Weekly Security Update for 29th September 2011
Levels of violence rose in Iraq for the fourth week in a row last week, with a number of people killed and injured in nationwide attacks. Violence was concentrated in Baghdad, Mosul and the districts surrounding the capital. As warned in last week’s Security Update on Iraq Business News there were several attacks conducted against […]
More New Reports from Iraq Business News
In our ongoing efforts to brings you all the best information on doing business in Iraq, we continue to add to the list of reports available from our reports service. This week we've added two reports to purchase, and one to download free of charge: ‘Perspective on Iraqi private banks’, researched and written by Ahmad […]
Iraq makes First Payment in $3bn F-16 Deal
Bloomberg reports that Iraq has made its first payment on a $3 billion program to buy 18 Lockheed Martin (LMT) F-16 fighter jets. Pentagon spokesman George Little commented: “A long-term strategic relationship with Iraq is important. We seek to find ways to enable the Iraqis to provide for their own security and to add to […]
Oil Ministry Announces Amendments to New Oil Contracts
The Iraqi Oil Ministry has announced amendments to the contracts for the fourth oil licensing round after complaints from participating companies, reports AKnews. The Ministry's Director of Contracts and Licenses, Abdulmahdi al-Amidi [Abdul-Mahdy al-Ameedi], said that a final formula will be issued before the beginning of the negotiations in November. "These contracts purchased by the […]
Hyundai, Metka Win Iraq Power Deals Worth $357m
Iraqi government spokesman Dr Ali al-Dabbagh has announced that Iraq's cabinet has approved projects to build two power stations in southern Iraq. The 1,500 megawatt Rumaila power station will be built by South Korean Hyundai Engineering at a cost of $308 million, while the 1,250 megawatt plant in Basra will be built by Greek company […]
Iraqi Cabinet Approves Akkas deal
Iraq's cabinet has approved a contract with South Korea's KOGAS to develop the Akkas [Ukaz] gas field in western Anbar province, the country's largest, according to a report from Reuters. The cabinet approved the deal on Sept. 13 and the source said it will be signed Oct. 15. "Final signature of Akkas gas deal with Kogas […]
ENI Increases Commitment to Iraq
Italian energy company ENI, operator of Iraq's giant Zubair oil field, said it was interested in more operations in the country after talks with Baghdad leaders. ENI's Chief Executive Officer, Paolo Scaroni, accompanied by the company's E&P COO, Claudio Descalzi, met with Iraqi Prime Minister Nouri al-Maliki in Baghdad to discuss the redevelopment of Zubair […]
WesternZagros Accelerates Oil Production Timeline
WesternZagros Resources has received approval to begin producing its first oil through an extended well test at its Sarqala-1 oil discovery. Drilling at Mil Qasim-1, the Company's third exploration well, is proceeding ahead of schedule. "We are delighted to commence our extended well test at Sarqala-1 sooner than anticipated. The acceleration of the next phase […]
Excalibur Sues Gulf Keystone
Excalibur is suing Gulf Keystone Petroleum (GKP) over Kurdistan's 11-billion-barrel Shaikan oil field in a vigorously-contested lawsuit. The company had a "collaboration agreement" with Texas Keystone, a private company owned by GKP's chairman Todd Kozel and his brothers, giving it 30pc of fields won in any joint bids. According to London's Telegraph, Excalibur, which introduced […]
Forum to Encourage British Investment in in Basra
An Iraqi-British economic forum is set to introduce British investors to business opportunities in the oil-rich province of Basra next month. According to head of the investment board in Basra, the forum is expected to attract some of the giant British energy companies including BP and Shell. Khalaf al-Badran, head of Basra Investment Commission told […]
Iraqi Oil Income Already Beats 2010 Total
Higher oil prices and rising exports in the first eight months of the year have meant Iraq has already earned more from crude oil exports in the first eight months of 2011 than in all of 2010. The country generated $55.733 billion between January and August, compared to a total of $52.202 billion in all […]
Iraqi Stock Market in the Spotlight
With most Middle East stock markets having been dragged down by the turmoil unleashed by the Arab spring and a sputtering global economy, some adventurous fund managers have started exploring opportunities in the tiny Iraqi market, according to a report from Bloomberg. The Iraqi Stock Exchange, or ISX, says its main market index has surged […]