Triumph for Maliki as Iraq Passes the Annual Budget
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. […]
Iraq Approves $100.5bn Budget for 2012
After months of wrangling, the Iraqi House of Representatives has finally approved the $100.5 billion budget for 2012, according to AKnews. The budget is based on an average oil price of $85 per barrel and 2.6m barrels per day in crude oil exports, up from last year's budget of $82.6b, which was based on an […]
Iraq Slashes Oil Exports to Jordan
Iraq's crude oil exports to Jordan have dropped from 10,000 barrels per day to 6,000 bpd, reports Aknews. An agreement from 2008 specifies exports of 10,000 bpd, while an August 2011 agreement to increase to 15,000 bpd was described as not feasible "due to technical and administrative issues". Sixty percent of Iraq's oil exports go […]
Nabucco Could Still Use Iraqi Gas
The Nabucco consortium considers Northern Iraqi gas as an option to secure future gas supply to Europe, Dow Jones Newswires reported on Wednesday "Why shouldn't we pipe gas from Northern Iraq," Nabucco spokesman, Christian Dolezal is quoted as saying. "We should explore that as an option to secure future gas supply for Europe." But he […]
NIC Re-Announces Kerbala Monorail Opportunity
Iraq's National Investment Commission (NIC) re-announced on Thursday the details of the new Kerbala Monorail, and invited interested parties to contact them: Length of the line (18 KM) Project Type (Monorail) - High Concrete mono rail of two ways known locally as Kerbala Monorail. Number of stations (20) the distance between each station and another […]
US-Iraq Joint Coordinating Cmte for Cultural and Educational Cooperation
The Government of the United States and the Government of Iraq strongly support the preservation and expression of Iraq’s rich heritage, the establishment of a strong Iraqi education system at all levels, and the continuation of robust educational, cultural, and professional exchanges between our nations. The U.S.-Iraq Joint Coordinating Committee on Cultural and Educational Cooperation […]
Newtec Helps Iraq Rebuild Media Infrastructure
Iraq has deployed several Multimedia Exchange Network over Satellite (MENOS™) TV interactive terminals from leading satellite communications company Newtec. The terminals will operate within the Arab States Broadcasting Union (ASBU) exchange network. By deploying the technology, broadcasters within Iraq will now have access to their own IP-based and fully automated secure Virtual Network (VN) for […]
IMEIB Achieves $18m Net Profit in 2011
The Iraqi Middle East Investment Bank (IMEIB) has achieved a net profit of Iraqi dinar IQD21.6 billion ($18 million) in 2011, according to a report from Arab News. As at the end of 2011, the total cash in hand and at bank was IQD369.7 billion, compared to IQD 343.9 billion in 2010. The monetary credit […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 23rd February 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,345 / $1,476, -0.15% (weekly change). The number of weekly traded shares was 5.4 bn and the weekly trading volume was ID8.5bn ($7.2mn). ISX […]
Petrofac Confirms $330m Badra Contract
Following the reports earlier in the week that Petrofac has won a major contract in Iraq, the company has issued the following statement to the markets this morning: Petrofac, the international oil & gas service provider, has been awarded a US$330 million lump-sum engineering, procurement and construction (EPC) contract by Gazprom Neft Badra B.V. ('Gazprom') […]
Iraq Invites Bids for 500-MW Power Plant
Bloomberg reports that Iraq has invited companies to submit bids to build a 500-megawatt electricity plant fuelled by natural gas in the eastern province of Maysan [Missan]. An electricity ministry spokesman, Mussab Serri, told Bloomberg that the contract will be awarded in March. The four turbines that will generate the electricity in the plant will […]
Genel Energy Sets Out Its Plans
In the three months since its creation, the Anglo-Turkish independent, Genel Energy plc, has moved with "remarkable speed to build the foundations of what I believe will become a major regional oil and gas company," its chief executive Tony Hayward said on Thursday. Previewing a presentation he will make to capital markets, Hayward said revenues […]