$100 Oil To Boost Iraqi Budget
Iran's oil ministry has said that prices of US$70-$90 would not hurt the global economy, and even $100 might be safe. "Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy," Mohammad Ali Khatibi said. "There are thoughts that an increase in the price of oil […]
Property Bubble in Iraq
Property prices rose fast in Baghdad in recent years, going up 50% and even 100% in many places. Now, Nina News reports that property-price rises in Wasit Province, halfway between Baghdad in central Iraq and Basra in the south-east, are "insane". Prices in the province are far exceeding those of neighbouring ones. The price per […]
Global Warming Makes Farming Difficult
Water levels in the Tigris and Euphrates rivers, two of Iraq's main water sources, are falling and temperatures in Iraq are rising, according to the UN Interagency Information and Analysis Unit. The rivers have dropped to less than a third of normal capacity and desertification is spreading. "The tendency of rainfall in general is continuously declining," said Deputy […]
Vast Exploration Stock Jumps After Kurdistan Update
Shares in Vast Exploration jumped 16% on Friday after giving the following update on its operations in Kurdistan: - The Qara Dagh -1 well was spud on 12 May 2010 with a planned total depth of 3,600 to 4,000 meters. - As previously reported, the well encountered a 64 meter thick Aalijii zone, potentially containing […]
Record Iraqi Oil Exports to Jordan
The Iraqi Oil Ministry said on Friday that Iraq's oil exports to Jordan have reached a post-invasion peak of 12,000 barrels per day. Assem Jihad, the ministry spokesman, told AKnews that the Oil Ministry is seeking to increase its oil trade with Jordan in line with the size and economic importance of Amman in the […]
Danish Company to Boost Karbala's Electricity
Karbala's local government has signed a contract with a Danish company to install five new electrical generators in the province. The head of the Strategic Planning and Constructing committee, Abbas Nasser Hassani told AKnews that a delegation from Karbala local government signed the contract with Danish company Simko, which has offices in Turkish capital, Ankara. […]
DNO Chief: New Iraqi Govt Positive for Kurdish Oil Exports
Bloomberg reports that DNO International ASA, the Norwegian Oil company with operations in Iraqi Kurdistan, regards the formation of a new government in Iraq as an “important milestone” in paving the way for the resumption of oil exports from the Kurdish region. “Getting a government in place is a necessary step for this process to […]
Azerbaijan, Iraq Sign Trade Cooperation Agreement
The Iraqi and Azerbaijani governments have signed an agreement on trade, economic, scientific, technical and cultural cooperation, according to a statement from the Ministry for Trade. The agreement was signed by Azerbaijan`s Deputy Premier, Abid Sharifov, and Iraqi Minister of Trade, Safaa Al-Din Mohammad Al-Safi, at the end of the two-day Iraqi-Azerbaijani committee’s meetings. Al-Safi […]
Iraq to Open Bank Branches in Iran's Free Zone
The managing director of Iran's Arvand Free Zone, Ali-Asghar Parhizgar, has said Iraqi banks have filed requests to set up branches in the zone, according to a report from Tehran Times. Since the establishment of foreign banks' branches in Iran's free zones was facilitated, Iraqi banks have welcomed setting up shops in Arvand Free Zone, […]
Qatar's Woqod to Enter Iraqi Lubricants Market
The Qatar Fuel Company (Woqod) is entering the UAE and Iraqi markets with its automotive lubricants. “We are launching our lubricants within the region and to other markets such as Africa and Asia and the CIS countries,” said Mohamed Turki al-Sobai, vice chairman and managing director of Woqod, after appointing distributors to the UAE and […]
IMF Calls for Iraq to Clear its Debts
An adviser to the Central Bank of Iraq (CBI) said on Wednesday that the International Monetary Fund (IMF) has renewed its call for Iraq to clear its outstanding debts. Nathhar Mohammed Saleh told AKnews that the IMF called on the Ministry of Finance and the Central Bank to develop feasible solutions to its external debts. […]
Trade Ministry to Invest in Baghdad Fair
Iraq's Trade Ministry has prepared a plan to rehabilitate the Baghdad International Fair at a cost of 4 billion dinars [$3.4m], according to a media director. “The ministry has mapped our a plan to rehabilitate the Baghdad International Fair in preparation for the coming 38th season,” Mohammad Hanou told Aswat al-Iraq news agency. “The ministry […]