President Barzani Leads Official Delegation to Bulgaria
On an official visit to Sofia, Bulgaria last week, Kurdistan Region President Masoud Barzani held meetings with the country’s leaders to promote bilateral relations and cooperation. President Barzani met President Rosen Plevneliev and talked about the many cultural and historical similarities that the people of Kurdistan and Bulgaria share. “Our peoples have much in common. […]
After the Baghdad Summit: Implications Regionally and 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. […]
APRIL FOOL: Worldwide Celebrations as Iraqi Dinar Revalues 1:1000!
Just as the dinar speculators predicted, Iraq has re-valued its currency 1000-fold, making dollar-millionaires of ordinary folk from Anbar to Arkansas! The unprecedented 100,000% revaluation was welcomed by businesses all across the world, who saw nothing strange about paying $1,000 today for something that was priced at $1 yesterday. At the stroke of a pen, […]
Development of, and Revenues from, Iraq's Upstream Petroleum Sector
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The upstream petroleum sector in Iraq has been on a significant development drive, in time and magnitude, since mid-2009, and such development efforts would, if realized, bring outstanding results for Iraq and […]
Growing Iraqi Car Market has "Huge Potential"
Bloomberg reports that Iraq is attracting the attention of global automakers including General Motors, Ford and Volkswagen. Western cars were shut out of the Iraqi market by sanctions during the Saddam Hussein era, and even today there are many old VW Passats that were shipped to Iraq from Brazil between 1983 and 1990 in exchange […]
ShaMaran Falls on Financial and Operating Results
Shares in ShaMaran Petroleum were down 13% in early trading on the Vancouver exchange following the company's announcement of its financial and operating results for the year ended December 31, 2011: Highlights A major oil discovery in the Atrush Block was announced by the Company on April 13, 2011. The Atrush 1 well flowed at […]
Entrepose Wins $61m Tank Contract at West Qurna 2
Entrepose Projets, a 100% subsidiary of Entrepose Contracting, a contractor specialised in the design and construction of complex projects in the oil and gas sectors in particular and the energy and environmental sectors in general, has announced that it has been awarded, within a partnership, a contract in Iraq for the construction of oil storage […]
Video: Iran and Turkey Battle for Iraq Supremacy
As Iraq's capital emerges from almost a decade of conflict and civil strife it is becoming an economic battleground for Turkey and Iran: (Source: CNN)
Video: Ban Ki-moon Addresses Arab League Summit in Baghdad
At the Arab League summit in Baghdad, Ban Ki-moon urges the region’s leaders to 'listen to the people': (Source: UN)
Weekly Security Update for 30th March 2012
Levels of violence rose in Iraq last week despite heightened security measures put in place ahead of the Arab League Summit. It was the worst week since a series of terrorist attacks targeted Shi’ah pilgrims during Arba’een at the beginning of January and the fourth-worst week recorded over the past six months. At least 73 […]
Basra Licenses $72m Tourism and Trade Projects
The Basra Investment Commission has licensed three projects, including an amusement park and a shopping center, worth $72m (84 billion Iraqi dinars). Khalaf Badran, head of the board, revealed the details of the projects, which will be undertaken by local companies. Jalfar Amusement Park will be constructed in the Qibla district with a capital of […]
Warka Bank Saga Shows Iraq Political, Business Tensions
Iraqi banker Saad al-Bunia says Warka Bank for Investment and Finance, which was placed in insolvency proceedings by authorities this month, is a victim of its own success, with its growth threatening the near-monopoly of state banks. "They don't want a strong bank to operate and compete with state banks," said British-educated Bunia, a member of […]