NIC Approves 2 Projects
The National Investment Commission has approved two investment projects with a total cost of $485 million, according to an official statement from the NIC on Tuesday. “The first is a housing project to set up a residential compound in al-Ameriya region in western Baghdad, while the second is to set up seven drinking water treatment […]
Iraq Still Owes Kuwait 24 Bn
Iraq still owes about 24 billion dollars in war reparations for the 1990 occupation of oil-rich Kuwait, a Kuwaiti lawmaker was quoted as saying on Tuesday. Adnan Abdulsamad, head of parliament's budgets committee, said the emirate had so far received 17.5 billion dollars out of the 41.8 billion dollars approved by a United Nations special […]
Finance Minister to Invest Japanese Loan
The Council of Ministers authorized Finance Minister Baqer al-Zubaidi to discuss investing the rest of a Japanese loan with the Japanese ambassador. “The council during its 15th session decided to authorize the minister to discuss investing the remaining amount of the Japanese loan (around $220 million) with the ambassador to determine the projects that could […]
CBI Sells $175m on Tuesday
The Central Bank of Iraq’s (CBI) dollar sales increased to $175.486 million in its daily auction on Tuesday, compared to $93.53 million in the previous session. “The demand hit $7.5 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $167.986 million in foreign transfers outside the country, covered at […]
Basra Council Approves Projects
Basra’s Provincial Council has approved different projects according to the budget of 2010. “The issue of deciding projects according to the 2010 budget will be finalized on Wednesday (April 14),” a source from the council told Aswat al-Iraq news agency on Tuesday. He noted that the projects embrace different sectors in the province. ( Aswat […]
Investment Conference Kicks off in Arbil
A conference to activate the investment sector in Diala kicked off on Tuesday in the northern city of Arbil, head of the Diala council’s investment committee said. “A reconstruction conference began on Tuesday (Arbil 13) in the city of Arbil to activate and encourage investments in Diala and to attract capital to implement important projects […]
The Political Hydraulics of OPEC
OPEC is a maddeningly opaque outfit; its public pronouncements frequently seem carefully crafted to conceal its private calculations. The 12-member cartel controls about one-third of the world’s daily oil supply — not quite enough to give it absolute control over the price per barrel, but enough to allow it to consistently manipulate the price to […]
Shell Faces ‘No Difficulty’ on Gas - Iraq
Iraq and Royal Dutch Shell Plc can reach an agreement on a gas project by extending negotiations for another six months in order to settle storage issues, Oil Ministry spokesman Asim Jihad said. Jihad said there were “no difficulties” in the talks, except that “storage places are currently not ready.” “There is no harm in […]
IEA: Oil Prices Could Hurt Economic Recovery
Recovery in the world's biggest economies could be jeopardized if crude oil prices stay over $80 per barrel, the International Energy Agency said Tuesday. The IEA also reported that OPEC posted the first "significant decline" in output in March in more than a year -- falling 190,000 barrels per day to 29 million barrels a […]
Solution Closer on Paying Oil Firms
Kurdish and federal Iraqi officials have agreed on a potential solution to the problem of paying oil firms operating in the Kurdish north. They require approval by the Iraqi cabinet, a Kurdish official said to Reuters. Abdul Karim Louaibi, Deputy Ol Minister and a delegation travelled to Erbil on Sunday and held talks with natural […]
Iraq Goes On A Building Spree
The largest housing projects are planned for Baghdad. In January, the Baghdad government announced that it would begin work on almost 300,000 apartments across the city - a British architect company was hired to design the project.
China writes off 80% of debts
The Iraqi government signed an agreement with the Chinese government to write off 80% of Iraq’s debts.