European Commission Fines Freight Forwarders for Price Fixing
The European Commission has imposed fines totalling 169 million euros on 14 freight forwarding companies for conspiring to fix the prices of surcharges. In 2003, soon after the UK introduced electronic declarations for exports, the companies broke the law by conspiring to levy a surcharge for this reporting service, according to the Financial Times. They agreed […]
What will be the Legacy of the Baghdad Summit?
The Arab League Summit reaches its climax today (Thursday) with the meeting of the heads of state, and so far the event is being seen as a success for Iraq and its Prime Minister, Nouri al-Maliki. The hosting of this pretigious conference is a public relations coup for all concerned, and represents the acceptance of […]
Iraq to Boost Kirkuk Crude Exports for April by 20%
According to a report from Bloomberg, Iraq plans to increase its exports of Kirkuk crude from the Turkish port of Ceyhan (pictured) by 20 percent in April: 24 cargoes to be shipped, up from 21 in March; shipping rate of 510,000 barrels a day, up from 425,484 bpd in March. Shipments of Iraqi Kirkuk crude from […]
Iraq's Investment Sector Exempt from Duty
Investment companies will be exempted from paying duties on good entering Iraq under the new customs law, according to a report from AKnews. Finance Minister Rafie al-Issawi [Rafie al-Esawi, Rafi Hiyad al-Issawi, Rafia al-Issawi], pictured, said last week that the new bill will be adopted on 1st June, 2012, having been postponed twice in the […]
Iraq Approves $560m for Kurdish Oil Payments
Reuters reports that Iraq's central government has approved a payment of close to $560 million to oil producers in Kurdistan, following a threat from the Kurdish authorities to halt exports. On Monday, the KRG said it had reduced exports to 50,000 bpd and warned it would stop them altogether if Baghdad was not forthcoming with […]
3 Turks Arrested in Karbala for Counterfeit Currency Operation
Three Turkish citizens alleged to have been involved in selling counterfeit currency were arrested by security forces in Karbala today, reports AKnews. Karbala police said the three, from the Hay al-Sinaei area, 2km east of Karbala, sold counterfeit US dollars as part of a foreign exchange (forex) operation. Security forces seized more than $5,000 in […]
Iraq Seeks Arab Debt Forgiveness
Iraq has asked its Arab neighbours to forgive its pre-invasion debts, urging them to follow the United Arab Emirates and Algeria which have already written off what they were owed, according to Reuters. "We've asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan, Sudan, Egypt and Morocco to help Iraq in closing up its debt situation," Iraqi […]
KRG May Halt Crude Exports if Baghdad Withholds $1.5bn
Crude exports from the Kurdistan region of Iraq dropped to 50,000 bpd and may cease in a month if Baghdad refuses to pay about $1.5 billion owed to producers, Kurdistan Regional Government (KRG) authorities have said. Kurdistan started shipping oil again in February 2011 after an interuption of more than a year following a long-standing […]
South Gas Company to Produce 2bn Cubic Feet in 2013
Iraq’s state-run South Gas Company says its output will exceed 2 billion cubic feet by 2013, according to a report from Azzaman. The company’s director-general, Hussein Khudhair, said in a statement that “once the projects under construction are completed, the production will be in huge quantities surpassing two billion cubic meters”. He said “gigantic projects” […]
Tenaris Opens New Service Center in Basra
Tenaris has established a service center in Basra as the next step in its commitment to the Iraqi oil and gas market’s development, which began with the supply of tubular goods following its reactivation. From the new service base, Tenaris will provide in-country technical support and service for customers who are using Tenaris technology, staffed […]
Arab Summit Increases Food Prices in Baghdad
Food and goods prices in Baghdad are rising as the Arab summit approaches, reports AKnews. A member of the Iraqi parliament's finance committee said citizens have started to complain about the hike in prices, adding that the government should take action to stabilize market prices. One resident told the news agency that "rising food and […]
Afren Up on Full-Year Results
Shares in Afren, the oil exploration company with interests in the Kurdistan Region of Iraq, were up nearly 5% in early trading on the London markets following the announcement of full-yer results: The results included the following statement on operations in Kurdistan: Kurdistan Region of Iraq - a world class petroleum play 2011 saw the […]