The Central Bank of Iraq’s (CBI) dollar sales reached $185.485 million in its daily auction on Monday, compared to $130.669 million in the previous session. “Demand hit $14.08 million in cash, covered at an exchange rate of 1,170 Iraqi dinars per dollar, and $171.405 million in foreign transfers outside the country, covered at an exchange […]
Tag Archives | Iraq
The latest news from Iraq – oil, gas, business and more – brought to you by Iraq Business News
Iraq Minister of Industry and Minerals Partakes in Indo Arab Economic Co-operation Forum
Iraq Minister of Industry and Minerals Fawzi Hariri took part in the inauguration of the Indo Arab Economic Co-operation Forum in New Delhi which is being held under the auspices of the Indian Chamber of Commerce and Industries. Officials, businessmen and investors from both public and private sectors from the entire world attend this Forum […]
Iraq on Road to Stamping out Oil Graft
Iraq took a step towards leaving its reputation for corruption and the misuse of oil cash behind today, as the Extractive Industries Transparency Initiative (EITI) board accepted its bid to become a candidate member. Iraq now has two years to implement EITI standards in financial reporting within its oil sector. It must also undergo validation […]
Iraqi Fleet on 1st Journey in 10 Years
The Iraqi fleet has launched its first journey around the world in 10 years with the departure of one of its ships from an Egyptian port. “The Iraqi al-Nasser, carrying 16,250 tons, has set off from the Egyptian port of al-Quseer heading to Malaysian ports,” the Iraqi Ministry of Transportation said in a statement received […]
Temporary Employees Appointed at General Company for Ports
The transport minister has signed the decision to appoint all temporary employees of the General Company for Ports in Iraq, a media official said on Monday. “Minister Aamer Abduljabbar Ismail has decided to appoint all temporary employees who spent five years or more at the General Company for Ports,” Anmar al-Safi told Aswat al-Iraq news […]
Daimler Signs Deal with Iraq to Supply Mercedes-Benz Trucks
German truck maker Daimler AG said Monday it has signed an agreement with the Iraqi government to supply Mercedes-Benz trucks and equipment for truck assembly, according to BussinessWeek magazine. Daimler, based in Stuttgart, said it will provide complete trucks and truck kits, tools and equipment for assembly, as well as technical support in the deal […]
Tags: Industry & Trade, Iraq
U.S. Military Budget Climbs to $708 Billion
The Obama administration sent Congress its proposed military budget on Monday, requesting $708 billion for fiscal 2011, including $159 billion to support operations in Iraq and Afghanistan. The base budget is a 3.4% increase from the prior fiscal year at $549 billion, or 1.8% real growth after adjusting for inflation. Accompanying the budget proposal is […]
Iraq Gunning To Blow Away Saudi Arabia's Oil Leadership Within Seven Years
Iraq's oil minister Hussain al-Shahristani just made it clear at a press conference that Iraq is gunning to knock Saudi Arabia out of the top slot for oil production. Markets won't to wait too long for this to happen either, and OPEC better not try to stop them: Hellenic Shipping News: “We can’t find a […]
Iraq Output Boom 'could See Oil Fall to $50
The revival in Iraq's oil production could keep oil prices low for several years: that is the message from a Royal Bank of Scotland note on the global oil market. As the last of Iraq's oil contracts have been awarded, RBS predicts that Brent crude could fall back from its current level around $73 to […]
Rehabilitation of Umm al-Qasr Port Complete
The rehabilitation of Umm al-Qasr port in the city of Basra has been completed, the relations and media director at the Iraqi Ports Company said on Wednesday. “The rehabilitation operations include improving the port’s docks and the maintenance of concrete side of the southern docks,” Anmar al-Safi told Aswat al-Iraq news agency. The Shiite province […]
Momentum Logistics Open's Offices and Storage Facilities in Iraq
Momentum Logistics announced, the logistics branch of the Gulftainer a leading international port management, the opening of a branch in Iraq, including a major office and storage facilities. The new branch is located in the city of Zakho in the far north of Iraq on the border with Turkey, a space of about 8000 square […]
Tags: Iraq, Transportation
Gulfsands Gets Approval to Develop Syrian Oil Field
Oil and gas explorer Gulfsands Petroleum Plc (GPX.L) said it received government approval to develop the Yousefieh oil field in Syria. The company, which has operations in Syria, Iraq and the United States, said it got a production license of 25 years for the Yousefieh oil field in Block 26 North East Syria, with the […]