Turkish Company Proposes High-Rise Apartments in Karbala
The Chairman of Karbala's Provincial Council has announced that a Turkish company proposed building high-rise housing blocks to help tackle the housing crisis in the province. Mohammed al-Mussawi told Aswat al-Iraq that the company specialises in the construction of hotels and housing units. He said the Investment Commission held talks with a Turkish company to […]
Weekly Security Update for 11th August 2011
Levels of violence neither escalated nor decreased significantly in Iraq over the past week, although thankfully conditions are currently quieter than earlier in the summer. Across the country there were no reported kidnappings or suicide bombings, which is a welcome change from normality. It is likely that militants are lying low at present, partly because […]
Is Iraq a Third-World Country?
The big news this week is the sacking of the Iraqi electricity minister, following the revelation that two recently-announced power generation contracts were, let's say, 'questionable'. While the idea that a government and civil service can be fooled by a website and a company presentation may seem far-fetched, bear in mind that in Iraq the […]
Iraq's 'Dodgy' Power Generation Deals
Reuters reports that Iraq’s government has admitted to being duped when it signed multi-billion dollar power plant contracts with foreign companies that it later discovered were either bogus or had lied about their financial status. The announcement is embarrassing for Nouri al-Maliki’s government as it tries to lure foreign investors into Iraq. “These contracts damaged […]
Warka Assets Seized in ‘Subcarpet’ Fight
Winston Churchill once likened observing Soviet politics to “watching two dogs fighting under a carpet.” All you can say for sure is that something’s going on. The latest news on Warka Bank has exactly this 'subcarpet' quality. The ISC has ordered Warka’s brokerage subsidiary to stop its operations in the market effective July 26 following […]
Gulf Keystone Updates on Sheikh Adi Block
Gulf Keystone announced today results of an independent preliminary evaluation of the Sheikh Adi resources by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants. The DGA report, based on Sheikh Adi-1 wireline logging data, core samples, 2D and 3D seismic and regional data, has indicated a significant range of between 1 billion barrels and 3 […]
DNO Announces Share Buyback
DNO International ASA's Board of Directors today announced a share buyback program following release of preliminary second quarter 2011 results. The timing and volume of the share purchases will depend on market conditions. "Given the ongoing sell-off and sharp declines in global securities, we have decided to invest available cash to capitalise on the undervaluation […]
Iraqi Govt to Announce $Billions of Opportunities in London
Iraq Business News is delighted to be chosen as the official Media Sponsor of Iraq Mining 2011. Billions of dollars worth of investment opportunities are expected to be announced by Iraq’s Minister of Industry and Minerals, H.E. Mr Ahmad Nassir Al-Karbooli (pictured), on 7 September at Iraq Mining 2011 in London, a conference on Iraq […]
An Unexpected Friday in Iraqi Kurdistan
Advertising Feature It’s early Friday morning and I’m in a SUV travelling from Sulymaniya to the picturesque border town of Ahmad Awa. But it’s not the SUV I expected to find myself in when I first visited Iraq, or more accurately the Kurdistan region of Iraq. The only green I see is the grass covered […]
Who's Behind The Dodgy Electricity Deals?
As we reported yesterday, the Iraqi prime minister, Nouri al-Maliki, has fired the electricity minister, Raad Shallal, following highly questionable energy deals conducted almost a year ago. It was thought that the sacking may be politically motivated, because the minister had been appointed by a top rival to the prime minister. Now the picture gets more […]
Iraqi-Focused Oil Explorer Denied Another Prize
Petrel resources applied to participate in the fourth oil licencing round in Iraq, but has not been pre-qualified. The eventual criteria adopted by the Iraqi authorities were heavily weighted (over 50%) towards financial size and strength, rather than practical experience working in Iraqi conditions. As a result no juniors or smaller independent oil companies have […]
Customs Duty Remains at 5%
Customs duty increases have been postponed by the Iraqi Finance Ministry due to the high cost of goods, according to Aknews. Duty was due to go up from 5% on all goods - a rate said to have been set low to encourage trade with Iraq - to as much as 30%. To put that […]