Nabucco Future Hangs in the Balance
The Nabucco gas pipeline project is facing collapse, reports AFP. The scheme to ship more than 30 billion cubic meters of gas per year from the Caspian and beyond to Europe, bolstering Europe's energy security, may founder following Turkey's decision to allow Russia's rival South Stream project to run through its Black Sea waters. Construction […]
Fall in Iranian Currency hits Religious Tourism in Iraq
The Iranian currency, the toman, or rial, has lost half its value against the Iraqi dinar in recent weeks following U.S. and European sanctions, according to a report from Azzaman. Iraqi traders welcomed the slump saying it has made the import of Iranian goods much cheaper than before. In the holy cities of Najaf and […]
Basra Welcomes Plans for $100m Waste Plant
The Basra Investment Commission has approved a $100 million waste plant to be built by Dow Chemical's Kuwait branch, according to AKnews. The company, which already has plants in Kuwait, Saudi Arabia and Qatar, will enter Basra and invest in water purification projects and will consider providing environmental solutions, professional consultation and technical services. Waste […]
Iraq Close to Decision on $3bn Power-Plant Projects
Bloomberg reports that Iraq will award seven major electricity generation contracts within the next 2 weeks as part of a three-year plan to expand power capacity. Kosay Sattar, the Electricity Ministry's director general of planning, said companies from Iran, Europe, Egypt and South Korea are bidding for $3 billion of orders to build 7,000 megawatts […]
Majnoon to hit 175,000 bpd by Year-End
Iraq's Majnoon oilfield should be ready to produce 175,000 barrels per day (bpd) by the end of 2012, triggering cost recovery and service fee payments. Iraqi officials say the field could even reach that output, from current production of around 54,000 bpd, by August, depending on pipeline infrastructure, completed wells and also visa delays for […]
US to Halve Iraqi Embassy Staff
The US State Department is planning to cut its diplomatic presence in Iraq by as much as half, the New York Times reports. Michael W. McClellan, spokesman for the embassy, said : “Over the last year and continuing this year the Department of State and the Embassy in Baghdad have been considering ways to appropriately […]
Agriculture Ministry Plans to Save 3.6bn cu. meters of water
The Iraqi Agriculture Ministry has announced plans to save 3.6 billion cubic meters of water by deploying 35,000 irrigation sprinklers during the next planting season, according to AKnews. Ministry spokesman Karim al-Tamimi said the sprinklers were distributed among all provinces in the country. Iraq has suffered from drought due to a lack of rainfall as […]
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Statoil to Sell West Qurna-2 Stake to LUKoil
Russia’s LUKoil is set to become the only foreign operator of the West Qurna-2 oil project in Iraq after its partner, the Norwegian company Statoil, asked Iraq's oil ministry for permission to sell its stake, according to The Voice of Russia. The Iraqi Oil Ministry has reportedly approved the deal, which would give LUKoil a […]
Iran to Start Production at Joint Oilfield with Iraq
Iran will begin production at the Yadavaran oilfield, which it shares with Iraq, by the end of the current Iranian calendar year (which ends on March 20), according to ISNA news agency. The oilfield is estimated to hold around 12 billion barrels of in-situ crude oil, along with 12.5 trillion cubic feet of associated gases, […]
KRG Participates in Middle East Anti-Corruption Conference
A delegation from the Kurdistan Regional Government participated in the 3rd Middle East Summit on Anti-Corruption. The conference was a platform for senior-level executives in both public and private sectors to discuss strategies for minimizing bribery risks in the Middle East and implementing an effective and risk-based global compliance program. Ms Nisar Talabany, Senior Adviser […]
Proposals to Develop Damlaj Lake
Wasit Provincial Council is currently puting a committee together to discuss plans to transform Damlaj Lake into centre for tourism, according to a report from AKnews. The panel will discuss how to increase the 435 sq km lake's capacity of water storage, and to attract and discuss investment opportunities with foreign and domestic companies. The proposed […]