Oil-for-food Probe into Total Revived
French judicial investigators have revived their eight-year inquiry into corruption linked to the United Nations oil-for-food programme in Iraq by placing Total under formal investigation for bribery in the affair.
BP Partners Net Iraq Oilfield Contracts Worth $500m
Three contractor groups were selected for drilling wells, worth a total of around $500 million and 2 two-year contracts, worth a total of around $100 million, have been awarded for the supply and installation of electrical submersible pumps and associated services.
Iraq to Obtain Rest of Oil-for-Food Funds by End of the Year, UN Official Says
As of the end of 2008, the fund had received nearly $180 billion - and now the Iraqi Government has a “realistic” plan to take full ownership by the end of this year of the fund a top United Nations budget official told the Security Council today.
Government Authorises Finance Minister to Sign Agreement with UAE
It said that the authorization will facilitate investments in Iraq from the UAE.
Christian Radio Station Goes On Air In Iraqi City
People in the southern Iraqi city of Basra are now able to listen to the province's first Christian radio station.
Iraqi Payments into UN Compensation Fund Should Continue - UN
The UN on Tuesday expressed satisfaction that the Iraqi Government is willing to continue to pay five percent of its oil revenues into the Compensation Fund whether under the present mechanism or a successor mechanism to the Development for Iraq (DFI) whose mandate expires in December of this year.
Iraq Lobbies U.N. for Cut in Gulf War Reparations
Iraq has said it owes $25.5 billion in reparations, with $24 billion due to Kuwait alone. Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent.
Dutch Firm to Launch Investment Ventures in Basra
Basra’s Governor Shaltagh Abboud al-Mayyah said on Sunday that he discussed with the Dutch company IPS means of launching investment ventures in the southern Iraq city.
Iranian Bank Branches in Iraq
Iran's Parsian and Karafarin banks have been granted permits by the Iraqi government to open branches in Baghdad - Iran is the main trading partner of Iraq and has been one of the largest investors in Iraq since the fall of Saddam.
Former Minister Urges New Iraqi Government to Review Oil Contracts
'I think signing this many contracts, in so short a time, at the end of the government's term, leaves any future government stuck with long-term contracts that last for 25 years,' a former Iraqi oil minister said. 'There is a need to review these contracts.'
Future of Iraq's Oil Deals Uncertain
In Iraq’s fevered political climate, no deal makes everyone happy, and the oil contracts could easily become a casualty as Iyad Allawi, the declared winner in last month’s election, begins the messy process of stitching together a governing coalition.
Iraq to Continue to Pay 5% of Oil Proceeds to Compensation Fund
UN Secretary-General Ban Ki-moon on Friday said Iraq must continue to pay five percent of its oil proceeds into the Compensation Fund even if arrangements for the successor Development Fund for Iraq (DFI) are in place and Iraq stated its commitment to settle all debts inherited from the Saddam regime.