Weekly Security Update for 1st March 2012
After weeks of declining violence in February, the number of attacks rose once again in Iraq over the last week of the month. At least 53 people were killed and 245 injured in nationwide incidents, which is moderately high, albeit not as high as the figures of over 100 recorded fatalities in some of the […]
Iraq: Will a Rising Tide Lift All Boats?
Long-term investors in many Iraq-focused oil companies have had their patience amply rewarded, as shares in companies such as Gulf Keystone Petroleum (GKP) and DNO have registered significant gains. Tony Hayward, CEO of Genel Energy, puts this down in part to ExxonMobil's entry into Kurdistan, which has highlighted the opportunities in the region. So much […]
The Business Opportunity You've Been Waiting for: “Iraq Oil & Gas”
According to reports by various U.S. government agencies, multilateral institutions and other international organizations, long-term Iraq reconstruction costs could reach $500 billion or higher. The proposed Hydrocarbons Law, which governs oil contracting and regulation, has been under review in the Council of Ministers since October 26, 2008, but has not received final passage. Iraq was […]
ISX teaches lesson in patience
So far this year Iraqi stocks have been surprisingly oblivious to three very bullish developments. The Iraq Securities Commission has finally issued its instruction on custodian bank licenses. (See this post for more on custodian banks.) The European Central Bank (ECB) is running its printing presses at maximum capacity. And earnings are up sharply at […]
Egypt's Orascom Wins $363m Power Contract
Iraq's cabinet has approved a $363 million (435 billion Iraqi dinar) contract on Tuesday with Egypt's Orascom Construction to build a 1,014 MW gas-fired power plant in the northern town of Baiji [Beiji, Bayji]. The contract involves building the plant and installing six 169 MW generators which Iraq bought from Siemens in 2008. The project […]
BP "in Talks" to Boost Output at Kirkuk Field
Oil giant BP is reported to be in talks with Iraq to boost output from the Kirkuk oilfield in the north of the country. Bloomberg, citing sources at the Middle East Economic Survey (MEES), says BP officials will meet with Iraq’s North Oil Company (NOC) within weeks to discuss increasing capacity at Kirkuk from about 260,000 […]
Iraq Seeks up to $700bn Investment in Infrastructure
Sami al Araji, chairman of Iraq's National Investment Commission (NIC), has told a business audience in New Delhi that his country needs $500-$700 billion in investment to rebuild its infrastructure. Araji compared the opportunities in Iraq to "Germany after the Second World War", adding, "our message to the world is that we are open for […]
Iraq Seeks Investment to Upgrade Transport Network
Iraq's transport minister, Hadi al-Ameri [al-Amari] (pictured), has appealed to foreign firms to help restore his country's dilapidated infrastructure by rebuilding airports and constructing a European-style rail network, according to a report from AFP. Addressing nearly 50 companies in Baghdad's heavily-fortified Green Zone, he said that as Iraq's oil income rises in the coming years there […]
First Lithuanian Delegation Visits Kurdistan
The first official and business delegation from Lithuania has visited the Kurdistan Region to meet with local officials and explore potential areas of cooperation. The large group was headed by the Lithuanian Vice-Minister of Economy, Mr Daumantas Lapinskas, and included the Vice-Minister of Agriculture, Mr Mindaugas Kuklierius, and the Deputy Director of External Economic Relations […]
Disputed Territory: Talabani Tries to Create Another Article 140
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. […]
Japan Pledges $530m in Loans to Iraq
AFP reports that Japan is to offer $530 million in loans to Iraq, in part to help rebuild oil refineries, as Tokyo seeks to diversify fuel supplies after the tightening of sanctions on Iran. A Japanese foreign ministry spokesman said that loans totalling 42.5 billion yen have been pledged to Baghdad to aid four infrastructure […]
EFG-Hermes Offers Iraq Equity Swaps
Bloomberg reports that EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank, started offering an equity-swap product linked to Iraqi securities. This potentially allows investors to benefit from the nation's economic growth, which the World Bank estimates at 12.6% in 2012. “Despite the prevailing risk-averse nature of investment in the Middle East and North […]