Iraq Oil and Gas Report
Business Monitor International (BMI) forecasts that Iraq will account for 9.00% of Middle East (ME) regional oil demand by 2014, while providing 11.08% of supply. Regional oil use of 7.47mn barrels per day (b/d) in 2001 rose to an estimated 10.64mn b/d in 2009. It should average 10.98mn b/d in 2010 and then rise to […]
Iraq Disputes so-called 'Friendship Dam'
According to a report from AK News, the Iraqi government has increased its diplomatic efforts with Syria and Turkey regarding their plans for the Tigris River. "Iraq will form a delegation of experts in the fields of water and agriculture to visit Turkey, Syria and Iran soon, to persuade those countries on the size of […]
3rd Unit of al-Kahlaa Power Plant Starts Next Month
The third unit of the al-Kahlaa power plant in Missan will start operating next month at a capacity of 45 Megawatts, the director of the plant said on Thursday. “Within the plan, made by U.S. experts, who supervise the plant, the third unit of the new al-Kahlaa power plant will start operating as of next […]
100 Firms Take Part in Basra Trade Fair
One-hundred Iraqi and foreign companies will participate on Friday in the Basra International Trade Fair, according to a province’s businessmen union board member on Thursday. “The companies that will attend the five-day event are coming from Turkey and Germany, alongside Iraqi companies,” Hussein Hashim al-Sa’edi told Aswat al-Iraq news agency. “The fair, which will be […]
Bank Reduces Interest Rates to Encourage Investment
An Iraqi Economist said on Thursday that the Central Bank began to reduce interest rates by approximately six percent for loans and four percent for bank deposits, to encourage investments in the country, after a series of robberies that took place recently on Iraqi banks. The expert said: "This shift reflects a new policy of […]
Chairman of Israel Corporation Visited Iraqi Kurdistan
Both KurdNet and Haaretz (citing original reports the French Jewish website JSS and Intelligence Online) say that Idan Ofer, the chairman of the Israel Corporation, visited Sulaimaniyah in Iraqi Kurdistan in May. He is reported to have met with senior Kurdistani officials including Vice President Kosrat Rasul Ali, and Prime Minister Barham Salih. The visit […]
Is Iraq an economic battleground?
Before launching his war to topple Saddam Hussein's regime, George Bush, the former US president, promised a strong independent Iraq. Instead the country has become a bloody battleground for regional and international forces, not to mention al-Qaeda. Today US, Israeli, Turkish, Saudi Arabian and Syrian forces compete to shape Iraq's political landscape. Sometimes this competition is fought […]
Investment in New Container Port at Umm Qasr
The General Company of Iraqi Ports is seeking investment in the new container port in Umm al-Qasr, in Iraq’s southern province of Basra, according to a report from AK News. “The international and local companies that have shipping lines specialized in container transportation must offer their investments to create, manage and operate the new containers […]
Iraq to Tap World Bank for $5bn
According to a report from AK News, the Iraqi government is planning to borrow $5 billion from the World Bank to fund its 2010 general budget deficit, Iraq’s acting Finance Minister said Wednesday. Iraq’s budget for 2010 is suffering a deficit of IQD23 trillion Iraqi dinars [approx $19bn] which the government is planning to narrow […]
Additional Funding for Power Network in Basra
The Basra Provincial Council has allocated an additional ID300 billion [$250m] to rehabilitate the power network in Basra. “This is a temporary and quick solution for the power problem in Basra,” the council’s head told Aswat al-Iraq news agency on Wednesday. He noted that agreements have been obtained to construct four new gas-driven power stations […]
Emirates Delays Baghdad Flight Launch
(Source: Emirates Business) Emirates has postponed the launch of its Baghdad route until later in the year citing operational reasons, according to an airline spokesperson. The airline was scheduled to launch a thrice-weekly service to the Iraqi capital from 1st July, 2010. "Due to operational reasons, Emirates has temporarily postponed the July 1 Baghdad route […]
Firms Compete for $3bn Baghdad Subway
(Source: Aswat Al Iraq) Eight foreign firms are competing to get the project to build the subway in Iraqi capital’s, the Baghdad mayoralty said on Wednesday. “The total estimated cost of the project will exceed $3 billion,” the mayoralty said in the statement as received by Aswat al-Iraq news agency. It noted that the Baghdad […]