23% of Investment in Kurdistan is from Foreign Countries
Foreign companies and governments account for about 23 percent of the investment in the Kurdish Region, according to a report from AKnews. The Kurdistan Investment Board said that $3.9 billion [4.6 trillion Iraqi dinars] of investments came from up to 20 countries in the past 5 years. With $17.4 billion [20.3 trillion Iraqi dinars] was […]
Clinton urges U.S. companies to invest in Iraq
Iraq is open for business, and American companies should make an effort to invest there, Secretary of State Hillary Clinton (pictured) has said, according to a report from CNN. The Secretary was addressing the Business Forum Promoting Commercial Opportunities in Iraq, which included executives from companies as far-ranging as Occidental Petroleum, JP Morgan Chase, General […]
Missan Oil Co Boss is Sacked
The Chairman of Southern Iraq’s Missan Energy Committee has said on Thursday that the Province’s Council had decided to sack the Director-General of Missan Oil Company from his post. According to the report from Aswat al-Iraq, he has been accused of poor administration and failing to achieve higher oil production results during his assignment. “Missan […]
Iraq Will Ask US troops to Stay Post-2011, says Panetta
Iraq will ask the US to keep troops in the country beyond an end-of-2011 pullout deadline, says outgoing CIA director Leon Panetta (pictured), the nominee to be the next US defence secretary. Speaking at a US Senate committee considering his nomination he said he had "every confidence that a request like that will be forthcoming", […]
First Investment Fair in Anbar
Anbar province’s first investment fair will be opened on Sunday. It is hoped the event, in the tourist city of Habbaniya, will encourage international investments in the West Iraqi province. “Preparations, including security measures, are completed for the fair between June 12 and 18. More than 45 local and foreign investment companies will be taking […]
HSBC ups BDSI investment
On June 7, HSBC announced that it would be subscribing in full to Dar Es Salam Bank’s (BDSI) 46.9% rights issue. The “world’s local bank” will be buying 23.7 bn new BDSI shares at IQD 1 each for the equivalent of about US$ 20.3 mn. (See this link for the announcement .) The HSBC subscription […]
Chinese Company Wins $174m Halfaya Contract
The China National Petroleum Corporation (CNPC) and its partners in the southern Halfaya oilfield have awarded a $174 million contract to the China Petroleum and Engineering Corp. (CPECC) to build three crude processors, an Iraqi oil official told Reuters on Sunday. Ali Maarij, head of Iraq's state-run Missan Oil Company said the new plants will […]
BP Sees Iraq Oil Output at Half Target by 2020
The chief executive of BP, a major foreign player in Iraq's oil industry, said the country's output is likely to be only half the government's official target at the end of this decade, due to infrastructure problems, according to Reuters. "Five to six million barrels per day is maybe a more realistic level," Bob Dudley […]
Video: Deputy Prime Minister Hussain al-Shahristani Discusses Iraq's Oil
Iraqi Deputy Prime Minister Hussain al-Shahristani talks about the outlook for the country's oil production and the Organization of Petroleum Exporting Countries' (OPEC) quotas. He speaks with Bloomberg's Lara Setrakian. (Source: Bloomberg)
Zain Considers Offers to Manage its Network
Kuwait’s Zain is considering several tender offers to manage its telecoms network in Iraq and will likely award the contract in the next few weeks, a company spokesman has said. According to Reuters, Zain refused to name bidders for the managed service agreement, but said there were at least three, with international players such as […]
Weekly Security Update for 9th June 2011
Levels of violence rose in Iraq last week, although conditions were not as bad as a fortnight ago. Most incidents were concentrated in Baghdad, Anbar and Salah ad-Din provinces, with an overall decline in militant activity in the north of the country and a rise in attacks in the south. There has also been a […]
Maliki Begins Another 100 Days
As Prime Minister Nouri al-Maliki's 100-day deadline passed this week, no ministerial heads have rolled; the delicate power balance in cabinet would not have allowed it. While it's true that any dismissals from cabinet should take account of the scale of Iraq's challenges, and the fact that it would have taken much longer than 100 […]