The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
Officials of the Kurdistan Regional Government pressed the central government today to recognise oil contracts that they have inked with transnational corporations, warning that they will not resume exports until it does, according to Morning Star. The Kurdistan Regional Government (KRG), which can reportedly export 150,000 barrels a day, has signed 37 contracts for oil […]
Overview Recent days have seen deadly suicide attacks in Mosul and Ramadi. There has also been a worrying increase in the number of shooting attacks in Baghdad. However, last week otherwise saw a slight reduction in the total number of attacks taking place in Iraq. Incidents were concentrated in the capital, with no incidents recorded […]
It is one of the better problems a rebuilding country can have: Iraq is attracting too much oil investment. The problem is that the infrastructure does not exist to export most of the extra oil produced. However, this is going to change as early as next year, perhaps increasing exports by one million barrels of oil per day, an increase […]
Shares in Gulf Keystone fell 30% on Wednesday as markets opened for the first time since last week, when Excalibur Ventures in New York issued a legal challenge. Three hours after the London market opened the share price has recovered somewhat, but still leaves a fall of around 10% at 167 pence. Excalibur believes it is entitled […]
Iraq's budget for 2011 was approved some months ago, but with the government now formed it is back on the table, according to AKNews. Kurdish MP Mahmoud Othman said: "There is an agreement between the Kurdistan Regional Government (KRG) and the prime minister Nouri al-Maliki to amend the current budget." Amendments are needed to resolve a […]
With a new Iraqi government now finally formed, Basra's desire for a referendum on becoming semi-autonomous may finally get past Baghdad's stalling tactics. The Iraqi constitution allows provinces to become semi-autonomous, just like the northern region of Kurdistan. The Associated Press reported on the pros and cons, writing that Basra would be able to stop […]
The Kurdistan Regional Government has licensed a firm to build a $1.1 billion smelter and steel plant, according to Trade Arabia. Mass Global was granted the to build the project in the Chamchamal area between Kirkuk and Sulaimaniya, said Haidar Mustafa, head of the industrial projects department of KRG's investment commission. "The total amount of […]
Overview Levels of violence rose last week in Iraq as Shi'ahs marked al-'Ashura. Pilgrims travelling to the holy city of Karbala were attacked on several occasions, in Baghdad and the central provinces, although Karbala itself saw little in the way of violence. The police arrested numerous suspected militants ahead of the event and many potentially […]
Shares in ShaMaran Petroleum (TSX VENTURE:SNM) rose 8% today following an update on its Atrush-1 exploration well in Kurdistan. The well was spudded on October 5, 2010 and 9 5/8" intermediate pipe was set after logging the Jurassic section to the top of Kurrachine at a depth of approximately 2,230 metres. Drilling operations have progressed […]
A new satellite TV channel and a radio station will soon be launched, airing news in Kurdish. According to AKnews, the general director for the new outlets said most of the preliminaries are completed and the new service will air programs from early 2011. There are a number of governmental and party affiliated media outlets, […]
The Turkish alBaraka Bank will open its branch in Erbil, the Kurdistan Region’s capital, in early January, according to a report from AKnews. According to the information leaked to the agency's correspondent, the bank’s officials have completed the formal application through the Central Bank of Iraq (CBI), and have informed the Kurdistan officials of the […]
Overview Levels of violence fell in Iraq last week for the third week in a row. However, conditions have started to deteriorate once again with a rise in attacks since Sunday, particularly in the central provinces and Baghdad. The number of terrorist attacks is likely to increase further over the coming days, despite numerous police […]
