The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News
By John Lee. Pakistan's Economic Coordination Committee (ECC) has approved a proposal to allow Attock Cement Pakistan Limited (ACPL) to transfer $24 million (29 trillion Iraqi dinars) to Iraq for the construction of a cement grinding unit in Basra. The investment will starting this month, with the company intending to hire 50 percent of its labour […]
By John Lee. Basra governorate has reportedly approved 60 new power projects valued at a total of $218 million (255 billion Iraqi dinars) within its 2015 budget. The projects were given the green light at an emergency meeting of the governing council on Monday, and were fewer than desired because of budget constraints. Emirates 24|7 […]
By John Lee. The Japan International Cooperation Agency (JICA) has agreed a loan for the rehabilitation of the fourth unit at the Al Hartha Thermal Power Plant in Basra; the amount of the loan as not been disclosed. The plant was originally constructed by a Japanese company in the late 1970s, and consists of four […]
By John Lee. Iraq's Deputy Oil Minister, Fayadh Al-Nema [Fayyad Al-Nima], has opened three new oil storage tanks near Basra, to help cope with the export bottlenecks caused by bad weather and to accommodate rising production. The new facility will bring crude-storage capacity from 9.5 million to 10.5 million barrels. The minister told reports that another four to […]
By John Lee. Shares in APR Energy were up 3 percent on Wednesday morning after the company announced that it has signed a contract renewal for its power generation contract in Iraq, taking the term through the end of 2015. The power plant has been in operation since 2012 and comprises six GE TM2500 mobile […]
By John Lee. Basra Gateway Terminal (BGT) announced on Thursday that its operations at the Port of Umm Qasr are now fully operational. BGT chief executive Phillip Marsham said in a statement: “We are attracting plenty of interest from container lines and have enjoyed a good pace of cargo buildup since we opened the doors […]
By John Lee. Kuwait will host the 23rd soccer Gulf Cup in early 2016, after Iraq declined to host the tournament due to a deficit in the State budget. According to Arab News, Iraq will instead bid to host the 24th edition of the Cup. Iraq had been due to host the event in Basra. […]
By John Lee. Shell has reportedly signed a deal with Iraq worth $11 billion (12.8 trillion Iraqi dinars) to build a petrochemicals plant in Basra. On Wednesday, Industry Minister Nasser al-Esawi [Nasser al-Issawi] told a press conference that the Nibras complex would make Iraq the largest petrochemical producer in the Middle East. The news comes […]
His Excellency the Governor of Basra, Dr Majid Al-Nasrawi, together with representatives of the Basra Provincial Council, Mr Aqeel Al Khalidi, Mr Hayder Al Saadi, Mr Jabbar Al Saadi, and Mr Munther, joined the Chairman of the Iraq Britain Business Council (IBBC), Baroness Emma Nicholson, in a dinner at the new Shams Hotel on the […]
By John Lee. As long term observers of events in Iraq, the team at Iraq Business News thought we might have seen just about every unexpected story from a nation that continues to surprise. We'd heard of the popularity of the Japanese comic character Hello Kitty in Iraq or the trend among some young Iraqis for playing […]
By John Lee. Dublin registered Dragon Oil has announced a second oil discovery at the Block 9 exploration well, 'Faihaa-1'. This is good news for the consortium who have a 30% stake in the well along with the operator, Kuwait Energy who have a 70% stake in the block, located in the northern part of Basra […]
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Since the establishment of modern Iraq in 1921, its provinces have had different positions toward decentralization as a result of the country's ethnic and cultural diversity. In addition, economic resources have varied widely from one […]
