The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]
Malta-based Medserv has announced that it has today completed the acquisition of Middle East Tubular Services (METS), a group of companies based in the UAE, Oman and Iraq. Established in 2006 in Sharjah, UAE, METS has grown rapidly becoming a market leader due to its position as the only one-stop-shop for oil country tubular goods […]
By Adnan Abu Zeed for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Tribal struggles are weakening Iraq's efforts to battle the Islamic State, which has occupied large parts of the country since June 2014. It seems Iraqis, who often complained that former President Saddam Hussein’s regime involved them in […]
By John Lee. Prime Minister Dr. Haider Al-Abadi has inaugurated the new 500-MW Najibiyah gas power station in Basra province. The Prime Minister congratulated the citizens and the people of Basra on this important achievement which will increase the supply of electricity. Dr. Haider Al-Abadi said electric power is the lifeblood of the country and […]
The National Investment Commission (NIC) has announced two new investment opportunities: Hotel, residences and offices in Basra Development at Aljawadain Holy Shrine
By John Lee. Iraq has this week established the Dhi Qar Oil Company (DQOC), which will take over responsibility for the Nassiriya and Garraf oil fields. The South Oil Company (SOC) has been renamed the Basra Oil Company (BOC), following the transfer of the Dhi Qar assets to the new company. (Source: Reuters)
By John Lee. Turkish Airlines is to launches regular flights from Istanbul to Basra from 2nd March. TK308 will depart from Istanbul at 05:00 on Mondays, Wednesdays, Saturdays, arriving at Basra at 09:10. The return TK309 flight leaves Basra at 10:10 on Mondays, Wednesdays, Saturdays. (Source: Rus Tourism News)
By Simon Kent. Iraq's southern oil exports remained close to their recent record of 3.37 million bpd, which was hit in November, Reuters reports. Possibly lessened by several days of maintenance work at the Single Point Moorings at the Basra terminals, the figures for December were slightly lower, at 3.27 million bpd. This closes a good year […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Teach The Rich: Basra's Private School Business Booming, But So Are Students' Fees In Iraq the public education system is facing huge challenges. Often two or three schools will share […]
By John Lee. Iraq plans to export about 3.4 million bpd of crude oil from its southern oil terminals in January, according to a report from Reuters. This represents an increase of 17.2 percent on December's estimate, and is driven by the Basra Light grade, which is planned to increase 23 percent to 2.61 million […]
By John Lee. Basra is to receive an allocation of five dollars per barrel of oil exported from the province in the 2016 budget. Local MP Hassan al-Khalati said that this will be a significant benefit to the people of Basra. (Source: Shafaaq)
By Simon Kent. APR Energy plc has announced that it has signed for an extension of its power generation contract in Iraq. The company run a gas fired power station that provides electricity for Iraq's southern port city of Basra. According to APR, the power plant has been in operation since 2012 and comprises six […]
