Rail Revenues Up 25%
The revenues of the Iraqi Republic Railways Company were 24.5 percent higher in October than in September, according to AKnews. The Transport Ministry announced that the IRR's revenues reached 1.6 billion IQD ($1.3 million USD) in October, compared to 1.3 billion IQD ($1.1 million USD) the previous month. Only 9.6 percent (153 million IQD/$128,300 USD) […]
Foreign Companies Keen to Work for Missan Oil
Aswat al-Iraq reports that a number of American, Malaysian, French and Japanese companies are interested in working in southern Iraq's Missan Oil Company. "The Internatoinal Oil Gas Exhibition, held in Basra Province, saw visits by dozens of foreign companies to the Missan Oil Company pavilion," Ali Abbas al-Turfy told the news agency, adding that "more […]
Palestinian Authority Opens Consulate in Kurdistan
This week the Palestinian Authority became the 22nd country to establish a diplomatic representation in the Kurdistan Region. The Consulate General will be headed by Ambassador Nazmi Hazouri, and will join the other countries that have already established a strong presence in the region with Consulate Generals. Ambassador Hazouri, who arrived in the region in […]
Finally, Some Good Sunni Federalism
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. […]
Bankers Flock to Iraq Despite Dangers
According to a report in the Financial Times, violence is not deterring investment bankers hungry for potentially lucrative deals in Iraq. Over the past year, a trickle of visits from intrepid bankers has turned into a steady stream of senior executives from some of the world's largest financial institutions. "The international banks can smell the […]
Weekly Security Update for 1st December 2011
As the US military withdrawal continues, levels of violence rose in Iraq over the past week. Incidents were concentrated in Baghdad, Mosul and Kirkuk, while the southern city of Basrah also saw a bomb attack the day before an international oil and gas conference opened in the city. Otherwise there has been a countrywide rise […]
US Will Not Abandon Iraq
The withdrawal of US troops from Iraq enters its final month, but it would be a mistake to think that this leaves Iraq without the support of the world's biggest economy. On Thursday the US and Iraq issued a joint statement re-affirming their commitment to "forging a strong partnership based on mutual interests that will […]
How to Invest $200 billion over 6 Years
At the 'Iraq: Untapped Opportunities' conference in London last week, the Deputy Prime Minister with responsibility for energy, Dr Hussain al-Shahristani (pictured), said Iraq needed $200 billion (240 trillion Iraqi dinars) of investment in the energy sector over the next six years. This investment would be broken down as follows: $100bn to develop upstream oil […]
Kurdish President says Exxon Deal is On
The President of Iraqi Kurdistan said on Wednesday that the region will go ahead with its exploration deal with U.S. oil major Exxon Mobil despite objections from Baghdad. According to Reuters, Masoud Barzani (pictured) said Iraqi Prime Minister Nuri al-Maliki was told of the deal prior to its signing and had no objection, and called […]
EIC Oil and Gas Trade Mission to Basra
The EIC is organising an oil and gas trade mission to Basra in Iraq. Missioners will have the opportunity to attend organised group meetings with key local players, as well as incorporating a briefing meeting presented by qualified speakers with in-market experience and the opportunity to meet with local companies. Why Iraq? As Iraq works […]
Joint Statement by US and Iraq Higher Coordinating Committee
The United States of America and the Republic of Iraq are committed to forging a strong partnership based on mutual interests that will continue to grow for years to come. Our two nations are entering a new phase in our relationship. We have a historic opportunity to strengthen our ties beyond security and build a […]
Turkey Could Use Iraq as Alternative Trade Route
Turkey said it could use Iraq as an alternative trade route, cutting out Syria entirely as Damascus faces broad economic sanctions over its deadly crackdown on its 8-month-old uprising. Syria has been a main transit route for Middle East trade, which Damascus hopes will help cushion the effects of tough new sanctions from the Arab […]