Exchange Rate Reasonable
The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves, totaling $43 billion U.S. dollars, to defend the exchange rate. “The CBI is adopting a managed floating policy of exchange rate, through which […]
New Korean Contracts – Massive Investment in Basra
Aswat al Iraq reports that The Iraqi National Investment Commission is planning to offer 750 investment projects to South Korean firms. The total value of the projects exceeds $600 billion, and includes the building of a new city. The announcement follows a visit to the country last week by a high-powered delegation of Korean businessmen […]
Ericsson Seizes Opportunities in Iraq
Internet use in Iraq has grown more than twenty-fold since 2001, and the population is keen to use the internet as a tool for communication and business. Despite this, infrastructure is weak in many areas, and the Ministry of Communications has signed contracts with many foreign companies in its efforts to improve the situation. With […]
Turkish TPIC Wins $318m Iraq Oil Contract
Reuters reports that TPIC, the foreign exploration unit of state-run Turkish Petroleum, has won a $318 million contract to drill 45 wells in Iraq's supergiant Rumaila oilfield, near Basra. British firm BP and its Chinese partner CNPC signed a 20-year development contract last year for Rumaila, which has an estimated 17 billion barrels of crude […]
Talks on Nassiriya Oil Field Break Down
According to a variety of sources, Iraqi Oil Minister Hussein al-Shahristani has said that talks with a Japanese energy consortium over the development of the Nassiriya oil field have broken down. “The talks reached a deadlock and we aren’t going to meet again,” Abdul Mahdy al-Ameedi, head of the ministry’s petroleum Contracts and Licensing Directorate, […]
1st Stage of River Lining Project Completed in Karbala
“The minister of water resources, Dr. Abdullateef Jamal Rasheed has inaugurated the first stage of a project to line the al-Husseiniya River,” Governor Amal al-Din al-Hir told Aswat al-Iraq news agency. The cost of the first stage, which was completed within three months, is 850 million Iraqi dinars (ID), the governor noted. The estimated total […]
Baghdad Supplies Ministry of Water Resources with 17 Power-generating
The Baghdad governorate has supplied the Ministry of Water Resources, with electric power generators of different capacities. A press statement issued by the Information Office of the Governor of Baghdad says that the governorate provided the Directorate of Mesopotamia with nine power generators, (capacity 1000 kva) each, and another to the pumping station at Basmaja […]
Supplementary Budget May Be Allocated for Ration Cards
The Iraqi Ministry of Trade said that this year’s allocations for ration card items are insufficient, adding that a supplementary budget might be provided for this purpose. “A total of $2.9 billion U.S. dollars has been allocated for rations cards from the 2010 budget,” Trade Minister Safaa al-Din al-Safi told Aswat al-Iraq news agency. “A […]
Ministry of Industry & Minerals Signs MoU with Korean Firm to Build Iron & Steel Plant
The Iraqi Ministry of Industry & Minerals signed a memorandum of understanding with South Korea’s STX to build an iron and steel plant that will operate at a capacity of 3 million tons at a cost of $3 billion, according to a press release on Sunday. “Negotiations took place with the South Korean company to […]
PM on Iraqi Dinar Re-evaluation
Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened. “The Iraqi dinar has every reason to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to questions through the […]
OPEC Crude on the Rise
Crude oil supply from OPEC is rising to the highest in 14 months led by Angola and Saudi Arabia, a survey showed, further reducing compliance with output targets. Supply from the 11 OPEC members with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up from a revised 26.69m bpd last […]
Paris Urges Firms to Set Up Shop in Iraq
Following last week's positive statements from France's Ambassador to Iraq, France's Industry Minister Christian Estrosi urged French companies to open offices in Iraq and claim a share of the lucrative investment opportunities in the country. He added that the French government will open a major agricultural centre in Kurdistan to train workers in the agricultural […]