Iraq Resolves Long-Running Disputes With Kuwait
Iraq announced on Wednesday that it had finalised several agreements with Kuwait on long-running disputes, including the issue of of compensation to Kuwaiti Airways from Iraqi Airways. Under the deal, Iraq will pay Kuwait $300 million in cash and will invest another $200 million in a joint Iraqi-Kuwaiti airline venture, to settle a claim by […]
EFG-Hermes Offers ISX Shortcut
At the end of last month the Egyptian investment bank EFG-Hermes announced that it would begin offering equity swaps on ISX-listed shares to institutional investors. (See this story.) This new product has the potential to bring about a dramatic increase in foreign participation in the Iraqi stock market. An equity swap allows an investor to […]
Lukoil to Boost Spending at West Qurna-2 to $2bn in 2012
Lukoil plans to boost investment at its West Qurna-2 oil field in Iraq to about $2 billion this year. Russia’s largest non- state company plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production. The company invested more than $200 million in the project […]
Baker Hughes Joins Race for Kirkuk Oilfield
Baker Hughes has joined BP and Schlumberger on separate talks with Iraq to more than double the output from the giant Kirkuk oil field in northern Iraq, according to Dow Jones. "Iraq is conducting preliminary talks with these three companies to examine plans to develop the field," an Iraqi oil industry figure said on Monday. […]
Turkish Firm Wins $88m Grand Kut Water Project
A Turkish firm has won the contract for the $88 million (105 billion Iraqi dinar) Grand Kut water project, according to a report from Aswat al-Iraq. Sobeih Lafta, the assistant governor for technical affairs in Wassit, told the news agency that the project is intended to end water scarcity in the city. The project, with […]
Turkish Bid to Build Schools in Basra
The head of the One Stop Shop Department in Basra Investmetnt Commission (BIC), Eng. Jalal Al- Noori, announced that the Turkish company Visalr has submitted an investment project to build private schools in Basra. He said the education sector is a top priority for the BIC, and that Basra has suitable lands allocated for such […]
Rotondo Weirich Builds Its First Modular Precast Villa in Iraq
RW [Rotondo Weirich], through its division in United Arab Emirates, RW Middle East, has built the first modular precast concrete villa, located in Samawah City, Al Muthanna Governorate, Southern Iraq. This 2,500 ft2 villa demonstrates the technology and benefits of fast track precast modular concrete construction versus other methods of residential building in the gulf […]
Veteran Iraqi Oil Minister sets up Energy Consultancy
Former oil ministers from OPEC nations Iraq, Algeria, Libya and Nigeria have established a group to offer advice on energy policy and business strategy. Issam Chalabi (pictured), Shokri Ghanem, Chakib Khelil and Rilwanu Lukman, former oil ministers of Iraq, Libya, Algeria and Nigeria respectively, set up the alliance following a meeting in Vienna in February. […]
Anbar Sues Shahristani for Blocking Phosphate Plant Investment
According to AKnews, Anbar council has taken a court action against Iraq's Deputy Prime Minister and Energy Minister, Hussein al-Shahristani (pictured), for not agreeing to a proposed investment in what it calls 'metal phosphate cement plants' in the province. The Deputy PM did not approve the project and instead referred it to the Ministry of […]
Lukoil Mid-East Limited Announces A New Tender
Lukoil, Mid-East Limited, a designated Operator for the West Qurna (Phase 2) contract area in Iraq, is developing the West Qurna 2 oilfield under the development and Production Service contract signed with the South Oil Company of the Iraqi Ministry of Oil. Legal entities, domestic Iraqi and foreign companies having experience of Design , Supply, […]
Dunia Weekly Iraq Market Tracker
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
Ideas & Partnerships for Innovation - Inviting Thoughts
By T. Keyzom Ngodup, co-founder at Ideas sYnergy. Ideas sYnergy is Iraq’s first multiple bottom line advisory company committed to inclusive economic and social development through market-based solutions that help build and scale youth-driven innovative ideas for social change. Recently, USAID’s Office for Innovation and Development Alliances (IDEA) announced a global request for concepts around […]