Iraqi Minister of Defence to Lead Delegation to Cyprus
Defence Minister, HE Saadun Al-Dulaimi will lead a delegation of up to 5 other ministers and 35 senior officials to participate in the inaugural Iraq Defence & Security Summit 2011 in Cyprus 7-8 December. These officials will also include the Chief of Staff, Gen. Babakir Zebari and the heads of the navy and air force. […]
Alstom Awarded $550m Power Contract
French engineering group Alstom has been awarded a contract to build an electrical power plant worth $550 million in Iraq, reports Reuters. The award of the Mansuriyah plant contract was announced as part of a visit to Iraq by French Trade Minister Pierre Lellouche. "The Iraqi Deputy Prime Minister confirmed ... the award of the […]
Afren Closes Kurdistan Acquisition And Financing
Afren plc has completed the acquisition of a 60 percent participating interest in the Barda Rash PSC and 20 percent participating interest in the Ain Sifni PSC, located in the Kurdistan region of Iraq, and executed a corporate credit facility for up to US$200 million in connection with the Acquisition. Further to the announcement of […]
Perspectives on Iraqʼs Private Banks: Growth, Consolidation and Outlook
The Iraq banking industry is poised to take a huge step forward as outside investors partner with established private banks and possibly create new ones through consolidation. In this latest free report from IraqiXchange, Ahmad Saleh presents a detailed analysis of the sector. Please click here to download the report.
Iraq to Grow 9% in 2012
Iraq’s gross domestic product growth is expected to rise by 9 percent in 2012, up from around 6 percent in 2011, mainly driven by an expected increase in oil production and exports, reports Al Arabiya TV. Mudher Kasim, a deputy governor of Iraq’s Central Bank, told Reuters in an interview, “it will easily jump to […]
Iraq Oil Exports Down in October
Iraq’s oil exports were 2.088 million barrels per day in October down from 2.101 million bpd in September, according to a report from Reuters. Falah Alamri, the head of the State Oil Marketing Organization (SOMO), said exports were 1.628 million bpd from the southern oil hub of Basra and 460,000 bpd from the northern fields […]
Expro Wins $12.5m Contract at Zubair
International oilfield services company Expro has secured a contract win in the Middle East with Eni Iraq BV, lead contractor of the Zubair Consortium. The contract, providing chemical analysis laboratory work, for the Zubair field in Southern Iraq, represents Expro’s first direct contract in Iraq and is recognition of Expro’s expertise in the provision of […]
Ericsson sees Vast Untapped Potential in Iraq
Ericsson has reiterated the vast, untapped potential of Iraq’s telecommunication market. Speaking at the sixth Iraq Telecom 2011, Ericsson’s Executive Vice President for Region Middle East, Tunç Yorulmaz highlighted how the Iraqi market is now ready to move towards implementing Mobile Broadband considering its saturated voice market, increasing GDP per capita and increasing internet usage […]
Your Guide to the Iraqi Dinar
We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example: Will the Iraqi dinar increase in value? Will the currency be re-denominated, dropping the 'three zeros'? Is it wise to buy Iraqi dinar? Firstly, Iraq Business News is not in a position to give investment advice. […]
Kuwaitis Receive Another $1bn in Reparations
The United Nations Compensation Commission has made another $1,038,375,281 available to the Government of Kuwait for distribution to eight successful claimants in compensation for Iraq’s 1990 invasion. This payment leaves approximately $18 billion outstanding to six compensation awards. Successful claims are paid with funds drawn from the United Nations Compensation Fund, which is funded by […]
SCOP Announces A New Tender
The Oil Projects Company (SCOP) of the Ministry of Oil , Baghdad , Iraq announces the issuance of a new pipes tender to be performed in two phases . Brief Description: Supply of Pipes (15.9) km , fittings (5960) Nos for rehabilitation of East Baghdad delivery of equipment and materials CIP (unloaded) to SCOP's stores […]
Schlumberger Reports on Iraq Operations
As part of its third quarter earnings results, Schlumberger has issued the following statements on its operations in Iraq: In Iraq, Wireline MSCT* mechanical sidewall coring technology has been deployed on two exploration wells. Core recovery in the tight and fractured carbonate reservoirs was 100% for each job and the cores will yield the petrophysical […]