Iraq Targets 5% Inflation Next Year
Iraq's Finance Minister told Reuters on Wednesday that the country is targeting inflation of 5 percent in 2012. "I hope that in 2012, with some of the policies of the central bank, to control it (inflation) again to around 5 percent. For 2012, the target is 5 percent," Rafie al-Esawi [Rafi Hiyad al-Issawi, Rafia al-Issawi], pictured, […]
Hilton Worldwide To Open Hotel in Erbil
Hilton Worldwide is set to open its first hotel in Erbil, the flourishing capital city of Iraqi Kurdistan, under a management agreement with New York based real estate developer The Claremont Group. Comprising of 200 serviced apartments, DoubleTree Suites by Hilton Erbil is expected to open at the end of 2013. The new hotel will […]
KRP Statement on Federal Hydrocarbons Law
The Kurdistan Region Presidency (KRP) issued a statement on Sunday on the Iraqi Council of Ministers’ approval of a draft federal hydrocarbons law. The following is a translation from the original Arabic: Following six years without a federal oil policy; the unjustified failure to implement political agreements; the clear avoidance of the ratification of a […]
ISC Rule Change Gets E for Effort
At the end of last month, the Iraq Securities Commission (ISC) announced new rules on stock suspensions. Effective September 1, trading is to recommence no more than four months after general assembly meetings when rights issues are announced and immediately otherwise. Pre-general assembly suspensions are limited to one week. This new schedule is a big […]
Iraq's Oil Exports Hit 68m bpd in August
Iraq's August crude oil exports hit 68 million barrels per day (bpd) in August, according to a report from AKnews. The figure represents an increase of about 1% from the previous month's 67.2 million bpd, with a total revenue of $7.31 billion. Deputy Iraqi Oil Minister, Akram Mu'tassam, told AKnews that the average daily oil […]
Iraq: $58bn in Currency Reserves, Should Redenominate Soon
The deputy governor of Iraq's central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues. Mudher Kasim said higher global oil prices could result in a budget surplus for 2011. Reuters quotes him as saying, “(The amount […]
New Chairman of Basra Investment Commission
The new chairman of Basra Investment Commission (BIC), Mr. Khalaf Lafta Athafa Al- Badran, began his duties on Tuesday morning. He met the deputy-chairman of BIC, Eng. Haider Ali Fadhil, and reviewed the works of BIC and the main obstacles facing it. He also met the heads of BIC Departments and discussed the administrative structure […]
Philipines Relaxes Iraq Work Ban
Xinhua reports that the Philippine government has decided to partially lift the ban on the deployment of overseas Filipino workers to Afghanistan and Iraq. Rosalinda Baldoz, Department of Labor and Employment Secretary, said the Philippine Overseas Employment Administration (POEA) Governing Board, which she also chairs, has issued a resolution for the partial lifting of the […]
Iraq Stock Market Report
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26 August 2011). Publication of this report was delayed for technical reasons, but we will publish future weekly updates every Friday. The RSISX index ended the week at ID1,633 / $1,811, +1.9% (weekly change). The number of weekly traded shares was 3.0bn and the weekly […]
Iraqi Minister says Dispute over Kuwaiti Port is Resolved
According to a report from Associated Press, Iraq's Foreign Minister Hoshyar Zebari (pictured) says that a dispute over a planned Kuwaiti port has been resolved, and that the facility will not disrupt Iraqi shipping in the Persian Gulf. The minister said that a technical review showed that the Mubarak port on Boubiyan Island "won't affect our […]
Gulf Keystone Updates on Kurdistan Operations
Gulf Keystone provided an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq on Monday: Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value […]
Hunt Oil Signed KRG Deal 'Despite US Warning'
Hunt Oil Co. was warned before it signed a contract with the Kurdish government in Iraq that it might not be dealing in Kurdish territory, UPI reports. The Dallas-based energy company signed a production-sharing contract (PSC) with the Kurdistan Regional Government (KRG) in 2007. It was warned by the U.S. Embassy in Baghdad that the […]