The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News
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 […]
By John Lee. Iraq's oil exports were up to 2.5 million bpd for April, an increase on March's exports of 2.4 million bpd, despite the inactivity of the major northern Kirkuk-Ceyhan pipeline, which has been inoperable due to insurgent sabotage. A statement from the ministry of oil said that April's total of 75 million barrels […]
Technip, in partnership with China HuanQiu Contracting & Engineering Corporation (HQC), has been awarded a front-end engineering design (FEED) contract for the Ar Ratawi Natural Gas Liquids (NGL) train1 project at North Rumaila in Basra. The deal was awarded by the Basra Gas Company (BGC), a joint venture between the Iraq's South Gas Company (51%), […]
Alstom has secured a contract with Eni Iraq B.V. to build the 740 MW Zubair gas-fired power plant near Basra. The contract is valued at close to €400 million. For this turnkey project, Alstom will be responsible for engineering, building and commissioning the plant as well as supplying key equipment - most notably four highly […]
By John Lee. China's Dongfang Electric Corp. has completed the first of 10 high speed, desert modified diesel trains at a ceremony attended by Iraq's ambassador to China, Railway Gazette reports. The trains were ordered in 2012, a year after Iraq announced plans for a Basra to Baghdad high speed rail route, an initiative that does not […]
By John Lee. Arab Bridge Maritime, the joint venture established by the governments of Iraq, Jordan and Egypt in 1985, is planning a two ferry service between Basra and Dubai. The venture will initially cost $2 million per year based on the hiring cost of the ferries, and if successful the ferries will be purchased, […]
By John Lee. Surprising skeptics, the International Energy Agency has announced that Iraq's oil exports have hit 3.6 million bpd, a record 30 year high, The Wall Street Journal reports. Previously exports were falling due to export bottlenecks, bad weather and extensive work on infrastructure, while some northern areas such as Kirkuk were adversely affected by insecurity. […]
