Iraq to Spend $13bn on US Arms
The deputy Iraqi defense minister said Iraq will purchase $13bn (15 trillion Iraqi dinars) of arms from the US between now and 2013. Speaking to AKnews on Friday, Mohammed Askari said the armaments include warplanes, tanks, armored vehicles, helicopters, naval ships and ammunition. The official said the contract is currently underway, with some deliveries already […]
Fugro to Enter Iraqi Oil & Gas Industry
Bloomberg reports that Fugro, the world’s largest surveyor of deepwater oil fields, is about to enter the Iraqi oil and gas business as the oil majors are stepping up their exploration and production in the country. “The security situation is improving,” Chief Executive Officer Klaas Wester said in an interview in Amsterdam on Friday. “We’re […]
200,000 Police to be Recruited in Baghdad
The deputy Iraqi interior minister said the Iraqi Council of Ministers has agreed to recruit 200,000 policemen and interior ministry staff to increase security in Baghdad province. Hussein Kamal told AKnews that the new force will be deployed in Baghdad upon the ratification of the Iraqi general budget. The force will approximately double the number […]
Automobile Plant in Kurdistan Under Discussion
Kurdistan Region’s minister of transportation and communication has said Thursday a number of businessmen are in serious talks to build an automobile manufacturing plant in the Region, according to a report from AKnews. Anwar Jabali [Anwar Jabali Sabo] (pictured) did not disclose the names of the people involved, however he stressed the Region has “promising” […]
Call to Exploit Border Oil Field Between Iraq and Jordan
The Chairman of Anbar Province’s Council has called on the Iraqi government on Saturday to invest in al-Risha oil field with, shared between Iraq and Jordan, and to lay down clear steps to exploit the field. “We call on the Iraqi government and the Oil Ministry to expoit al-Risha Oil Field on the Iraqi side […]
New Fraud Suit Re Iraq Military Contracts
Bloomberg reports that U.S. prosecutors have filed a civil suit against Kuwaiti logistics company Agility, accusing it of defrauding the government over food contracts to the U.S. military in the Middle East worth $9.8 billion. Agility was the largest supplier to the U.S. Army in the Middle East during the war in Iraq and a […]
Iraq "Able to Satisy its Food Needs"
Iraq’s Ambassador to the UN Food & Agriculture Organization (FAO), Hassan al-Janaby, has stated in Rome on Saturday that the prices of foodstuffs were increasing and all reports are indicating that the world is facing a very embarrasing situation, threatening to unleash a major hunger wave, but he said Iraq was able to satisfy the […]
ISX ready for lift-off
The Iraq Stock Exchange ended the year with a bang last month, with Rabee Securities’ RSISX index rising 8.8% in the final two weeks of trading. Having been down as much as 10% year-to-date in early October, this index actually managed to close 2010 up 1.7%. Volume in the final week rose above IQD 10 […]
Are New Import Licences Strangling Iraqi Trade?
Iraq Business News is receiving reports of serious disruption to commerce in Iraq caused by new requirements for import licences introduced at the start of the year. According to the newspaper al Sabaah, the new requirements have led to major delays and backlogs of traffic at border crossings and ports, and as a result the […]
Iraq Awards Gasoline and Gasoil Contracts
Bloomberg reports that Iraq has awarded gasoline and gasoil supply contracts for the first half of the year. Traders Trafigura Beheer BV, Glencore International AG, and International Petroleum Group of Kuwait won contracts to supply gasoline through June, three of the people said, asking not to be identified since the discussions are confidential. Iraq will […]
2 Sub-Contracts Awarded at Badra Oilfield
Two new sub-contracts have been granted for two local companies to participate in developing the Badra oil field in southern Iraq’s Wassit Province, Aswat al-Iraq reports on Thursday. “The Russian Gasbromneft Company [Gazprom Neft], which won the contract to develop [the] Badra oil field, 90 km to the east of Kut ... has decided to […]
Iraq's Oil Projects Co Seeks Bids for LPG Depot
Iraq's Oil Projects Company seeks bids for an LPG loading and unloading station at the Samawa (Sumawa) depot. The deadline for the receipt of bids is 12:00 noon on 15th February. Please click here to download details.