Iraq's West Qurna Output to Triple in Three Years
Production from Iraq's West Qurna 1 oil field should more than triple to 750,000 barrels a day in three years time, an oil official said on Sunday. The 8.6 billion barrel field, which is being developed by a consortium including ExxonMobil and Shell, currently produces 234,000 barrels per day, Madhi Swadi, the head of the […]
Schlumberger 'Wins Contract' for Iraq's W.Qurna
Reuters, citing "industry sources familiar with the matter", reports that U.S. oil major ExxonMobil and its partners have awarded a contract to oil services firm Schlumberger to drill 10 wells in Iraq's West Qurna 1 oilfield. The contract award was finalised a few days ago but a final contract is yet to be signed by […]
New Fiber-Optic Broadband for Amara
The Maysan Communications Department has embarked on a project to set up a fiber-optic communications network in the city of al-Amara, according to a report from Aswat al-Iraq. “Engineers and technicians in the department started works on a project to build a high-quality fiber-optic communications network,” Ali Mahmoud, head of the department, told the agency. […]
MEA Trade Mission to Iraqi Kurdistan
The Middle East Association will be leading its ninth trade mission to Iraqi Kurdistan in Spring 2011. This will be held from 27th Feb until 4th March, with the possibility of extending a stay to coincide with the Erbil Building Exhibition (3rd - 6th March). Kurdistan is an important emerging market, and the mission will […]
Big Increase in Iraq's Foreign Currency Reserves
The Iraqi Central Bank announced recently an increase in its reserves of foreign currency to more than $ 50 billion, up from $ 41 billion at the end of the first half of 2010. Mohammed Salih, an advisor to the bank, said in an interview with Radio Free Iraq that this increase is attributable to […]
New Private Banks in Iraq
Iraq's Central Bank has reportedly granted new banking licences to four new private banks, each with capital of 250 billion Iraqi dinars [$212 million]. This reportedly brings the number of private banks operating in Iraq to 35. Meanwhile, an economic advisor to the Prime Minister is quoted as saying that a package of incentives is […]
$2b Housing Project in Mosul
A housing project called Ayn al-Iraq, consisting of 20,000 residential units at a total cost of $2 billion, was announced during a ceremony at the Ninewa International Hotel in Mosul city, according to a report from Aswat al-Iraq. “The mega project is being implemented by 57 Iraqi and foreign companies at a cost of $2 […]
Iraq to Pay for One Refinery If No Investors Found
Iraq is prepared to stump up for the cost of building one of the four refineries planned if investors can’t be found, the Deputy Oil Minister, Ahmed al-Shamma, has said, according to a report from Bloomberg. The total value of the refinery-building program is variously stated as $9bn and $20bn, depending on the source. The […]
Iraq to Start Offshore Oil Works in December
Bloomberg reports that Iraq plans to start work in the next three weeks on offshore oil facilities in the southern part of the country, where export capacity is due to more than double by mid-2012. Export capacity will rise to 4.5 million barrels a day by mid-2012 from the existing capacity of 1.8 million barrels […]
UK to Upgrade Erbil Office to Full Consulate
President Masoud Barzani met Britain’s Foreign Office Minister for the Middle East Alistair Burt and his delegation, which included British Ambassador to Iraq John Jenkins and British Consul General to Erbil Chris Bowers. Mr Burt informed the President that his government will upgrade the current UK Embassy Office in Erbil to a full consulate general, […]
Trade Bank of Iraq has Big Expansion Plans
The Trade Bank of Iraq plans to expand abroad and almost double of the number of its branches in Iraq next year to benefit from an anticipated oil boom, the bank's chairman, Hussein al-Uzri, told Reuters. The state-run bank is also eyeing financing deals in the energy sector as OPEC member Iraq moves ahead with […]
2,300 Prosecutions for Corruption in Iraq This Year
The Chairman of the Iraqi Commission on Integrity, Rahim al-Ugeily, has announced on Thursday that 2,300 defendants have been prosecuted this year on charges of corruption, totalling in excess of 600 billion (b) Iraqi Dinars (US$535 million approx.). 600 people have been sentenced to various jail sentences. Judge Ugeily was speaking in a workshop taking […]