Bidders Named for $1bn Iraqi Power Plant
Iraq has announced the names of foreign companies bidding to build a $1 billion, 1,500 megawatt, power plant in western Iraq, according to a report from Reuters: South Korea's Hyundai Engineering & Construction; Italy's Saipem; Greece's Metka; Turkey's Gama; and, a consortium of Turkey's Calik Enerji and Italy's Techint. The plant will consist of six units: […]
Iraq to Spend $9.8bn on Roads and Housing
Iraq's minister for construction and housing plans to spend $9.8 billion on roads, bridges and housing between now and the end of 2016, reports Bloomberg. Mohammad Saheb al-Darraji (pictured) said the country is budgeting $5.8 billion for roads and bridges and $4 billion for housing. The current annual budget is $112 billion. The country needs 2.5 […]
Iraq Buys US Drones to Protect Oil Platforms
Iraq is buying unmanned drones from the United States to help protect its southern oil platforms, U.S. and Iraqi officials said on Monday. An official from the Office of Security Cooperation in Iraq, which is part of the U.S. embassy, declined to give the model or number of drones that are part of the contract, […]
DHL Extends Service in Iraq
Logistics firm DHL has extended its supplementary day definite road service into Iraq, thus linking the GCC and the Levant regions to the country. This DHL ECONOMY SELECT service will complement the existing airfreight program, the DHL time definite services, and will serve countries across the GCC and Levant with a slower transit time offering. […]
Dinar Woes: Iraqi Currency Traders Break Sanctions
In Iraq, where barely anyone has a bank account, the trade in foreign currencies is largely unlicensed. Now money traders are smuggling US dollars to sanctioned Syria and Iran. And the Iraqi govt may well be using the situation for its own political ends too, according to this report from NIQASH. The Iraqi dinar is […]
Iraqiyya, the Kurds & Disputed Territories in Iraq
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Dunia Weekly Iraq Market Tracker
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
DNO Shares Rise on Record Results
Shares in DNO International, the Norwegian oil and gas company with operations in Iraqi Kurdistan, were up 8% in early trading on Monday following the release of record results for the first quarter of 2012. Operating revenues were NOK 712 million up from NOK 281 million in the first quarter of 2011. Net profit climbed […]
Iraq to Increase Crude Exports for 2nd Half May
Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 20 percent in the second half of May, compared to a month earlier. According to the loading program, Iraq will ship 26 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), seven more than a month earlier. Exports will […]
UAE's Construction Tech Wins $47m Deals in Iraq
Construction Tech, part of the UAE-based Tech Group, has won two significant deals in Iraq totaling over $47 million, according to a report from Trade Arabia. The bigger of the contracts is a $45 million deal to revamp the Central Bank of Iraq, while there is also a $2.15 million agreement with Shell to support […]
Iraqi-American Sentenced for Illegal Currency Transactions
A well-known businessman and cultural leader from Columbia, Missouri, has been sentenced to three years in federal prison for illegally siphoning more than $200,000 to Iraq during sanctions between 1991 and 2003. Shakir Hamoodi, an Iraqi-American store owner and former nuclear scientist with the University of Missouri, pleaded guilty in December 2009 to violating federal sanctions […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd May 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,279 / $1.394, (-0.6%) (weekly change). The number of week traded shares was 4.1bn and the weekly trading volume was ID8.9bn ($7.5mn). ISX Company […]