NIC Invites Bids for 60 Acre Residential Development
The National Investment Commission (NIC) has announced the investment opportunity to construct a complete residential complex for the employees of the Shiite Endowments Directorate in Baghdad - Karrada district within a total area of (60) acres in accordance with the Investment law No. 13 of 2006 as amended and according to the requirements set out […]
Sonoro Energy Shares Jump on Iraq Farmout
Shares in Sonoro Energy rose 11% on Thursday following its announcement that the company, through its wholly-owned subsidiary, Sonoro Energy Iraq B.V. (“Sonoro Iraq”), has entered into a Farmout Agreement with Geopetrol International Holding Inc. and its subsidiary, Geopetrol Iraq Corp. The Agreement provides for the assignment by Sonoro to Geopetrol of a thirty percent […]
Small Victories for Maliki in Parliament
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. […]
600 Unit Housing Project in Kirkuk
AKnews reports that officials in Kirkuk have laid the cornerstone of a 600-unit housing complex worth 16.5 billion Iraqi Dinars (about US$13 million). The project, undertaken by a local Iraqi company, is funded by the province’s petrodollar money. Kirkuk is one of the richest provinces in the country after Basra, which exports the majority of […]
Weekly Security Update for 4th January 2012
Levels of violence fell in Iraq over the past week, a welcome change following the spate of attacks on 22 December. At least 20 people were killed and 82 injured nationwide. This is at the lowest end of the usual figure range of 20 to 90 fatalities in any given seven-day period over recent months. […]
Iraq One Year From Now
Having welcomed in a new year, many of us will have hopes and dreams for the twelve months ahead. And with Iraq in a state of flux following the departure of American troops, the range of possible outcomes for the country is very wide; Iraq has the ability to make 2012 a transformative year, for […]
Iraq Delays 4th Energy Auction
Reuters reports on Wednesday that Iraq has delayed its 4th energy bidding round by more than a month. Originally scheduled for 7-8 March, the auction for the 12 new gas and oil exploration blocks will now be held on 11-12 April. Abdul-Mahdy al-Ameedi, director of the oil ministry's contracts and licensing directorate, told Reuters: "We […]
New Gulf Oil Terminal to Open in February
Iraq plans to start shipping crude from the first of its three new offshore export terminals in the Gulf at the start of February, according to Reuters. The new single-point mooring (SPM), which will boost export capacity by 900,000 barrels per day, was due to start operation on 1st January, but testing of new pipelines has […]
Iraqi Oil Exports hit 2.145m bpd in December
Iraq's oil exports rose by 10,000 barrels per day in December, from 2.135 million bpd to 2.145 million bpd, according to a report from Platts. Citing data from the State Oil Marketing Organization (SOMO), the agency also says that the country's oil production fell by 13,000 bpd in December, to 2.652 million bpd from 2.665 […]
Vanrise Wins 5-Yr Contract with ITPC
In order to improve the quality of telecom services provided in Iraq, the Iraqi Telecommunications and Posts Company (ITPC) has sought to find the right partner to market its international traffic outside Iraq and to detect and eliminate fraud originating from and terminating into Iraq. And following a rigorous selection process among the leading telecom […]
Belgian Credit Agency Warns on Iraq's Instability
ONDD, the Belgian export credit agency, has warned in its monthly report that "insecurity, instability and sectarian tensions will continue to prevail in Iraq". The text of their statement is shown below: Iraq: Deteriorating security and political climate as US troops leave the country > Event: The last US troops left Iraq after President Obama‘s […]
"Iraq infinity"
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. Hamada Zahawi’s article on Al Jazeera writes about the TEDxBaghdad conference in Baghdad that focused on […]