Alstom Signs 50m Euro Iraq Power Contract
French engineering group Alstom signed a 50 million euros contract to rehabilitate a gas-fired power station in Iraq, reports Reuters. Alstom will work on two units of the Khor Al Zubair station in the southern city of Basra, adding 60 MW to the power supply. The first unit will be reconnected later this year and […]
Swedish Transport Academy Inaugurated in Erbil
The Swedish Transport Academy, officially inaugurated this week in Erbil, will help Iraq’s unemployed and young people acquire the new industrial skills critical for the reconstruction and recovery of the country`s economy. The Academy, which will supply much-needed skilled mechanics to the Iraqi sectors of logistics, manufacturing, and industrial maintenance of heavy machinery such as […]
IMF Forecasts Accelerating Growth for Iraqi Economy
The International Monetary Fund (IMF), in its latest World Economic Outlook, makes the following forecasts for Iraq: The report sees strong growth continuing, with a figure of 8.8% projected for 2017.
Iraq Allocates $85m to Boost Public Companies
The Iraqi government has allocated 100bn IQD ($85m) from the 2012 budget to kick start loss-making state-owned companies and make them profitable, according to AKnews. A committee member with responsibility for companies development, Mohammed al-Jabri said: "The Iraqi government is serious in dealing with economic problems facing non-profitable companies and in finding practical alternatives to […]
Iraq Still Hopes to Award Joint Nassiriya Oilfield, Refinery Deal
Iraq's deputy oil minister, Ahmed al-Shamma, said that Iraq still hopes to award a contract for the development of the 4.4 billion barrel Nassiriya oil field and the construction of a dedicated 300,000 bpd export refinery as one package. Iraq excluded Nassiriya from its three previous bidding rounds for oil and gas licences. According to […]
Women's Ministry Grants Bank Loans Worth 10m Dinars
AKnews reports that the Iraqi Ministry for Women's Affairs has granted about 10m dinars' worth of bank loans for women. Ministry spokesman Mohammed Hamza said the loans are part of the project submitted by the Ministry of Labour and Social Affairs for women who are unemployed and registered with the ministry. Priority for awarding the […]
Sterling Energy Rises on Interim Management Statement
Shares in Sterling Energy rose 3.7% on Thursday following the publication of its interim management statement. In the statement, the company made the following commentary on its operations in Iraqi Kurdistan: The second, and final, sub-period of the exploration phase of the Sangaw North PSC commenced in November 2011 and has a duration of 2 […]
US-Kurdistan Business Council names Gen James Jones as CEO
The U.S.-Kurdistan Business Council (USKBC), a trade group of U.S. companies investing in the Kurdistan Region of Iraq, named former U.S. National Security Advisor General James Jones (USMC-Ret) as the council's CEO last week during a reception honoring President of the Kurdistan Region Masoud Barzani. "General Jones is exceptionally knowledgeable about Kurdistan and about the […]
Sweden Appoints Diplomat and Trade Rep in Erbil
Sweden’s Minister of Trade and Ambassador to Iraq today, 18 April, concluded a three day visit to Kurdistan to officially open an Embassy Section Office and a Swedish Trade Council Office in the Region’s capital Erbil. At the ribbon cutting ceremony for the new offices this morning Sweden’s Minister of Trade Ms Ewa Björling said, […]
Weekly Security Update for 19th April 2012
Levels of violence fell slightly in Iraq last week. At least 38 people were killed and 40 injured in nationwide incidents. However, anecdotal evidence on the ground indicated that many Iraqis felt it constituted some sort of calm before the storm. This fear was realised earlier on 19 April when a spate of bombings struck […]
Double-Digit Growth Forecast for Iraq
While much of the developed world struggles to drag itself out of recession, Iraq managed to register real GDP growth of 9.9% last year, according to IMF estimates. Their projection for this year is 11.1 percent, followed by 13.5 percent next year, giving compounded growth over the three years of nearly 40%. Iraq may have […]
Iraq Could Have 214bn Barrels of Oil
Iraq could have total oil reserves to 214 billion barrels, according to the country’s Deputy Prime Minister with responsibility for energy. Hussain al- Shahristani (pictured) made the statement today at the Iraq Refinery conference in London. Current proven oil reserves were revised up to 143 billion barrels in October 2010, not including oil in the […]