UK Businessman Jailed for Iraq Bribery
British businessman Mark Jessop has admitted breaking United Nations sanctions during the Oil For Food Programme by making illegal payments to Saddam Hussein's government. He has been sentenced today at Southwark Crown Court to 24 weeks' imprisonment and ordered to pay compensation and costs. Background Mark Rodney Jessop, aged 53, sold medical goods to the […]
Six New Investment Licences in Najaf
Najaf Investment Commission has announced that it granted six new licenses for investment in various sectors, with a total value of $98.5 million [115 billion Iraqi dinars]. The head of the board, Wafi Albhash, told AKnews that the investment licences included: a five-star hotel valued at $36.2 million, consisting of 12-storeys, 210-rooms and 10 hotel […]
Iraq's Progress Depends on Foreign Expertise
Perhaps the most positive news out of Iraq in the past week came late on Wednesday, as the Canadian-based explorer ShaMaran Petroleum announced a major oil discovery at its Atrush-1 well in Kurdistan. ShaMaran has an 80% stake in the project, with Marathon Oil Corp holding the remaining 20%. The news comes as Baghdad and […]
Weekly Security Update for 14th April 2011
Overview There was a fall in the number of violent incidents taking place in Iraq last week, although there was a spate of attacks around the centre of the country on Monday, leaving a number of people dead. In general, violence remains concentrated in Baghdad, the dstricts immediately surrounding it, and the northern city of […]
ShaMaran Strikes Oil in Kurdistan
ShaMaran Petroleum Corp has announced a major oil discovery in the recently drilled Atrush-1 exploration well in Kurdistan. The Atrush-1 well was spud on October 5, 2010 and successfully reached a revised total depth of 3400m on January 21, 2011 after 91 days. The well was drilled on time and within budget and encountered a […]
$400m Makeover for Saddam's Palace
Kings, presidents and emirs are invited to a former Saddam palace for the Arab League summit in May. Saddam Hussein's former palace in Baghdad has been completely renovated in preparation for the historic summit. The palace, which has a history as tumultuous as the country's, has been given a $400m makeover. Many hope the gleaming […]
50 Spanish Companies Join Erbil Business Forum
Spain’s official foreign trade agency yesterday [Monday] launched a two-day business forum in Erbil to strengthen commercial ties between Spain and the Kurdistan Region. At the forum, 50 leading Spanish companies met government officials and representatives of over 150 local firms. On behalf of Prime Minister Barham Salih, the Chairman of Kurdistan’s Investment Board Minister […]
Water Levels Fall at Key Iraqi Dams
The Iraqi Ministry of Water Resources announced on Monday a significant decline in water levels in the country’s strategic Mosul and Haditha (pictured) dams due to a lack of rainfall in the Tigris and Euphrates rivers and a reduction in water flow from Turkey, Syria and Iran. Director of Projects Ali Hashim told AKnews that […]
Media Company Gets $4.4m Investment Licence in Basra
Basra Investment Commission has granted an investment licence to the Al- Mawada Company for Media Production and Broadcasting. The project includes the construction of a media complex in Kut Al- Faranki, and it will be completed within 6 months. The total value of the project is estimated at 5.24 billion Iraqi dinars ($4.4 million). The […]
New $4m Laboratory in Basra
Basra Investment Commission has granted an investment license for an agricultural project to construct a technical laboratory for tissue cultivation in a cost of 4.8 billion Iraqi Dinars [$4m]. The project includes the building of a laboratory to produce palm trees and plants by using tissues. It also includes a research and studies centre to […]
Swedish Ambassador Positive on Kurdistan
The Swedish Ambassador to Iraq, Carl Magnus Nesser, said the Kurdistan Region is very appropriate for investment, according to a report from AKnews. During a visit to the Awamedica pharmaceuticals factory (pictured) in the Kurdistan Region, he said there are many Swedish companies considering investment in Kurdistan. (Source: AKnews)
Iraq May Buy Electricity from Armenia
Iraq may purchase electricity from Armenia, said Vice-Prime Minister of IraqSaleh al-Mutlaq at the meeting with Armenian Ambassador Murad Muradian. The sides discussed possible areas of economic cooperation, including ways of supplying electricity from Armenia to Iraq, expressing the hope that this problem will be resolved. Ambassador Muradian informed the vice-prime minister of Iraq that […]