Genel Energy Announces New Non-Exec Director
Genel Energy, the London listed E&P company and largest independent oil producer in the Kurdistan Region of Iraq, announced on Friday that it has appointed Chakib Sbiti as an independent non-executive director with immediate effect. He will also become a member of the Political Risk and HSSE Committees of the Genel Energy Board. Mr Sbiti […]
Iranian Carmaker to Build Factory in Iraq
Iranian carmaker Saipa is to build a car assembly plant in Iraq. The factory will have capacity to output as many as 120,000 cars per year if operated around the clock. Iran has developed its domestic car industry for five decades and produced 1.6 million vehicles last year, about half of them made by Iran […]
Etihad Commences Flights Between Abu Dhabi and Basra
Etihad Airways, the national airline of the United Arab Emirates, this week launched its inaugural flight from Abu Dhabi to Basra in southern Iraq. Flight EY553 took off from Abu Dhabi airport at 9.45am and landed on schedule at Basra International Airport at 10.50am. The new Airbus A320 service, with 16 Pearl Business class seats […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th April 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,281 (-0.4%) / $1,397, (-0.9%) (weekly change). The number of week traded shares was 7.1 bn and the weekly trading volume was ID11.3bn ($9.5mn). […]
Exxon Dropped from 4th Energy Round; Full List Published
Exxon Mobil is conspicuously absent from the finalized list of 47 pre-qualified bidders for the Iraq's fourth round of energy exploration rights. The Petroleum Contracts and Licensing Directorate (PCLD) at the Ministry of Oil has confirmed that the auction will take place as scheduled on May 30-31. The full list of pre-qualified companies is shown […]
Iraq Seeks Refinery Investors
Iraq's Deputy Oil Minister, Ahmed al-Shamma, said the country wants to gradually privatise its oil refineries and to attract investment in new plants. "We would like to see the private sector increase its role ... You shouldn't have the ministry of trade buying and selling commodities; it's out of date .., We are looking to complete […]
Alstom Signs 50m Euro Iraq Power Contract
French engineering group Alstom signed a 50 million euros contract to rehabilitate a gas-fired power station in Iraq, reports Reuters. Alstom will work on two units of the Khor Al Zubair station in the southern city of Basra, adding 60 MW to the power supply. The first unit will be reconnected later this year and […]
Swedish Transport Academy Inaugurated in Erbil
The Swedish Transport Academy, officially inaugurated this week in Erbil, will help Iraq’s unemployed and young people acquire the new industrial skills critical for the reconstruction and recovery of the country`s economy. The Academy, which will supply much-needed skilled mechanics to the Iraqi sectors of logistics, manufacturing, and industrial maintenance of heavy machinery such as […]
IMF Forecasts Accelerating Growth for Iraqi Economy
The International Monetary Fund (IMF), in its latest World Economic Outlook, makes the following forecasts for Iraq: The report sees strong growth continuing, with a figure of 8.8% projected for 2017.
Iraq Allocates $85m to Boost Public Companies
The Iraqi government has allocated 100bn IQD ($85m) from the 2012 budget to kick start loss-making state-owned companies and make them profitable, according to AKnews. A committee member with responsibility for companies development, Mohammed al-Jabri said: "The Iraqi government is serious in dealing with economic problems facing non-profitable companies and in finding practical alternatives to […]
Iraq Still Hopes to Award Joint Nassiriya Oilfield, Refinery Deal
Iraq's deputy oil minister, Ahmed al-Shamma, said that Iraq still hopes to award a contract for the development of the 4.4 billion barrel Nassiriya oil field and the construction of a dedicated 300,000 bpd export refinery as one package. Iraq excluded Nassiriya from its three previous bidding rounds for oil and gas licences. According to […]
Women's Ministry Grants Bank Loans Worth 10m Dinars
AKnews reports that the Iraqi Ministry for Women's Affairs has granted about 10m dinars' worth of bank loans for women. Ministry spokesman Mohammed Hamza said the loans are part of the project submitted by the Ministry of Labour and Social Affairs for women who are unemployed and registered with the ministry. Priority for awarding the […]