DNO/RAK Presentation
Boards of Directors of DNO and RAK have approved the merger of RAK Petroleum MENA into DNO International. Please click on the following pages to see the full presentation from the companies:
Shahristani and Maliki in Federalism Crossfire
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. […]
Weekly Security Update for 8th September 2011
Levels of violence fell considerably in Iraq last week, with a drop by half in the number of incidents being reported from the previous week. Violence was concentrated in Baghdad and Mosul whereas there was an improvement in conditions in the provinces of Anbar, Diyala, Salah ad-Din and Ta’mim. The south of the country was […]
There's More to Iraq than Oil and Gas
Iraq Business News is attending the Iraq Mining 2011 conference in London on Wednesday and Thursday as Principal Media Sponsor, and it is exciting to see the wealth of opportunities available to investors in the non-oil resources sector. Silica sand, marble, limestone, gypsum, dolomite, kaolin, glauberite and quartzite were just some of the minerals discussed, […]
Another 6 Companies Added to Iraq's 4th Energy Auction
Reuters reports that Iraq has approved six more energy companies to participate in its 4th energy auction, raising the number of pre-qualified bidders to 46. "We have six companies that were not qualified first, but after reviewing their information, we asked them to submit further documents to support their position. We have decided to qualify […]
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 […]