Weapons Destroyed to Support International Trade
MAG (pronounced “Mag”) – Mines Advisory Group – is a neutral and impartial humanitarian organisation that clears the remnants of conflict for the benefit of communities worldwide. MAG has destroyed more than 430 deadly weapons that were threatening the lives of truck drivers and blocking development at one of the biggest trading points between Iraq […]
Iraq’s Contribution to European Energy Security
The following report was presented by Ahmed Mousa Jiyad to the Institute for Energy of the European Commission in Amsterdam, and it is reproduced here with his permission. Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies-CGES, London. He was formerly a senior economist with the Iraq National […]
US Countersues KBR for Alleged Kickbacks
Bloomberg reports that KBR managers in Iraq and Kuwait are accused by US authorities of taking $45,000 in kickbacks from a dining facility subcontractor from late 2002 through 2003. Terry Hall, who was KBR’s regional food services manager for the two countries, and his deputy, Luther Holmes, were accused of violating the False Claims Act […]
SeaEnergy increases stake in Mesopotamia Petroleum
SeaEnergy, the Aberdeen, Scotland-based offshore wind development company formerly known as Ramco Energy, has increased its stake in the Mesopotamia Petroleum Company (MPC). The company currently owns 32.7% of MPC, an oil and gas firm concentrating on Iraq. In 2009, UK-based MPC agreed a £277m joint venture to drill for oil in Iraq, but it […]
Core Inflation Rises to 5.5% in February
Reuters reports that Iraq's core annual inflation rose to 5.5 per cent in February versus 5.3 per cent in January, driven by increases in the cost of power, rental and housing. "February's year-on-year core inflation was 5.5 per cent", Mudher Kasim, a senior advisor at the Iraqi Central Bank, told Reuters. (Source: Reuters)
Iraqis Protest Against Bahrain's Rulers
About 7,000 Iraqis protested in the southern oil hub of Basra on Saturday against the presence of Saudi troops in Bahrain, highlighting the sectarian divide in Iraq. Reuters reports that anger has been mounting among Shi'ites in Iraq, Lebanon and Iran over the movement of troops from Sunni Arab states to help Bahrain's Sunni royal […]
ISX safe from Japanese fallout
So far the Japanese earthquake, tsunami, and nuclear disaster have had surprisingly little impact on emerging markets. While the Nikkei is down 13% since the quake (as of March 17), the MSCI emerging markets index has fallen only 3%. And in Iraq, Rabee Securities’ RSISX is actually up 0.4%. Emerging markets could continue to slide, […]
Gulf Keystone Jumps 20% on Oil Find
[Update: Gulf Keystone closed the day up 31% at 161.75p] Shares in Gulf Keystone jumped 20% on Friday morning following the company's reporting of significant initial oil flow on the Shaikan-2 Appraisal Well in a 44 meter interval (1,792m to 1,836m) in the Jurassic age formation. Substantial smoke and/ or the oil flare is/ are […]
Bahrain, Baghdad, and Barrels of Oil
As Bahrain declares a three-month state of emergency, and invites troops from Saudi Arabia and other Gulf states to help quell the protests, the effects of that particular unrest are being felt strongly in Iraq. Despite having plenty of local issues to complain about, thousands on Iraqi have responded to calls from Moqtada al-Sadr to […]
Erbil Ranked 5th for Foreign Direct Investment
An international investment magazine has ranked Erbil in fifth position among top Middle East cities with potential for foreign direct investment. This places Erbil ahead of Muscat and Riyadh. FDI Magazine, a subsidiary of the Financial Times, in this month's edition, ran a feature on Middle East cities of the future, ranking cities by economic […]
4th Mobile Phone Licence Could Go for $2bn
Iraq's communications minister said he expected the country's planned fourth mobile phone licence to fetch between $1 billion to $2 billion [2.4 trillion Iraqi dinars] in an auction expected by the end of this year. According to Reuters, Mohammed Allawi said the expected cost for the licence, including installations and infrastructure costs, could be in […]
Iraq Needs Another 12,000 Oil Police
Iraq may not be able to protect its oil facilities because of a shortage of equipment and trained oil police, despite intelligence suggesting new attacks on the vital sector, according to Major General Hamid Ibrahim, head of Iraq's oil protection force. Reuters quotes him as blaming al Qaeda for recent attacks on the Baiji [Bayji, […]