Weekly Security Update for 2nd June 2011
Overview Readers of the weekly update will recall that the last entry detailed one of the most hostile seven days since AKE began contributing to Iraq Business News. Fortunately conditions improved over the course of last week. There was a fall (by half) in the number of bombings reported, while shootings declined as well. Kidnap […]
Has al-Maliki Painted Himself into a Corner?
Ninety-five days ago, Nouri al-Maliki set himself, or more specifically, his ministers, a target: They had 100 days to improve public services and root out corruption. Since then, progress has been made in important areas such as the provision of electricity, but many of these projects will take time to implement. In the meantime, protests […]
KOGAS Deal for Akkas Gas-Field is Signed
Iraq signed an agreement with the Korea Gas Corporation (KOGAS) to begin developing the Akkas natural-gas field, an Oil Ministry official said, ending seven months of delays in progress at one of the country’s biggest deposits of the fuel. Representatives of KOGAS and Iraq's Ministry of Oil signed the contract on Wednesday in a ceremony […]
Iraq Exports Hit 2.23 Million bpd in May
Iraq exported oil at a rate of 2.23 million barrels per day (bpd) in May, with record revenue this year of $7.4 billion, according to Falah al-Amri, chairman of the State Oil Marketing Organization (SOMO) Iraq sold crude at an average price of $108 a barrel last month, he said today in a telephone interview […]
Retaliation Against Iraq's Union Activists
According to a report today from Iraq Oil Report, union activists in Iraq's oil sector have been fined and relocated to remote locations as part of a campaign of seeming retaliation against their role in organising workers. The agency also says that following a separate stoppage at the Basra refinery in 2010, 16 workers were […]
A Russian suitor for Warka?
In March ISX-listed Qimma Financial Investment (VQUF) announced that Warka Bank’s majority shareholder, Saad Al Bunnia, had appointed it to “begin a formal auction process following a due diligence report carried out by Price Waterhouse Coopers.” The announcement, which was posted on Qimma’s website, went on to say that Mr. Bunnia was “interested in entertaining […]
Trade Delegation and British Pavilion at Erbil International Fair
The MEA, in partnership with UK Trade & Investment, Invest Northern Ireland and the Kurdistan Regional Government, will be leading a Trade Delegation to Iraqi Kurdistan this October to coincide with the seventh Erbil International Trade Fair, Iraq’s largest general trade exhibition. Mission Participants will have the opportunity to exhibit at the Fair’s British Pavilion, […]
Honeywell Chosen for Nassiriya Refinery
UOP LLC, a Honeywell (NYSE: HON) company, announced that its technology has been selected for a new transportation fuel refinery to be built in Iraq. The State Company for Oil Projects (SCOP), under the Ministry of Oil for Iraq, has selected Honeywell’s UOP to provide key technologies to process 300,000 barrels per day (bpd) of […]
Karbala gets New Investment Commission
Aswat al-Iraq reports that a new investment commission was elected in Karbala on Monday. Nisai'if Jassim, the deputy chairman of Karbala's Provincial Council, told the agency that the previous commission has completed its legal term of three years service, and that five new members joined the commission. He hoped that the new commission will study […]
German Businesses Comment on Kurdistan Visit
A business delegation from Bavaria spent a few days looking around Erbil and was very impressed with what they saw: from the security situation to the trade fair locations. Last but not least, they also enjoyed German draft beer in the Middle East, fresh from the tap. Iraq and the state of Iraqi Kurdistan need […]
Iraq Cancels Direct Food Purchases
Iraq's trade ministry has cancelled direct cash purchases of essential food items, such as sugar, wheat and rice, in a move to help prevent corruption, according to a report from Reuters. The change was announced as a 100-day target set by Prime Minister Nuri al-Maliki to improve his fragile coalition government's performance in the face […]
Former UK PM Opens British Consulate General in Erbil
Former British Prime Minister Sir John Major concluded a historic three-day visit to the Kurdistan Region in which he received a warm welcome from officials and the public and praise for the bold decision he took in 1991 that laid the foundations for the progress and achievements in Kurdistan today. During his visit, the former […]