Crude Oil Reserves 'Expected to Double'
The Oil Ministry expects that Iraq's crude oil reserves will double, the ministry's official spokesman said on Wednesday. "The definite crude oil reserves (143 billion barrels) will double ... due to the ministry's activities in exploration and Iraq's oil licences," Aasem Jihad told Aswat al-Iraq news agency. "We hope that Iraq's fourth round of oil […]
Aras Publishers First to Use ISBN in Iraq
Aras Publishers will be the first company in Iraq to use the ISBN (International Standard Book Number) system and professionally enter the international book market, according to AKnews. Bedran al-Habeeb, chairman of the printing company and AKnews, headquartered in Erbil, announced that 10 book titles will be published with an ISBN barcode by the end […]
Italy's Paresa Considered for New Tank Farm
A delegation from the Ministry of Industry paid a visit to the headquarters of Italian company Paresa on Wednesday to discuss the building of eight oil tanks for the South Oil Company. According to Aswat al-Iraq, each tank will have a capacity of 58,000 'cubic liters' (sic); we believe this should read 'cubic meters'. (Source: […]
Major Discrepancy in Kurdistan Oil Figures
The Kurdistan Regional Government (KRG) has said Baghdad must investigate a difference of about 35,000 bpd of crude oil exports from the region that is failing to appear in the national total, and demands payment of over $1 billion owed. The full text of the KRG statement follows: Oil exports from the Kurdistan Region in […]
Iraq Reviews Oil Pipeline to Saudi Arabia
Among the options being considered by Iraqi lawmakers to reduce dependence on the Strait of Hormuz, is the reopening an oil pipeline to Saudi Arabia that's been closed since the Gulf War in the 1990s. Currently, most of Iraq's oil exports are shipped by tanker from Basra through the Strait of Hormuz, but Iran has […]
Iraq Hopes Arab Summit Will Boost Its Role
This article was written by Abeer Mohammad, and was originally published by the Institute for War and Peace Reporting, iwpr.net. It is reproduced by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi officials are hoping that hosting the […]
US Embassy Helps Young Iraqi Entrepreneurs Create Businesses and Jobs
The U.S. Embassy’s Iraqi Youth Initiative, which forms part of the Tijara Provincial Economic Growth Program run by the United States Agency for International Development (USAID), will mark its two-year anniversary in April 2012. Since the start of the program, loans valued at $3,625,100 have enabled 1,045 young entrepreneurs to build businesses that today employ […]
Three Charged in Iraq Kickback Scheme
AFP reports that three men have been charged with conspiring to defraud the US government over a kickback scheme involving contracts for ammunition disposal in Iraq. Briton Ahmed Sarchil Kazzaz and his business, Leadstay Company, were charged in federal court in the southern state of Alabama along with US citizens Gaines Newell, 52, and Billy […]
18 Cargoes of Basra Light to Ship in 2nd Half of March
Iraq will ship 18 cargoes of Basra Light grade from the Persian Gulf in the second half of March, according to a loading schedule obtained by Bloomberg News. The is four more than in the first half of this month. (Source: Bloomberg)
Gulf Keystone Petroleum (GKP) Litigation Update
Update from Gulf Keystone Petroleum (GKP) on litigation with Excalibur Ventures: On 14 March 2012, the English Commercial Court in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £6,000,000 into Court within 21 days as security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the […]
Cyprus Airways to Resume Flights to Kurdistan
Cyprus Airway is expected to resume flights to Iraqi Kurdistan next month, reports AKnews. The carrier is planning to re-launch flights to Erbil on April 11, according to Erbil International Airport's relations adviser Andrew Jones. Cyprus Airway operated four flights to Erbil in July last year but then stopped the service. Cyprus Airway will operate […]
USAID-Supported SME Centers Creating More Jobs
Iraq’s Ministry of Youth Monitoring and Coordination Director General Adnan Al-Sarraj recently praised USAID-Tijara’s network of eight Small Business Development Centers (SBDCs) for helping Iraqis find employment and start new businesses. The compliment came in a SBDC strategy workshop last week in Erbil at which government officials, NGOs and UN agencies joined USAID-Tijara to discuss […]