Olive Processing Factory in Kurdistan
AKnews reports that an Italian company is planning to set up an olive processing factory in the region. The KRG's Agriculture Minister, Jamil Suleiman, told the agency that the Ministry allocated 600 acres of land for growing olives, following a request from the company to facilitate the project. In the second phase, the Ministry will […]
Iraq Trade with Netherlands Reaches $630m
Trade between Iraq and the Netherlands in 2011 topped $630 million, according to a report from AKnews. Salam Qurayshi, economic advisor to the Iraqi Council of Ministers, told AKnews the business was mainly in the field of residential housing and oil projects. He added there are only nine Dutch companies in Iraq and 21 company […]
Iran's Sunir Wins $72m Deal for Dibis Power Station
Iraq signed a $72 million deal with Iranian firm Sunir [Sanir] to expand the Dibis power plant in northern Kirkuk province by 320 megawatts, according to Bloomberg. The company will install two gas units, each with a capacity of 160 megawatts. The units were purchased from Siemens in 2008, and will be installed in just over […]
Gulf Keystone Statement on Takeover Speculation
Gulf Keystone has issed the following statement regarding recent takeover speculation: Gulf Keystone notes the continued unfounded press speculation regarding a potential offer for the Company. The Board of Gulf Keystone ("the Board") does not normally comment on speculation, but confirms that it remains committed to creating value for shareholders, via the continuing 2011/2012 exploration […]
Waterford Increases Stake in Gulfsands
Gulfsands Petroleum (LSE: GPX) announced after the close of trading on Monday that Waterford Finance & Investment Limited had increased its stake in the company to 15%. The shares closed up 2.1% at 167.37p
GKP Jumps on Takeover Rumours
Shares in Gulf Keystone Petroleum (JKP) jumped on Monday following yesterday's report that U.S. oil major ExxonMobil was considering a takeover bid at five times the company's closing share price on Friday. The shares were up as much as 34% in early trading on Monday, but had given up half those gains by mid-afternoon. Reuters […]
Parliament on Holiday again after Kurdish Abstentions
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. […]
Harris CapRock Contract with Nabors in Iraq
Harris CapRock Communications, a global provider of fully managed communications for remote and harsh environments, has signed a two-year contract to provide Nabors Industries with satellite communications for multiple land rigs and a base office in Iraq. Harris CapRock’s Very Small Aperture Terminal (VSAT) services will provide Nabors personnel working on remote Iraq land drilling […]
Farab of Iran Wins Sadr City Power Project
Reuters reports that the Iraqi Ministry of Electricity has signed a contract valued at a total of $69.8 million with the Iranian Farab Company. The deal is to double the generation capacity of the gas-fired power plant in Sadr City in Baghdad. According the contract, production should reach 640 megawatts within 12 months. (Source: Reuters)
Fake Dinar Gang Busted
Security forces in Sulaimaniyah City have detained two people on charges of forging Iraqi money, reports AKnews. The two men were arrested by the security forces with fake money and arms in their possession, after another man who had been detained the previous day on similar charges admitted the charges and identified the other two. The […]
Etihad Airways Becomes Biggest Shareholder in airberlin
Etihad Airways, the national airline of the United Arab Emirates, has agreed to increase its stake in airberlin, Europe’s sixth largest airline, to 29.21 per cent, becoming airberlin’s largest single shareholder. The strategic move, announced today in Berlin by Etihad Airways Chief Executive Officer James Hogan and airberlin CEO Hartmut Mehdorn, connects the airlines’ extensive […]
Exxon to Pounce on Gulf Keystone?
ExxonMobil is reportedly considering an $11 billion takeover of Kurdistan-focused explorer Gulf Keystone Petroleum. Reuters, citing the Independent on Sunday newspaper, said that Exxon is considering making an estimated 800 pence per share bid for the British company, which has made huge oil finds Iraqi Kurdistan. Neither company could be reached for comment by Reuters […]