Iraqi Finance Ministry: Iranian Banks in Iraq Exempt from UN Sanctions
A leading official in the Iraqi Ministry of Finance said on Monday that the Iranian banks currently operating in Iraq, and those planning to open branches in the country, are not covered by UN sanctions as they are not state-owned. The Finance Ministry’s undersecretary, Fadel Nabi, told AKnews that the Iranian banks present in Iraq […]
Kuwait and Iraq Agree New Border Deal
Iraq and Kuwait have agreed to create a 500-metre no-man's land on each side of the border, and to move Iraqi farmers to new homes, a Kuwaiti official said today (Wednesday). The Al-Seyassah daily quoted foreign ministry official Jassem Al-Mubaraki as saying that under the deal, Kuwait undertakes to build up to 50 homes inside […]
Egyptian Central Bank Trains Iraq's Bankers
With the stated aim of contributing to the reform of the Iraqi banking sector, the Central Bank of Egypt (CBE)'s Banking Institute has begun training employees of Iraq's central bank in modern methods of banking and finance, administration and human resources. According to Banking Institute Executive Director, Hala al-Said, the move comes within the context […]
From Iceland to Kurdistan
A trade delegation from Iceland has arrived in the Kurdistan Region to hold talks with regional officials, seeking business opportunities and to strengthen bilateral relations, according to a report from AKnews. The delegation includes some Icelandic companies invited by a delegation of the region’s Kurdistan Exports and Imports Union (KEIU) in September, when they visited Iceland […]
Iraq Oil Ministry Downplays Use of Lead in Petrol
Iraq's Ministry of Oil denied on Monday that the cause of Iraqi air pollution is the use of tetra ethyl lead (TEL) as an additive to the petrol used in cars. The Ministry stressed that [imported] fuel does not contain this substance, while the locally produced petrol uses it only in small quantities. TEL has […]
Iraq Petroleum 2010 - Impressive Line-up of Speakers
The Iraq Petroleum 2010 Conference, taking place in London at the Millennium Gloucester on 29 Nov-1 Dec 2010, will focus on Iraq's upstream strategies to increase production and drive Iraq's oil and gas industry, new ventures, bid rounds and corporate oil and gas players in the industry. These topics will be delivered by industry specialists, […]
Eni CEO: Zubair Oilfield Output Up 10% By End-2010
Italy's Eni SpA and its partners will raise oil production from Iraq's Zubair oil field 10% above its previous level of around 180,000 barrels a day by the end of this year, the company said on Tuesday. Dow Jones reports that once the 10% increase is achieved, Eni will start receiving payment in the form […]
GE Fuel Oil Treatment Selected for Iraqi Power Plant
GE (NYSE: GE) has signed a contract with Iraq’s Ministry of Electricity to supply an advanced fuel oil treatment technology, FuelSolv, to help enhance the reliability and productivity of the Al-Quds power plant on the outskirts of Baghdad. “The Al-Quds power station provides much-needed electricity for Iraq and GE’s innovative gas turbine technology and fuel […]
Ministry for Planning Blames Subcontractors for Delays
The Iraqi Minister of Planning and cooperative Development said on Sunday that delays in reconstruction projects in the country are due to the re-sale of projects to subcontractors. Minister Ali Baban told AKnews that the re-sale system of secondary projects had a negative impact on the reconstruction of the country and that it would require […]
New Consulates Planned for Basra
The Russian and German ambassadors to Iraq said on Monday that their countries want to open consulates in Basra in order to develop economic relations with the provincial government. The news was announced following the two ambassadors’ visit to the governor of Basra province, Shiltagh Abboud, yesterday. The German Ambassador to Iraq, George Christian, told […]
Inflation Rises to 3.2% in October
An official from the Central Bank of Iraq said on Monday that the core annual inflation rate in Iraq jumped to 3.2 percent in October, from 1.9 percent in September, due to rising costs of housing, water and electricity. Spending on fuel is excluded from the calculations. "The inflation rate is still under control", senior […]
Egytians Want To Invest in Kurdistan
Rashid Mohamed Rashid, Egypt's Trade and Industry Minister, is to head a delegation of investors on a visit to Iraqi Kurdistan, to consider the possibility of establishing projects in industry, tourism, energy, housing and infrastructure in the Kurdistan provinces. Egypt is encouraging the private sector to go to Iraqi Kurdistan as part of the support […]