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 […]
$21m Silo Under Construction in Erbil
A new silo with a storage capacity of 60,000 tons of wheat is under construction in Erbil province, according to AKnews. An advisor to the Iraqi Kurdistan Regional Ministry of Trade and Industry, Faris Majid, told the news agency that the new project, worth $21 million, occupies a 70-acres site on the Erbil-to-Gwer road in […]
India's new Ambassador to Iraq Visits Kurdistan
India’s first ambassador to be appointed to Iraq in the last nine years yesterday made his first visit to the Kurdistan Region, to meet President Masoud Barzani and to discuss economic partnership opportunities with the Kurdistan Regional Government. The three-day visit was Ambassador Reddy’s first trip to the Kurdistan Region since assuming his post in […]
Dar Es Salaam Sells Insurance Unit
Dar Es Salaam Investment Bank, a 70.1% owned subsidiary of HSBC Asia Holdings BV, has sold its 19.465% equity interest in Iraqi insurance company Dar Es Salaam Insurance to Gulf Insurance Company for a cash consideration of IQD1.557bn (approximately US$1.33m). The sale took place on 18 December 2011 and represents the disposal of a non-core […]
Kurds Challenge Maliki Ally 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. […]
Iraq's Small Business Development Centers Create New Jobs
Business training offered in Iraq’s Small Business Development Centers is helping shape a new generation of Iraqi entrepreneurs whose companies someday may become significant private sector employers. So says a survey published this month of 4,329 trainees who graduated last year from SBDC programs that include the two most popular courses, ”How to Start a […]
12 Dams to Save 20bn Cubic Meters of Water
Authorities in Iraqi Kurdistan are planning to build 12 dams in the semi-autonomous region in an attempt to save about 20 billion cubic meters of water per year, according to a report from AKnews. Currently, there are three main dams in the Kurdistan Region, two in Sulaimaniya province, and one in Duhok province, but these […]
KRG granted 1,500 Agricultural Loans in 2011
The Ministry of Agriculture and Water Resources of the Kurdistan Regional Government (KRG) gave loans to almost 1,500 individual projects in 2011, reports AKnews. Nuri Ismael, The Ministry's loans and marketing director, told the news agency that the agricultural banks in Sulaimaniya, Erbil, and Duhok provinces as well as Garmiyan area have given a total of […]