Lack of Water Could Shut Thermal and Hydro Power Plants
Low water levels from the Tigris and Euphrates rivers may force Iraq to shut down its thermal and hydro power plants, a government spokesman said. The spokesman, refusing to be named, said the volume of water reaching Iraq from the two rivers, which originate in Turkey, had fallen to unprecedented levels and may eventually not […]
French Navy Makes First Call in 32 Years
A French navy ship with 95 sailors on board docked Tuesday at the southern Iraqi port of Umm Qasr, in the first such visit in 32 years amid French efforts to "revive" ties with Baghdad. The two-day stop by the Ducuing, a military dispatch ship, began with a reception organised by the Iraqi navy, who […]
S. Korean Ambassador Discusses Cooperation
The Iraqi Industry minister has received the South Korean ambassador to Iraq, and discussed with him methods of cooperation at different industrial levels. “The minister stressed that his ministry will employ all methods that support South Korean companies working in Iraq,” the Iraqi Industry Ministry said in a statement on Tuesday as received by Aswat […]
Hashimi Says Iraq Bids for Investments
While addressing the Conference on Interaction and Confidence building measures in Asia (CICA) held in Istanbul, Iraq Deputy President Tarek Al Hashimi said that Iraq has made progress in its journey towards building a prosperous economy through enticing foreign investments. Hashimi stressed the role of Asian companies in the oil and gas sector. The Deputy […]
HSBC Expects Iraq Profits to Soar
HSBC has said that it is "remarkably bullish on Iraq" and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported. "There is more lending activity as the economy gets stronger," James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq's post-war banking sector […]
First Int’l Economic Conference in Ninewa
The first international economic conference will be held in Ninewa on June 24, which will cover construction, trade, energy, agriculture and information fields, the Ninewa governor said on Tuesday. “Preparations are underway to hold the five-day conference in Ninewa next June 24,” Atheel al-Najiefi told Aswat al-Iraq news agency. The conference will be organized by […]
CBI Dollar Sales Up to $182m
The Central Bank of Iraq (CBI) dollar sales went up to reach $182.444 million in its daily auction Tuesday, compared to $82.740 million in the previous session. “The demand hit $4.690 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $177.754 million in foreign transfers outside the country, covered […]
Natural Gas could Make Nabucco Pipeline Feasible
A minister from the semi-autonomous region of Northern Iraq said the area could provide natural gas to make the Nabucco pipeline feasible, EurActiv reported with reference to Northern Iraqi Energy Minister Ashti Hawrami. "We can provide 14 or 15 billion cubic metres to make the project work," said Hawrami. According to him, Northern Iraq is […]
Transneft Backs Turkish Crude Quota
Russia’s oil pipeline monopoly Transneft may support quotas on oil shipments through Turkey's straits to fill a pipeline to the Mediterranean. Transneft may take up to a 50% stake in the $3 billion Samsun-Ceyhan pipeline project, co-led by Italy's Eni , that will link the Black Sea and the Mediterranean and advance Turkey's plan to […]
Kirkuk Pipe rupture was sabotage
A pipeline rupture that halted Iraq's crude oil exports to the Turkish Mediterranean port of Ceyhan was caused by sabotage and could take up to five days to fix, a source at Iraq's North Oil Company said today. The rupture halted oil flow from Iraq's northern fields to Ceyhan on Sunday. "After examining the oil […]
Iraq Signs Agreement with Norway
Iraq has signed a development agreement of co operation with Norway. A press statement issued by the Foreign Affairs Ministry received by Eye media says that the minister, Hoshiar Zeebari, signed the agreement with Norway's ambassador. The agreement is for development and expansion of cooperation in environment, fund management and competence in oil administration. Zeebari […]
No easy fix for corrupt state banks
Last month, on the occasion of Rafidain Bank’s 69th anniversary celebration, the chairman reported that the bank was looking forward to implementing its new IT system “as soon as possible.” The system, which includes the Mysis products “Bankmaster” and “Branchpower,” is supposed to increase efficiency and reduce operational risk by bringing together information throughout the […]