$34 Million 'Missing' from Iraqi Accounts
Around $34 million is "missing" from a post-Gulf War fund that Iraq maintains to protect the money from foreign claims, its parliamentary speaker said on Monday as authorities scrambled to head off further protests on cutting politicians' pay and ramping up support for the needy. "There is missing money, we do not know where it […]
Iraq to Import $65m of Rice
Iraq's Ministry of Trade has announced that it has closed a deal to import 125,000 tons of rice from Thailand at a cost of $65 million in order to meet the demands of the government’s food-subsidizing ration card system. The General Manager of the Ministry’s Grain Company, Muthanna Jabbar, told AKnews that deals have been […]
BP, CNPC First to Receive Development Costs
BP and its partner China National Petroleum Corporation (CNPC) will be the first companies to be paid back by the Iraqi government for developing Iraq's supergiant Rumaila oil field, a senior Iraqi oil official told Dow Jones Newswires. "The first company that we are going to pay back costs and remuneration fees to will be […]
$10 Billion for a Year of Hard Work
By Stan Harbison, Vice President of Research and Analysis at energy consultants EPRINC. A year ago, Iraqi oil officials were no doubt justifiably proud of their achievement in 2009. Against all skepticism they had in hand contractual agreements with foreign oil companies to rapidly develop over 60 billion barrels of oil reserves. It was an […]
Reidar Visser on the New Iraqi Budget
The following article was published on Sunday by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq […]
New 14-Screen Multiplex Cinema for Erbil
A unique event is about to unfold in Iraq, where for the first time ever a cinema multiplex will open in the recently constructed Family Mall in Erbil, the region’s newest shopping and leisure destination. “This is a one of a kind project,” says Gino Haddad, CFO and Business Development Director for Empire Cinemas. The […]
Al-Sadr Power Station Ready for Use
The Iranian Deputy Energy Minister Mohammad Behzad (pictured) has said the Iranian-built Al Sadr power-plant in Iraq is an important project which is now ready to come on stream. IRINN quoted the minister as saying that the first unit of this 324 MW plant has been completed and is waiting for its fuel supply, and […]
Babil Investment Commission Attacks Baghdad Govt
AKnews reports that the Vice Chairman of the Babil Investment Commission has complained that Iraq’s investment law has been “paralyzed” by the state’s failure to implement it effectively in ministries and government departments. Abbas al-Tai told the agency that Iraq is one of the best places in the world for investors as it lacks many […]
At a Crossroads - Human Rights in Iraq
Human Rights Watch has just issued a 102-page report on human rights in Iraq, calling on the government to protect the rights of vulnerable groups and to amend its penal code and all other laws that discriminate against women and violate freedom of speech. The report also urges Baghdad to open independent and impartial investigations […]
WesternZagros Falls After Audit Results
Shares in WesternZagros Resources fell more than 7% in early trading on Tuesday, following the release of audit results for its Block K44 in Iraqi Kurdistan. Simon Hatfield, WesternZagros’ Chief Executive Officer, said, “we’re very encouraged by the rising resource estimates for our Block. As well as giving us a clearer picture of the opportunity […]
Higher tariffs on hold
On February 14, the National Iraqi News Agency reported that the import tariff increases originally scheduled to go into effect on March 6 are being suspended until further notice. (The story is at http://www.ninanews.com/english/News_Details.asp?ar95_VQ=FFHEEK.) This is not surprising. With protestors already in the streets in some places, now can hardly be the best time to […]
Iraq Finally Passes $83bn Budget
Iraq's parliament gave the final approval on Sunday to an $82.6 billion budget for 2011, according to Reuters. AKnews puts the Iraqi dinar amount at 96 trillion. The budget is based on an average oil price of $76.50 per barrel, and 2.2 million barrels per day in crude exports. The deficit was projected at $13.4 […]