SOMO Signs Deal to Buy 1.5m Tonnes of Fuel
Iraq's State Oil Marketing Organisation (SOMO) has signed a deal to buy nearly 1.5 million tonnes of gasoil and petrol for delivery over the first half of the year, according to Gulf News. Gasoil It is set to purchase two cargoes of 16,000 tonnes each of 0.1 per cent sulphur gasoil every month from Vitol […]
$2bn Allocated to Affordable Housing Project
The Ministry of Construction and Housing announced on Thursday that it has begun an affordable housing project which has an allocation of $2 billion (2,300 billion IQD) from the 2012 budget. Istabrak al-Shawq [Istabraq Al-Shouk] (pictured), the Under Secretary of the Ministry, told AKnews that the project will be completed within four years and three […]
Hill International to Manage Construction of Anbar Stadium
Hill International (NYSE:HIL), the global leader in managing construction risk, has announced that it has been awarded a contract by the Iraqi Ministry of Youth and Sports to provide project management services in connection with construction of the new Al Anbar Olympic Stadium in Al Anbar, Iraq. The two-year contract has an estimated value to […]
Iranian Company to Repair Iraqi Trains
AKnews reports that Iraq's Transport Ministry has officially agreed to award the contract for refurbishing 50 Iraqi trains to the Iranian Wadi al-Bar Company. A spokesman for Iraq's railways told the agency that the company will repair the trains and carry out maintenance at the rail depot and workshop at Samawa (pictured). The Transport Ministry […]
Maersk to Pay $32m for Overbilling
Maersk Line Limited, part of the Danish shipping and oil group A.P. Moller-Maersk, has agreed to pay $31.9 million to settle claims that it overcharged the U.S. military for transporting cargo to support American troops in Afghanistan and Iraq. The settlement resolves a whistleblower lawsuit filed by a former industry insider. The individual, Jerry Brown, […]
Iraq Stock Market Report
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th January 2012). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,478 (-1.7%) / $1,622, -2.8%. The number of weekly traded shares was 1.9 bn and the weekly trading volume was […]
Qtel Group Provides Diabetic Alerts in Iraq
Diabetics in Kuwait, Iraq and Palestine can now use their mobile phones to receive personalized alerts and information on exercise and diet, thanks to a new mHealth service being offered by Qtel Group companies there. Qtel Group will soon be offering this service in other countries where it is present. Representatives from the Qtel Group […]
Najaf Refinery Output Up 30% in 2011
Najaf Refinery achieved a 30% rise in overall production in 2011 compared to a year earlier, the Director of the Najaf refinery said this week. Leith al-Gharrawi told AKnews that the refinery produced about 7.174 million barrels of petroleum, up from about 5 million barrels in 2010. The production of kerosene was also 30% higher […]
Iraq to Raise January Kirkuk Crude Exports by 3.5%
Bloomberg reports that Iraq will increase its exports of Kirkuk crude for January from the Turkish Mediterranean port of Ceyhan (pictured) by 3.5 percent from last month. The loading program obtained by comprises 18 cargoes totaling 13.88 million barrels, or 447,742 barrels a day, compared with 432,677 barrels a day for December. The cargo sizes […]
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. […]