Weekly Security Update for 19th April 2012
Levels of violence fell slightly in Iraq last week. At least 38 people were killed and 40 injured in nationwide incidents. However, anecdotal evidence on the ground indicated that many Iraqis felt it constituted some sort of calm before the storm. This fear was realised earlier on 19 April when a spate of bombings struck […]
Double-Digit Growth Forecast for Iraq
While much of the developed world struggles to drag itself out of recession, Iraq managed to register real GDP growth of 9.9% last year, according to IMF estimates. Their projection for this year is 11.1 percent, followed by 13.5 percent next year, giving compounded growth over the three years of nearly 40%. Iraq may have […]
Iraq Could Have 214bn Barrels of Oil
Iraq could have total oil reserves to 214 billion barrels, according to the country’s Deputy Prime Minister with responsibility for energy. Hussain al- Shahristani (pictured) made the statement today at the Iraq Refinery conference in London. Current proven oil reserves were revised up to 143 billion barrels in October 2010, not including oil in the […]
Design of Kerbala Refinery Needs to be Changed
Iraq's deputy oil minister, Ahmed Shamma (pictured), told the Iraq Refinery conference in London on Tuesday that the FEED (front end engineering and design) of Iraq's 140,000 barrel a day Kerbala refinery will have to be changed to reduce the fuel oil output of the proposed plant, reports Dow Jones. The Kerbala plant, one of […]
Iraq says Exxon won't Move on Kurdish Oil Blocs
Exxon Mobil has told Baghdad it will not break ground on its oil blocs in Iraqi Kurdistan until the central government in Baghdad approves the contracts, Deputy Prime Minister for Energy, Hussain al-Shahristani, said said on Wednesday. Shahristani has indicated many times that such approval was unlikely to be granted. Baghdad has threatened to exclude Exxon […]
Heritage Oil Down Slightly on Results
Shares in Heritage Oil (LSE: HOIL) closed down 2% on Wednesday following the announcement of its results for the twelve months ended 31 December 2011: 2011 Operational Highlights Awarded new licences in Tanzania which Heritage believes could be geologically analogous to the Lake Albert Basin, providing the Company with a key advantage in assessing the […]
Iraq Ranks Worst in Impunity Index
Iraq has ranked worst on the Committee to Protect Journalists' Impunity Index for the fifth consecutive year. The Impunity Index calculates unsolved journalist murders as a percentage of each country's population. With more than 90 unsolved murders, Iraq's impunity rating dwarfs that of every other nation. "Most of the murders occurred as Iraq was immersed […]
Dragon Oil Targets Iraq
Dubai-based Dragon Oil is considering expanding into Iraq. In its management statement on Monday, the company said that it was pre-qualified for Iraq’s fourth oil licensing round, which is currently scheduled to take place at the end of May. “We are looking at partnering opportunities ahead of this bidding round,” the company said in its […]
Iraq Develops East Baghdad Oilfield
Production at the East Baghdad oilfield has reached 10,000 barrels per day, according to Aswat al-Iraq. "The East Baghdad oilfield is the biggest in Iraq and Iraqi and Jordanian companies are drilling wells in it," Essam Jihad told the news agency. "The ministry has mapped out a plan to develop it and signed a contract […]
Iraq Extends Deadline for Crude Tanker Tender
The Iraqi Oil Tankers Company has extended the deadline for tenders for the purchase or construction of a crude oil tanker to Monday (April 23). The vessel should have a deadweight of at least 6,000 metric tons, and, bizarrely, the tender document states that the year of build should be 2011. According to Bloomberg, the […]
Kurdistan to Double Trade Volume with Sweden
Trade between the Kurdistan Region of Iraq and Sweden hit $154 million last year and the Swedish authorities are planning to double that figure by 2015, reports AKnews. Swedish Minister of Trade, Eva Bjorling (pictured), opened the Swedish Embassy’s trade office in Erbil, and an institute to help Iraqis address unemployment, on Tuesday. Fathi Mohammed, […]
Trade with Iran Reaches $9 billion
The under-secretary of the Iraqi Ministry of Industry met a delegation of Iranian companies to discuss industrial cooperation and possibilities of Iranian participation in work opportunities in Iraq. According to AKnews, the head of the Iranian delegation, Ameen Shari'ati, said that trade between the two countries reached $9 billion dollars. He hoped this figure would increase, […]