Engineer to Pay $22m for Iraq Bribery
Scottish engineer Weir Group (LSE: WEIR) has agreed to plead guilty to two charges of breaching UN sanctions in connection with a number of UN sanctioned Oil for Food programme contracts awarded between 2000 and 2002. Following the guilty plea, the Company will be subject to a confiscation order in respect of its benefit from […]
Heritage Oil - Preditor or Prey?
Rumours continue to fly regarding the fate of Heritage Oil (LSE: HOIL), the oil explorer with operations in Iraqi Kurdistan (pictured), which is said to be the target of takeover bid. The British Daily Mail newspaper reported last week that Malaysia’s state-owned oil and gas company, Petronas, was interested in the company, but Petronas denied […]
Turks Win $11.3 Billion Sadr City Project
We reported last week on the multi-billion dollar tender process to re-build Sadr City in Baghdad; we can now report that the contract has been won by a consortium of Turkish companies. The project involves the construction of a modern city of 75,000 housing units to accommodate up to 600,000 people, and the group offered […]
Basra Sport City to Host Gulf Cup of Nations
Basra Council has formed a committee to monitor progress of the building work on Basra's new Sports City, which is hoped to host the 21st Gulf Cup of Nations soccer tournament in 2013. The media director of the council, Hashem Liyabi, told AKnews, that the decision came after getting the official approval to hold the […]
Iraq Requests Bids to Build 4 Large Power Plants
The Iraqi government has asked for bids to build four large power plants in southern Iraqi governorates that could boost its power generating capacity by 2,750 megawatts, a spokesman for the electricity ministry, Mussab al-Mudaris, said on Monday. "The ministry will announce provisions of new tenders to build four gas power stations during a roadshow […]
Halfaya to Produce Enough Gas to Supply Power Station
The development of Halfaya oilfield in southern Iraq’s Maysan province shall insure enough gas for Kahla’a power station, according to the Director-General of Missan Oil Company, who said that the gas produced from the oil field would exceed 60 million cubic feet. “The development of the Halfaya field shall secure the needs of the Kahlaa […]
Scania Trucks to Open Branch in Basra
The Swedish Embassy in Iraq has announced that Scania trucks will open a regional branch in Basra. Another Swedish company specialising in building power stations will also open an office n the province. Iraq Business News expects the company in question is ABB. The regional government said it was ready to offer all necessary facilities […]
WorleyParsons Wins Rumaila Oilfield Contract
Australian engineering contractor WorleyParsons (WOR.AU) has won a contract to carry out engineering and design work at BP's giant Rumaila oilfield in southern Iraq. Sources familiar with the deal said the front-end engineering and design (FEED) contract was awarded to WorleyParsons by the consortium which includes Iraq's state-run South Oil Company, BP and China National […]
US Transfers $43m Camp to Iraqi Army
The United States Forces-Iraq and Iraqi Army has signed a document transferring ownership of areas at Camp Taji known as “The Triangle” and “North Side”. The areas encompass more than $43 million in property and equipment – 218 buildings, more than 1,000 Containerized Housing Units, and more than 10,000 pieces of equipment. With this transfer […]
184 Delegates at Successful Basra Oil and Gas Conference
Basra Oil & Gas Conference 2010 was held on 26th and 27th of November with the participation of 184 delegates under the theme of “Iraq Effectively Contributes to Future World Energy Supply”. Attending companies, institutions, universities, and individual delegates were exposed to the present and future status of Iraq’s oil industry, world energy supply and […]
USACE Helps Iraq One Family at a Time
U.S. Army Corps of Engineers Gulf Region District soldiers and civilians help the people of Iraq everyday through the construction of quality hospitals, schools, water treatment facilities, security facilities and infrastructure projects. But, recently, the USACE Southern Area Office (SAO) implemented a program that will help the Iraqi’s in a different way – by providing […]
Iraq - 'Everything Imaginable Needs to be Rebuilt'
U.S. investors and other foreign companies continue to shy away from investing in Afghanistan and Iraq because of security and infrastructure problems as well as government corruption, a critical shortcoming in the two countries' efforts to grow their economies and increase stability. "Security is essential to economic and business development," said Ethan B. Kapstein, a […]