Saudi Firm Eyes Oil Investments in Iraq
Saudi industrial and energy services company Taqa (TAQA.AD) is considering investing $1.6 billion in pipelines and $133 million in offshore platforms in Qatar and Iraq, an Arabic newspaper said on Friday. Officials from Taqa told the Saudi-owned daily Asharq al-Awsat they were considering investing in the gas industry in Qatar and the oil industry in […]
Iraq Expects 60,000 bpd Output from al-Ahdab in 2011
Iraq expects the CNPC-operated al-Ahdab oilfield to have an initial production rate of 60,000 barrels per day from July 2011, Deputy Oil Minister Abdul Kareem Luaibi said on Sunday. Al-Ahdab was the first major oilfield development contract awarded by the Iraqi government after the 2003 US-led invasion when it agreed to revive a Saddam Hussein-era […]
France Builds Business Centre in Iraq to Lure Firms
France has taken a leap ahead of its rivals in the race to tap investment opportunities in Iraq by building a heavily fortified business centre and boutique hotel where businessmen can sleep, eat and work in safety, according to a report from Reuters. The complex, financed by private companies, is near the French embassy in […]
U.N. Presses Iraq on Energy Reforms
Iraq lacks appropriate measures in its energy sector that prevents it from managing its export revenues effectively, officials told the U.N. Security Council. Jun Yamazaki, the assistant secretary-general at the United Nations' office of planning and budgets, told the Security Council that Iraq needs to implement an oil-metering system to funnel export revenue toward development […]
Baghdad Mayoralty, Turkish Firms Discuss Housing Compounds
The Baghdad Mayoralty is discussing housing compounds with Turkish firms as part of its attempt to build one million residential units throughout Iraq. “Out of the one million units, 224 thousand will be in Baghdad,” the mayoralty said in a press release on Sunday, as received by Aswat al-Iraq news agency. It noted that the […]
Deputy PM, Czech Ambassador Discuss Investments
Iraq's Deputy Prime Minister, Rafie al-Issawi [Rafi Hiyad al-Issawi], met with the Czech Ambassador to Iraq, Bronislava Tomášová, on Sunday, to discuss bilateral relations and investments. “It is important to exploit the Czech experience at all levels, including investments,” al-Issawi told the ambassador during the meeting. For her part, Ambassador Tomášová referred to a long-term […]
Iraqi Economy Could Afford to Cut Ties with Kuwait
According to one Iraqi politician, Iraq could afford to sever relations with Kuwait without any risk to its economy. Kuwait's relations with Iraq have been on decline for a while, so Iraq would not be harmed if it cut all its ties with this country, according to Wa'il Abdul-Latif [Wael Abdul Latif], of the Iraqi […]
Kirkuk Seeks U.S. Investment
U.S. firms are welcome to invest in the oil-rich province of Kirkuk, an official statement said. The statement, issued following a visit by some U.S. business representatives, said there were good investment opportunities in the province particularly in oil development, electricity and the refining of crude oil. The province, of which the city of Kirkuk, […]
Iraq Seeks Twinning Agreements with Italian Cities
The new Iraqi Ambassador in Rome, Siwan Barazani, said on Friday that he seeks to achieve "twinning" between Iraqi and Italian cities to help develop economic relations, according to the Italian AGI news agency. The agency quoted the diplomat as saying that Italy is Iraq’s major European economic partner, and that many Arab countries, including […]
Minister Disputes Statements Regarding Investment Plan
Iraq’s oil minister said on Tuesday that recent statements made by some politicians regarding the investment plan over the past four years are incorrect. "80 per cent of the budget is spent to pay the salaries of the employees and retired people, and to security forces and the health sector, while 20% was allocated to […]
Special Equipment to Dig 20 Oil Wells Arrives in Amara
Special equipment to dig 20 oil wells arrived in the al-Bazerkan oilfield in Amara, according to the media director of the Missan Oil Company. “U.S. oilfield services company, Weatherford (WFT.N) sent equipment to the oilfield to start digging 20 wells, 70 km east of Amara,” Ali Abbas told Aswat al-Iraq news agency. “The project will […]
International Oil Symposium in Baghdad
Iraq's oil ministry is holding an international symposium beginning on Sunday to discuss the best ways for the government to co-ordinate and implement the country's oil expansion plans, a senior Iraqi oil official said Thursday. Two oil licensing auctions last year awarded 11 deals to international oil companies that promise to add nearly 10 million […]