Iraq's reconstruction: Strategy and players
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The end of U.S. combat operations in Iraq presents a unique opportunity for a new beginning in U.S.- Iraq’s relationship. However, given Iraq’s crippling challenges and U.S. […]
New Quarterly Production Targets for Basra's Oilfields
Iraq's South Oil Company, working with the IOCs, has set quarterly production targets for the country's southern oilfields for 2011, according to documents obtained by Reuters. Production is targeted reach an average of nearly 2.3m bpd by Q4 2011. Oilfields Q1 Q2 Q3 Q4 Rumaila 1,175,000 1,201,000 1,226,000 1,250,000 West Qurna 1 260,000 270,000 285,000 […]
S African President Quashes Iraq Oil Corruption Probe
South African President Jacob Zuma said there are no legal means to prosecute traders for paying bribes to win Iraqi oil contracts under the United Nations’ oil- for-food program that operated before 2003, according to a report from Bloomberg. Zuma closed an investigation into trader Sandile Majali, citing loopholes in local laws. Majali was named […]
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.