Shortage of Gas Stops Petrochemical Industries Company
Work has reportedly stopped at Iraq's Petrochemical Industries Company due to a shortage of natural gas. According to Aswat al-Iraq, the stoppage has caused significant financial losses. The Iraqi ministry of industry said that the company is the base for chemical industry in Iraq. The undersecretary to the Industry ministry, Maki al-Dairi, called upon Iraqi […]
Baghdad welcomes Emirates’ Inaugural Flight
Emirates Airlines touched down in Baghdad on Sunday, marking its first flight to the capital city of Iraq. Amongst the passengers onboard the inaugural was Ahmed Khoory, Emirates’ Senior Vice President Commercial Operations, Gulf, Middle East and Iran with his special guests Sheikh Jumaa Al Maktoum, Chairman SJM Group of Companies, Salah Al Ansari, Director […]
Siemens to Build 3 Electrical Transformer Stations
Azzaman news agency reports that Iraq's Ministry of Electricity has struck a deal with Siemens for the construction of three electrical transformer stations. The deal, said to be worth $76 million, is the latest in a series of contracts by the ministry to upgrade the national grid and increase the supply of electricity, which is […]
Iraq a Possible Turkey-Azerbaijan Gas Pipeline Construction Partner
Iraq may participate in the planned new gas pipeline between Azerbaijan and Turkey, according to TrendAz. An adviser to the Turkish Energy and Natural Resources Ministry told the Kurdistan Oil & Gas Conference, "Iraq's participation in this project as a gas producing country is important for us". He said the world has a growing demand […]
Trade Bank of Iraq recovers $400m
The Iraqi state-run Trade Bank of Iraq (TBI) has recovered around $400 million of a $900 million default on loans handed out with little or no security by the previous management, the bank's new chief has said. Former TBI president Hussein al-Uzri fled Iraq in early June after Prime Minister Nuri al-Maliki ordered a judicial […]
Shell Pulls Out of Oil Talks with KRG
The Financial Times reports on Thursday that Shell has pulled out of oil-development talks with the Kurdistan Regional Government (KRG) in an effort to protect lucrative investments in southern Iraq,. The newspaper cited people familiar with the discussions as saying Baghdad is seeking to impose a de facto ban on companies operating in Kurdistan. Following […]
Iraq to Act Against ExxonMobil over KRG Contract
In the continuing row over ExxonMobil's contract with the Kurdistan Regional Government, Baghdad has called the deal a violation of the law. Reuters reports that Iraq's government said it would move to end a major contract with ExxonMobil, apparently referring to the company's multi-billion dollar contract with Iraq's oil ministry to develop the 8.7 billion […]
Iraq Approves $540m Electricity Deal with Alstom
AFP reports that the Iraqi cabinet has approved a $540 million contract for French firm Alstom to build a 182.4 megawatt gas power plant in central Iraq. Ggovernment spokesman Ali al-Dabbagh said in a statement that the plant, which should be up and running 18 months after the signature of the contract, is to be […]
Exxon Moving into Seriously Disputed Territory
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. […]
Afren Presentation to Oil & Gas Conference
Afren plc Chief Operating Officer, Shahid Ullah, delivered the following presentation at the Kurdistan-Iraq Oil & Gas Conference in Erbil. The topic of his address was Growth Opportunities for the Oil & Gas Industry; Projects Potential. Please click on the following pages to see the presentation.
Boeing Iraq Contract
Iraq's transport minister, Hadi al-Amiri, said in an interview with Al Sumaria News that his ministry "has contracted with Boeing to buy 45 aircraft." The planes are to be delivered between 2013 and 2020. (Source: Al Sumaria News)
Weekly Security Update for 17th November 2011
Last week saw a notable decline in attacks in Iraq, but incidents have worsened once again over the past three days. Activity was concentrated in the central provinces, although Baghdad itself remained unusually quiet until Sunday. Conditions now appear to be returning to an unfortunate level of normality. Roadside bombings are currently the most commonly […]