Basra Blocks $500m Hyundai Deal Because of Kuwaiti Port
Officials in Basra have reportedly blocked a $500m power generation deal with Korea's Hyundai, because of the company's involvement with the controversial Mubarak Port in Kuwait. The project was due to be launched on Thursday. Ayad al-Amara, an official spokesman for Basra Governorate told AKnews that the Governorate has decided to stop work with all […]
Egyptian Companies Eye Iraqi Gas Projects
The Egyptian Natural Gas Holding Company (EGAS) is considering several new natural gas projects in Iraq in collaboration with Iraqi and foreign firms, according to the company’s director, Hassan al-Mahdy, told Al-Masry Al-Youm. He said the projects would include excavation and the construction of distribution networks, and provided multiple opportunities for Egyptian construction and consultancy […]
Committee to Demarcate Iran-Iraq Border
Iraq and Iran have agreed that the Iraqi committee for demarcation of borders between the two countries should complete its mission by the end of the year, according to AKnews. Ahmed al-Shekhani, a member of the committee, told the agency that the related bodies agreed for the committee to assign landmarks on the border areas of […]
Cars Smuggling from US to Iraq - 11 Arrested in US
U.S. officials have arrested 13 people for their alleged involvement in an organised crime gang stealing cars for transport to Iraq. "Operation Hot Wheels," a two-year investigation by the U.S. Immigration and Customs Enforcement's Homeland Security Investigations, resulted in nine Detroit and four in San Diego. The vehicles were shipped to Iraq through Canada. The […]
Bangladesh to Export Manpower to Iraq
Bangladesh expects to export manpower to Iraq by the end of this year, according to its Expatriates’ Welfare and Overseas Employment Minister, Khandkar Mosharraf Hossain. A Bangladeshi delegation recently visited Iraq at the invitation of Iraqi labour minister. "Within next two months, a memorandum of understanding (MOU) will be signed between Bangladesh and Iraq for […]
Weekly Security Update for 1st September 2011
While last week was bloody in Iraq, levels of violence actually fell slightly in the country from the week before. Nonetheless, conditions should still be regarded as hostile, with dozens of people killed in a series of suicide bombings towards the end of Ramadan. As well as several such attacks in the centre of the […]
Two New Initiatives from Iraq Business News
In our continuing efforts to bring you the top business news from Iraq, Iraq Business News is delighted to announce two new services for its readers: To help you keep track of the markets, starting on Thursday we will provide a scrolling stock ticker from the Baghdad Stock Exchange; and, Every Friday we will bring […]
Iraq to Call for Major Investment in Refineries
Dr Ahmed al Shamma, Deputy Minister of Oil, to launch massive investment in refineries at the Iraq Mining conference on 7-8 September 2011. Dr al Shamma will present: A review of present refineries and operating capacities and details of major projects to rehabilitate and upgrade these refineries. A review of planned grass roots refineries to […]
Iranian Firm to Invest Heavily in Wassit
Azzaman reports that the Iran Foreign Investment Company (IFIC) is willing to invest heavily in a number of projects in the southern Iraqi province of Wassit, and is prepared to accept deferred payment for its acvities. The head of the province’s information office, Majid al-Atabi, said the company’s offer was tempting because Wassit did not […]
Maersk Oil Buys 20% of HKN Energy
Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a licence in Kurdistan Region. The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output […]
Al-Shahristani to Answer Questions on Fraudulent Electricity Deals
Hussein al-Shahristani (pictured), Iraq's Deputy Prime Minister, will be summoned to parliament after the Eid al-Fitr holiday to answer questions about two fraudulent ministry of electricity contracts worth more than $1.7 billion, according to AKnews. A member of the parliamentary commission set up to investigate the case, Uday Awwad, told the agency that MPs signatures have […]
$30-$60 Billion Wasted in Iraq, Afghan Contracts
The final report of the congressionally chartered US Commission on Wartime Contracting in Iraq and Afghanistan says at least $31 billion has been lost to contract waste and fraud, and that major reforms are required. Commission reform objectives include improving federal planning for use of contracts, strengthening contract management and oversight, expanding competition, improving interagency […]