament’s Finance Committee have denied that there is currently any proposed law regarding the removal of zeros from the Iraqi banknotes. Ahmad Faizulla, an MP from the Kurdistan alliance in the Iraqi parliament and member of the finance committee, dismissed claims that their committee has prepared and […]
Weekly Security Update for 24th May 2012
Levels of violence rose significantly in Iraq last week. At least 50 people were killed and 149 injured in nationwide incidents. This is almost double the number of fatalities recorded the previous week. A total of 48 bomb attacks left 21 people dead and 138 injured. This is twice the number of bombings reported the […]
Improving The Environment For Iraqi Media
In order to create an enabling environment for a free and vibrant press, DRL seeks to fund a two-year program to support the creation of legal and regulatory frameworks for media consistent with international standards of press freedom. The program should engage a wide array of stakeholders in government and civil society in the analysis […]
Iraqi Refugees Returning Home
An estimated 2.3 million Iraqi refugees fled the sectarian violence that erupted in the country after Saddam Hussein was overthrown in the United States-led offensive of 2003. Despite a programme launched by the Iraqi government in 2007 to encourage the Iraqi diaspora to return home, until recently relatively few had taken up the offer. Now […]
Iraq Discovers First Offshore Oilfield
An Iraqi Oil Ministry spokesman announced on Wedesday that an oilfield has been discovered in Iraqi territorial water. Assim Jihad told Aswat al-Iraq that it expects to offer the site in the coming oil rounds. This is Iraq's first offshore oilfield. The site was numbered "18", but not exploited due to problems with mines, which […]
WesternZagros Announces First Quarter 2012 Results
WesternZagros Resources announced on Wednesday its operating and financial results for the first quarter ended March 31, 2012, and additional key highlights and activities to date. Headlines $25.9 million of gross oil proceeds in Q1 2012, more than double the proceeds generated in Q4 2011. Proceeds generated from the sales of 450,000 barrels of test […]
Iraq’s Energy and Development Outlook: The Need for Coping Strategies
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The prospects of energy and development in Iraq could witness and face serious changing circumstances, thus different policy options have to be in place to face different situations and possible scenarios. The […]
A New Look at Bank Valuations
In a post from March of last year, I noted that Iraqi bank stocks did not seem particularly attractive on a valuation basis. PE’s were high and growth was unspectacular. This is no longer the case for the entire sector. While share prices have gone pretty much nowhere, 2011 was a stellar year for earnings […]
Iraq Ready to Supply Brazil with Crude
AKnews reports that Iraq is ready to supply crude oil to Brazil following the increase in oil production in recent months. Deputy Prime Minister for Energy, Hussein al-Shahristani, met with the a Brazilian delegation to discuss ways to improve political and economic relations between the two countries, especially in the energy sector. The Brazillian side […]
IRAQ: Mine-free 2018 target will be Missed
Iraq is drawing detailed maps of areas contaminated by landmines and unexploded ordnance (UXO), but is unlikely to clear these areas by a 2018 deadline, says a government official. “Lack of detailed maps for landmines was one of the major problems and it delayed our mine-clearance efforts because the previous regime planted them randomly,” Deputy […]