Iraq Takes Delivery of New $14m Ship from China
Iraq's Transportation Ministry sent a crew of five sailors to China to take delivery of a new $14m (16.3bn IQD) ship for the Iraqi fleet. The Iraqi Naval Transportation Company contracted China's ANT to construct the 7,000-ton ship, which will carry goods from China to Iraq and will "reinforce Iraqi marine trade". This brings to […]
Second Unit of Diwaniya Refinery Opened
Iraq's Oil Minster, Abdul Kareem Luaibi [Elaibi], has opened the second unit of the Diwaniya refinery, which will produce 10,000 bpd, raising the total production to 20,000 bpd. The year-long project cost 63 billion dinars [$53 million] and was carried out in cooperation with the ministry of industry & minerals. The plant will produce: Naphtha: […]
Iraq to Increase Egypt Trade to $2bn
The Iraqi government plans to increase trade with Egypt to $2 billion (2.4 trillion IQD) this year, according to a report from AKnews. Last year the figure reached only $400 million (466 billion IQD), said Kamal Sharif, chairman of the committee tasked with planning the increase. He said the Ministry of Trade, and the General […]
Jordan’s Aphrodite Wins $240m Iraq Housing Deal
Bloomberg reports that Jordan’s Aphrodite Trading Company has won a $240 million [285 billion Iraqi dinar] contract to build 2,500 housing units in the city of Tikrit in northern Iraq. Jawhar Hamad, the president of Salahuddin Investment Commission, told the agency that the project will be completed within three years. The province needs 19,800 residential […]
UK Minister Visits Kurdistan Region
Last week (4-5 April) The Rt Hon David Willetts MP – UK Minister for Universities and Science – visited Erbil in the Kurdistan Region of Iraq and brought with him a delegation of 12 senior representatives from UK Higher and Further Education. The delegation included three University Vice Chancellors and the Chief Executive of the […]
Video: UN Special Representative Addressses Security Council
The United Nations special representative to Iraq, Martin Kobler, has issued his second address to the United Nations Security Council. He addressed security issues, improving relations with Kuwait, and the country's Chapter VII status: Please click here to download a full transcript of the statement. (Source: UN)
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 […]
KRG Denies Wrongdoing in UK Market Abuse Probe
Last week we reported that Ian Hannam, a top advisor at JPMorgan Chase, has stepped down to appeal a £450,000 ($720,000) fine from the UK’s Financial Services Authority (FSA) for disclosing inside information about a potential offer for Heritage Oil, as well as news of an oil find. Reuters' sources claim that the email recipient […]
Abu Dhabi Buys Into Kurdish Power Plant
Abu Dhabi National Energy (TAQA), a state-owned oil explorer and power supplier, said it bought a 50 percent interest in a power plant in Iraqi Kurdistan. According to Reuters, the plant, which has been operating since 2009, has a capacity of 750 megawatts, with an additional 250 megawatts under construction. The company signed a joint […]
Minister for Construction: "We Need International Companies"
Iraq's Minister for Housing and Construction, Mohammed Sahib al-Darraji, spoke to Gavin Jones for Iraq Business News: The Ministry of Housing and Construction is responsible for building over 2 million houses between now and 2015, as well as several thousand kilometres of highway and several dozen schools, hospitals and various other infrastructure projects; it's a […]
Arab Summit Memories: the Good, the Bad and the Luxury
For some, last week’s Arab League summit was a dream come true; for others, it was a traffic, business and security nightmare. according to this article from NIQASH. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Praise and criticism has been flying ever since […]
Kurdistan Parliament Approves New KRG Cabinet
The Kurdistan Parliament approved the new Kurdistan Regional Government cabinet on Thursday. Incoming Prime Minister Nechirvan Barzani (pictured) and his ministers were sworn in to begin their two-year term. While many of the ministers remain in their previous positions, nine new ministers were sworn into the 7th cabinet. Announcing the agenda of the new cabinet, […]