$100 million for Research and Development
Iraq's Ministry of Higher Education has allocated $104 million (122 billion Iraqi dinars) to research and development projects, according to a report from Aswat al-Iraq. Media Director Qassim Mohammed Jabbar said that research and development projects included the provision of scientific laboratories and financing research fellowships. (Source: Aswat al-Iraq)
Australia to Invest $2.5 billion in Iraqi Agriculture
Australia will make an initial investment of $2.5 billion in Iraq's agriculture sector, according to a report from AKnews. Lyndall Sachs (pictured), Australia's Ambassador to Iraq, made the statement during a joint press conference with Wasit Governor, Mahdi al-Zubaidi. The government will start with soil reclamation projects in Wasit, Dhi Qar, and Diwaniya provinces, and […]
Iraq Invites Bids for First Phase of Mega-Port
Iraq has issued a tender for the building of a breakwater to the south of Basra on the Persian Gulf, the first stage of construction of the giant $6 billion Grand Faw port scheme. The closing date for the tender is 15th July, and offers will be opened on 16th July, while interested companies are […]
Police Development Program Vital to US-Iraqi Relationship
Despite a New York Times report to the contrary, the U.S. Embassy in Baghdad and the Department of State have no plans to shut down the Police Development Program (PDP) in Iraq that began in October 2011. According to U.S. Embassy Spokesman Michael McClellan, “The Iraqi Government and the State Department regularly review the size […]
Afren Updates on Kurdistan Operations
In its Interim Management Statement this morning, oil explorer Afren gave the following update on its operations in Iraqi Kurdistan: Barda Rash Having received all necessary approvals of the Field Development Plan (FDP) for Barda Rash during November 2011, the Company has commenced the development programme that will initially target approximately 500 million barrels of […]
Genel Energy Acquires Acreage in Kurdistan
In a step that further builds its resource base in the Kurdistan Region of Iraq, Genel Energy announced on Monday that it is to acquire a 23 per cent stake in the Bina Bawi exploration licence. The Bina Bawi licence lies alongside the producing Taq Taq oilfield where current potential output is some 80,000 barrels […]
Positioning Iraq on the World Energy Map
Iraq’s oil exports have reached the highest records in decades. Crude oil exports averaged 2.508 million bpd in April 2012 due to the opening of two new floating terminals, easing export constraints. The Iraq Petroleum 2012 Conference will address this recent increase in crude oil exports, in a key session titled ‘Positioning Iraq on the […]
Iraq Invites Firms to Manage Water Injection
Iraq has invited international consultancy firms to assist in managing the country's multi-billion dollar oilfield water injection projects. The scheme would assist in raising the extraction rates in order to stop declines in production at fields such as Majnoon, Zubair and Rumaila. Dhiya Jafaar, head of the state-run South Oil Company, told Reuters that the company […]
After Gas, and the Rise of the Petrochemical Industry
Iraq has ambitious plans to build on its booming energy sector. The sector will be used to build upon its petrochemicals industry, Iraq is looking to foreign firms to invest up to $35 – 50 billion from 2017 – 2023. During this period the plans aim to produce around 10 million tonnes of petrochemicals a […]
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 […]
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. ID1,286 / $1.403, (+0.1%) (weekly change). The number of week traded shares was 4.1bn and the weekly trading volume was ID8.9bn ($7.5mn). ISX Company […]
New Iraqi Oil Prices for June
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for June. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]