Crude Diplomacy – Iraq, Iran, and the Politics of Oil
The Economist reports that Chinese oil companies are shifting their focus from Iran to Iraq, as Iraq attracts the latest technology to increase its oil production. “Iraq will have to pull off an unprecedented feat. In the history of the modern oil industry, no country has increased output with the speed the Iraqis envisage. Over […]
Kurdistan Attracts $12 Billion Investment
According to a report from Reuters, Iraqi Kurdistan's investment body says the region has attracted more than 12 billion US dollars from local and foreign investors in non-oil sectors over the last three-and-a-half years, mainly in housing. Of this $12 billion, $3.1 billion was from foreign sources, and this would been higher had a $6 […]
German Firms to Build Low-cost Housing in Baghdad
A number of German companies presented a proposal to build low-cost housing units in Baghdad, the Investment Commission of Baghdad said on Wednesday. The proposal was made during an investment conference held between German and Iraqi businesses. The Chairman of the Commission stressed the need for more investment in residential developments. (Sources: Aswat Al Iraq, […]
New Pipelines and Valves Factory for Basra?
Basra's Investment Commision is reportedly in discussions with an American company on a possible new factory to make oil pipelines and valves. The deal may involve a joint venture with Ibn Majed Iraqi Engineering Company.
Engineers Arrested As School Collapses
Three engineers were arrested on Tuesday after the collapse of a school in the south of Sulaimaniya, a judicial source said. “The three engineers are responsible for the establishment of the school, which collapsed on Monday (Feb. 15) in central Klara district in south of Sulaimaniya, during which seven workers were wounded,” the source told […]
Mobile Financial Services for Iraq
In an important first for the Iraqi market, Asiacell - the largest private Iraqi company and the first and only mobile telecommunications company to provide coverage for all of Iraq - today announced a major strategic partnership with AMWAL, a consortium of Iraqi banks. Under the terms of the agreement, Asiacell, part of The Qtel […]
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 […]