Bomb Shuts Kirkuk-Ceyhan Pipeline
A bomb attack in the northern province of Nineveh halted oil flow through the Iraq-Turkey pipeline, which carries a quarter of Iraq's crude exports, a spokesman for Iraq's oil ministry said on Wednesday. Reuters, quoting Oil Ministry spokesman Asim Jihad, reported that the attack occurred on Tuesday night, but oil flow is expected to resume […]
Weekly Security Update for 9th March 2011
Overview Levels of violence fell in Iraq over the past week. This is the first time this has occurred so far this year. Protests were less violent than the preceding week while there was a drop in the number of terrorist attacks in all parts of the country except the capital. The contested city of […]
Iraqi Oil Workers Cheapest in the World
Local oil and gas workers in Iraq receive an average salary of nearly $22,000 per annum, the lowest in the sector worldwide. Their foreign counterparts working in Iraq receive $94,800, according to a report from recruitment group Hays Oil & Gas. Globally, oil and gas industry workers make an average of nearly $76,000 per year, […]
Iraq May Legislate on Currency Exchange
According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government. Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious […]
Iraqi Oil Research Centre Needs $15m
The Iraqi Ministry of Oil's Center for Research and Development has said that it needs 15 million dollars [18 billion Iraqi dinars] in order to develop its work and train its people, stressing that a number of important oil companies working in Iraq are reluctant to deal with the center as it currently stands. The […]
Iraq's ISX Still Attracting Funds
As revolution sweeps across the Middle East, Iraq is still reportedly attracting funds to into its listed companies. The Iraqi Stock Exchange (ISX), which began trading in 2004 with 15 stocks, has attracted $20 million in foreign capital in 2011 from regions like the United States, Europe, the Gulf and Egypt, according to a statement […]
New Daura Refinery Tenders
Iraq’s Ministry of Oil has issued a tender for the supply of a wide range of hardware and equipment for Daura [Doura] refinery. Spares for river water pump - deadline 28th March Tools and materials - deadline 30th March Valves and fittings - deadline 10th April
Comment on Rumaila Oilfield Production
By Ahmed Mousa Jiyad, Norway, 7th March 2011. Recent data on Rumaila production for the period 26 December 2010 to 27 February 2011 indicates that after achieving the 10% threshold over the baseline production, daily production dropped sharply to the extent that in few days, production levels were lower even than the baseline production. The […]
Trade Bank of Iraq to Launch Private Equity Fund
The state-run Trade Bank of Iraq plans to set up a $500 million private-equity fund to invest in projects in the country, and will next month look to identify a global player to act as the fund's general partner, according to a report from Reuters. Hussein Al-Uzri, president and chairman of the bank, said it […]
British Trade Mission to Kurdistan Attracts Major Multinationals
Several major multinational companies last week came to see the business opportunities in the Kurdistan Region as part of a British trade delegation. The trade mission was led by the Middle East Association (MEA), which is the UK’s leading organisation for UK-Middle East trade and has brought eight delegations to Kurdistan. Mr David Lloyd OBE, […]
Commission to Cut Corruption in Ration Card Contracts
The parliamentary economic committee will oversee all commercial contracts signed by the Trade Ministry in order to eliminate corruption, a committee member announced today. Salman al-Moussawi told AKnews that the intervention of the commission is backed by the government in a bid to accelerate the work of the ministry and negate the possibility of fraudulent […]
Integrity Commission Names Most Corrupt Ministries
The Parliamentary Integrity Commission revealed on Sunday the most corrupt government ministries, indicating that they are currently investigating the cases and that more details will follow. Bahaa al-Aaraji, the chairman of the committee told AKnews that the most corrupt ministries are those of health, trade, defense, sports and youth, as well as the Secretariat of […]