The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
Reuters reports that Iraq's Oil Ministry has excluded American oil firm Hess Corp from competing in its 4th energy auction because the company signed deals with Iraq's northern Kurdish region. As we reported last week, Hess was one of the 41 companies pre-qualified for the auctions, but it was not included on a new list […]
While last week was bloody in Iraq, levels of violence actually fell slightly in the country from the week before. Nonetheless, conditions should still be regarded as hostile, with dozens of people killed in a series of suicide bombings towards the end of Ramadan. As well as several such attacks in the centre of the […]
Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a licence in Kurdistan Region. The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output […]
The Kurdistan Ministry of Agriculture and Water is building three small dams to tackle the water crisis near Koya, Sulaimaniyah. Minister Jamil Suleiman told AKnews that the projects in Bawajan, Qoritan and Timarok villages will cost $552,500. The projects are funded from the 2011 ministry budget, have already been started, and will be completed within […]
Sinan Chalabi, Kurdistan trade and industry minister, laid the foundation stone on Wednesday for a new government-owned food storage warehouse in Erbil AKnews reports that the project, with capital of $1.5 million, will be completed in one year. The building which will store the monthly food-rations of residents will be constructed on 4,000 square meters […]
The current world focus is on Libya, with AKE now ranking Tripoli as being much more hostile a working environment than Baghdad. However, conditions are still fluid and unstable in Iraq, and levels of violence have crept up in the country for the third consecutive week. Dozens of people were killed and hundreds injured in […]
The President of Northern Iraq’s Kurdistan Region, Massoud Barzani, has encouraged leading German companies to invest in Kurdistan, according to Aswat al-Iraq. The President of Kurdistan Region, Massoud Barzani, met with the new German Consul-General in Iraq, Rolf Ulrich, on Tuesday to discuss strengthening relations between the two countries. The German Consul-General said that “he […]
The Kurdistan Regional Government's representation in Washington has launched Invest in Democracy, the KRG's official 2011- 2012 investment guide which outlines the buisness opportunities and investment climate for international companies in the region. The investment guide includes forewords by President Masoud Barzani, Prime Minister Barham Salih, as well as British Foreign Secretary William Hague, US […]
Shares in DNO International closed up more than 11% on Wednesday after the company announced strong performance in the second quarter of 2011 with a working interest production of 48,582 barrels of oil per day (bopd), doubling of the reserves at the Tawke field and good financial performance. Sales recognized in the second quarter this […]
The UK's Middle East Association (MEA), in partnership with UK Trade & Investment, Invest Northern Ireland and the Kurdistan Regional Government, will be leading a Trade Delegation to Iraqi Kurdistan from 23rd to 28th October to coincide with the seventh Erbil International Trade Fair, Iraq’s largest general trade exhibition. Mission Participants will have the opportunity […]
Up until Monday, the past week was turning into one of the quietest so far this year, but then a series of mass casualty attacks swept the country, leaving dozens of people dead and injured. Provincial government buildings and security force installations and patrols were the most common targets of the attacks, although civilians were […]
Iraq’s oil wealth is massive, with significant economic potential for years to come. Unfortunately, development is being hampered by endemic violence and ongoing instability. However, the main reserves are not evenly distributed around the country and neither is the violence. By avoiding the violent hotspots companies can still make significant profits with minimal exposure to […]
