The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News
By Robert Tollast. Luay al-Khairullah has reason to be optimistic. As Chairman of the Dhi Qar Provincial Investment Commission, I spoke to him last year about the planned Nasiriyah Integrated Project (NIP) a 300,000 barrel a day capacity refinery not far from his home town. It's a project that will create much needed jobs and provide […]
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. Real Estate Wreckers: While Ordinary Basra Families Suffer, A New Upper Class Profits Real estate prices in Basra are rising dramatically thanks to the oil industry, the province’s economic prowess […]
By John Lee. Iraq has received a second shipment of two new trains from China. Of the ten units ordered, this brings the total delivered to four, with the balance to be delivered by the end of the year. The total value of the contract is $138 million (161 billion Iraqi dinars). Chairman of the […]
By John Lee. A consortium has been awarded a $240-million engineering, procurement, and construction (EPC) order from Iraq's Ministry of Municipalities and Public Works to build pretreatment facilities at a desalination plant in Basra. Japan's Hitachi and Veolia Environnement of France have won $100 million of the total, with Egyptian engineering firm ArabCo getting the […]
Dubai-headquartered companies Transworld Group and NAWAH [North America Western Asia Holdings] have announced that the two firms have entered into a formal agreement to service Iraq’s growing demand for imports, linking their considerable shipping, logistics, marine services and port capabilities. As part of their agreement, Transworld Group and NAWAH Port Management, NAWAH’s port operations business […]
By John Lee. Petrofac has also been awarded a major contract in Iraq to provide general construction management services to BP Iraq NV (BP) on the Rumaila field near Basra. Petrofac will provide management and personnel to manage brownfield modifications to assist BP – and its partners in the Rumaila Operations Organisation (ROO), China National […]
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] has reportedly promised to make Basra the economic capital of Iraq, but added that there are many obstacles to be solved in achieving this. During a visit to oil and gas installations in southern Iraq, the Minister pointed out the importance of the South […]
By Patrick Schmidt. According to a statement released by the Ministry of Oil, Iraq exported 75.7 million barrels of oil in July. This figure means that an average of 2.5 million barrels were exported per day and would mark a five percent increase in exports since July 2013. Iraq earned $7.74 billion worth of revenue […]
By Patrick Schmidt. On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project. The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair […]
By John Lee. Shell has had discussions with Iraqi Ports Administration regarding the possibility of acquiring a piece of land at the Umm Qasr terminal to build a pier and petrochemical factory. According to Aswat Al Iraq, talks between the two sides were held to discuss the project which shall be administered by the company […]
By John Lee. Nawah Port Management (NPM) has reportedly won approval from the Iraqi government to import food cargo at its Basra port container terminal. Nicholas Kunesh, NPM’s president and CEO, said: “This is an important moment for Basra and Iraq writ large. Given Iraq’s growing disposable income, particularly within the expanding middle class, demand […]
By John Lee. Gas from the South Pars field in Iran could be supplying power stations in the province of Basra within a year, reports UPI. A pipeline currently under construction will run from Asaluyeh to Iraq's southern city of 2 million people, and may later extend to Syria, depending on conditions "after the war" according […]
