NIC's New Investment Software
The National Investment Commission (NIC) is getting ready to adopt the 'COMFAR' computer program to evaluate the feasibility of investment projects submitted to the commission. The commission describes it as a "digital process that is adopted in most of the developed countries". An NIC official source said that this program is prepared by the United […]
Iraqi Inflation Hits 5.7%
The advisor to the Iraqi Central Bank (ICB) has said that inflation jumped from 5.5% in February to 5.7% due rising electricity prices in Iraq. Muzher Mouhammed told AKnews that the high rate of inflation in Iraq is due to the March hike in electricity prices. "The rising inflation simply affects the economy but does […]
Iraq Offers 12 New Oil Blocks in 4th Round
Iraq's Oil Ministry announced on Monday the launch of the fourth round of oil licences for 12 sites in the provinces of Nineveh [Ninawa], Anbar, Diyala, Wasit [Wassit], Basra, Najaf, Muthanna, Qadisiya, and Babil, indicating that the majority of areas include gas and oil. Iraq formally invited international energy firms to compete for these new […]
KRG Temporarily Suspends Land Allocations to Private Companies
As part of the reform program announced by President of Iraqi Kurdistan, Massoud Barzani (pictured), and the Kurdistan Regional Government (KRG), all land allocations to private companies and investors have been suspended for two months, pending a new, more efficient mechanism for land allocations. This decision excludes agricultural and industrial projects, as well as projects […]
Badra Oil Field - First Phase Started
The Russian Gasprom Oil Company has began implementing the 1st phase of southeastern Iraq’s Badra oil field in Wassit [Wasit] Province, the Province’s Media director said on Sunday, according to Aswat al-Iraq. “Gazprom’s team charged with executing the Badra oil field, 90 km to the east of Kut, has began the first phase of implementing […]
Sonoro Energy Granted Permit for Iraq Project
Sonoro Energy Ltd has announced that it has now received an investment permit from the provincial governorate of Salah ad Din [Salahadin, Salahaddin] allowing the Company to proceed with its asphalt (heavy oil) project. This permit allows Sonoro to immediately commence operations and allows for the importation of necessary equipment and personnel. Finally, this permit […]
Maliki-Nujayfi Showdown in Mosul
The following article was published 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 Business News. […]
Shanghai Electricity Wins $1bn Iraq Power Contract
Reuters reports that Iraq's electricity ministry has signed a $1 billion [1.2 trillion Iraqi dinars] deal with China's Shanghai Electric on Monday to nearly double the size of a power plant south of Baghdad. The plant in the town of Zubaidiya was initially intended to have four 330 MW generators, giving a total capacity of […]
New Tender for 35km of Oil Pipelines
Iraq's Oil Pipelines Company has issued a tender for the supply of 35 km of pre-coated oil pipelines of various sizes. The deadline for the receipt of bids is 12 noon on 17th May. Please click here to download details.
Iraqi Deadline For New Oil Licences - Documents Attached
Iraq has set a deadline of 19th May for international oil companies (IOCs) to register to compete for the fourth oil bidding round, scheduled to be held later this year. Please click here to download the pre-qualification form. According to Dow Jones, Iraq had pre-qualified around 45 international companies for its three bidding rounds held […]
Will Dana Gas List in London?
Dana Gas, the UAE-headquartered gas company with operations in Iraqi Kurdistan (pictured), may be about to list its shares on the London Stock Exchange. According to a report from Reuters, the the company said the listing will provide a wider investor base and boost share value. Bloomberg, on the other hand, says Dana has yet […]
Najaf to Build "10,000 Flats" for Teachers
According to a report from Azzaman, the Province of Najaf is to build 10,000 flats to house school teachers as part of a new policy to upgrade education in schools across the province. Governor Adnan al-Zarqai said his local administration has decided to place more emphasis on developing all aspects of education in the province. […]