Communication Ministry Issues New Postal Stamp for Iraqi Election
The Iraqi Ministry of Communication on Tuesday announced that it has issued a new postal stamp regarding the Iraqi election. “The stamp will encourage Iraqis to vote,” Hassan Abid Hassan, an official from the Ministry, told Aswat al-Iraq news agency. He said that the new stamp will be used in both local and foreign mail […]
UAE Top Investor in Iraq's Kurdistan
The UAE is the leading investor in Iraq's Kurdistan region and has registered a 28 per cent increase in investment inflows in the period 2006 to 2008, according to the Minister of Foreign Trade. Speaking at a forum called "Investment in Iraq's Kurdistan" Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said yesterday that […]
Iraqi Oil Production: Industry Hopes To Profit From Increased Iraqi Output
Oil industry leaders believe Iraq's resurgence as a major producer will change the face of the world's energy market, but they warn that the country – and the Middle East generally – still needs to improve infrastructure, security and export paths. At the annual International Petroleum Week conference in London, energy executives and analysts said […]
Indian Company Considers Investment in Basra
Aswat Al Iraq reports that an Indian contracting company met with officials from the Basra Investment Commission on Tuesday to discuss possible ventures in the area. “The company has put forward several investment projects in the fields of housing, oil and agriculture to be implemented in the province,” the Commission told Aswat al-Iraq news agency. […]
Presidency Approves Foreign Oil Firms Taxing Law
Aswat Al Iraq reports that the Iraqi Presidency Council has approved “foreign oil firms taxing law no. 19 of 2010”. “The companies, their branches, offices, and sub-contractors working in Iraq will be taxed by 35 percent,” the bill said. The bill has been enacted to support Iraq’s national economy. (Source: Aswat Al Iraq)
$1.5m Fine for Insider Dealing re Kurdish Oilfield
Mehmet Sepil, Chief Executive Officer of Turkish oil exploration company Genel Enerji, has paid the biggest fine handed out by the UK's Financial Services Authority (FSA) to an individual for market abuse. Genel has a 25% stake in the licence to explore the Miran oilfield in the Kurdistan Region of Iraq, with London-listed Heritage Oil […]
Iraq Making Progress On WTO Application
A senior U.S. trade official says Iraq is making "steady progress" in its efforts to join the World Trade Organization (WTO), RFE/RL's Radio Free Iraq reports. Michael Delaney, the assistant U.S. trade representative for South Asia, told RFE/RL in Baghdad on February 12 that "the Iraqi government has done a lot on its WTO application […]
Iraq-Turkey Rail Link Re-Opens
The first rail service in decades between Iraq and Turkey celebrated its maiden journey on Tuesday. It is hoped that the re-opening of the historic rail link – originally built as part of a German service from Berlin to Baghdad more than a century ago – will contribute to the fast-growing trade between Iraq and […]
Iraq Negotiates with CNOOC over Maysan Oilfields
Iraq's Oil Ministry is negotiating with China's CNOOC (China National Offshore Oil Corporation) for a service contract for the 2.5 billion barrel Maysan oilfield complex, Iraqi oil officials said on Monday. Oil Minister Hussain al-Shahristani said the Chinese company, which he did not identify, had accepted the government's proposed remuneration fee of $2.30 for every […]
Iraq May Pay Costs of Oil Firms in Kurdish North
Reuters reports progress in the ongoing dispute over oil contracts in Kurdistan. Iraq’s government could end up paying exploration and extraction costs of oil firms working in Iraqi Kurdistan but not their profits, the oil minister said on Monday, signaling a further thaw in a row over oil wealth. “We will not pay any profits […]
Iraqi Oil 'a Complete Game-Changer'
The New York Times reports on how terrorist attempts to derail the auctions of Iraqi oilfield development rights have failed, and the process went ahead as planned. “The terrorists tried to send a message to the oil companies through the bombings,” the oil minister, Hussain al-Shahristani, declared on Iraqi television. “But this message was not […]
Opportunities at Breakfast
The reconstruction of Iraq is under way and opportunities for Texas businesses abound. The Bilateral U.S. - Arab Chamber of Commerce (BUSACC) was due to host a business breakfast and panel discussion featuring Iraq's Ambassador to the United States, the Senior Commercial Counsel and a high level Ministry of Energy official and delegation, along with […]