Shahristani Wants OPEC To Maintain Output
Iraqi Oil Minister Hussain al-Shahristani sees no reason for OPEC to reconsider its current production levels at its next meeting, due to be held in Vienna on 14th October. According to report from Reuters, he sees no big demand for crude and says current production levels should be maintained, but OPEC should hold an extraordinary […]
US General Predicts Years of Electricity Shortages
The US general charged with the military's reconstruction efforts in the Middle East said on Tuesday that Iraq will need at least another three years before it is able to satisfy current electricity demand, but this demand continues to rise as Iraqis purchase more consumer goods for their homes such as refrigerators and air conditioners. […]
Shell in Iraq: Final BGC Agreement Expected Soon
Shell continues to work hard to deliver joint projects with its Iraqi partners, the South Gas Company, and expects a final agreement on the Heads of Agreement (HoA) soon, after the Iraqi cabinet endorsed the project end of June this year. This is according to the architect of the 2008 agreement, Mounir Bouaziz, Shell EP […]
Govt. Gives Thumbs Up to Baghdad-London Route
The Iraqi transport ministry said it approved a proposal by a private firm to re-open the Baghdad-London air route after a 20-year hiatus, according to a ministry press release on Sunday. “The ministry has given the green light to al-Nasser, a private sector company, to re-operate the airline linking Baghdad to London,” read the release […]
Turkey to Renew Pipeline Agreement with Iraq
Turkey's Energy and Natural Resources Minister, Taner Yıldız, has said Turkey will renew the agreement with Iraq for the Kirkuk-Yumurtalık crude oil pipeline on Sept. 19. The flow of oil through the pipeline was severely affected by the seven-year US occupation of Iraq. The very limited flow has continued to decrease over the last few […]
Erbil Stock Exchange to Commence Trading Early 2011
The Erbil Stock Market will start trading during the first quarter of 2011, the project’s executive director said on Tuesday, explaining that the market startup capital will be around $10 million. “This market should become the strategic axis that will transform the economy of Kurdistan from relying on oil revenues to producing income through local […]
$29m Mall Approved in Ninewa
The Ninewa Investment Commission approved the building of a large shopping mall at a cost of 34.260 billion Iraqi dinars ($29 million), according to Aswat al-Iraq on Monday. The mall will be in the al-Nour neighborhood of eastern Mosul, and it will be built by a Turkish company. This is the Commission's 29th investment permit. […]
Zain Warned to Improve Service
The Chairman of Anbar provincial council has warned the Zain mobile phone company following complaints from the public about the deterioration in their services. Dr. Jassim al-Halbusi told AKnews that the council had issued Zain with an ultimatum to improve their telecommunications services within a month or face closure in the province. One mobile phone […]
Iraqi Stock Exchange (ISX) Will Close For Holiday
The Iraqi Stock Exchange (ISX) will be closed from September 9-13 due to the Muslim holiday of Eid ul-Fitr. Trading will resume on September 14. Border crossings and airports in Kurdistan will remain open.
Lending still anemic at foreign-invested banks
Last month, Central Bank of Iraq governor Al-Shibibi told AFP he was hoping foreign banks would play a bigger role in developing Iraq’s financial system. From the banks’ point of view, he said, “the prospects are good, except for security.” But the foreign institutions that have already entered the Iraqi market through investments in local […]
'Flurry of Construction' in Baghdad - 395,000 New Houses
The Baghdad Municipality is to build three major housing projects in the capital’s outskirts for low-income families. Azzaman report that the projects, work on which is to start soon, will include 395,000 housing units and will be sold to low-income families at reduced prices, according to Hakeem Abedzahra, the municipality’s spokesman. The first project of […]
Historic U.S. Trade Mission to Iraq
U.S. Commerce Department said on Wednesday that it will lead an historic trade mission to Iraq in October, the first since the end of the U.S. combat mission in Iraq. Francisco Sanchez, under secretary of Commerce for International Trade, will lead the mission, which will include representatives from 15 U.S. companies including Boeing and General […]