The latest news on Turkey – Iraq business – air Industry, infrastructure & more – brought to you by Iraq Business News
By John Lee. Iraq has approved the deal under which Kuwait Energy would replace Turkey's state-owned Turkiye Petrolleri AO (TPAO) on the Block-9 exploration contract. Abdul-Mahdy al-Ameedi, director of the ministry's contracts directorate, told Reuters: "Kuwait Energy has acquired the stake of the Turkish company TPAO, and now it's holding 70 percent of the contract, […]
By John Lee. An Iraqi Member of Parliament has accused Turkey of limiting the supply of water to Iraq for political reasons. MP Karim Elewi of the Parliamentary Agriculture Committee said Iraqi agriculture was being damaged by the shortage of the water amount coming from Turkey, and by governmental neglect for this important sector, which […]
By John Lee. Lebanon's biggest bank, Bank Audi, plans to enter the Iraqi market late next year. Chief Executive Samir Hanna (pictured) told Reuters that its new Iraqi operation will be a subsidiary of its Turkish business, which it launched in October and which is trading "more than 50 percent ahead" of the bank's target. […]
By John Lee. The Basra Investment Commission has announced that the Industry Ministry signed a contract with the Turkish company UB Holding to rehabilitate iron and steel factories at a cost of $700 million. According to Aswat al-Iraq, the head of the commission said that the contract includes adding new production lines and increases annual […]
By Padraig O'Hannelly. On the day Iraq announced that Exxon Mobil wants to abandon its business in southern Iraq in favour of potentially more profitable contracts in Iraqi Kurdistan, the Oil Ministry has cancelled a major exploration deal with Turkey's TPAO. The reasons were described as "non-technical", with the decision coming from the cabinet; the […]
By John Lee. The Iraqi cabinet has expelled Turkey's state-owned Turkiye Petrolleri AO (TPAO) from the consortium that was granted the rights to explore energy block 9, and has asked Kuwait Energy to take over the shareholding. Abdul Mahdi Al Ameedi, director of the oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD), said: "For reasons […]
By John Lee. Turkey's Energy Minister, Taner Yildiz (pictured), has said the country has signed a $350 million deal to drill 40 oil wells in the Basra area, and is in talks on drilling 7,000 wells across Iraq. Details of the timeframe or companies involved were not immediately available. According to a report from Reuters, […]
By John Lee. The Kurdistan Regional Government (KRG) is planning to build an oil pipeline to Turkey with a capacity of 1 million barrels a day, according to a report from Platts. KRG natural resources minister Ashti Hawrami (pictured) told an energy conference in Turkey on Thursday that plans were already in place for the […]
By John Lee. Reuters reports that the Kurdistan Regional Government (KRG) expects an initial payment of 1 trillion dinars ($858 million) from Baghdad to clear next week after the two sides settled their dispute over payments to oil producers. "By 2015, we are looking at 1 million barrels per day. We're on track, regardless of […]
By John Lee. The Iraqi government has awarded a contract to rehabilitate a steel plant in the province of Basra to Turkey’s UB Holding, according to report from Bloomberg. An official at the Iraqi Ministry of Industry and Minerals told the news agency that the contract would be signed within a month. UB Holding will […]
By John Lee. Turkish authorities have allowed Iraqi Airlines to operate in the country again following the suspension of the airline due to a lack of punctuality in departures and arrivals. The General Directorate of the Turkish State Airports Authority (Devlet Hava Meydanları İşletmesi, DHMİ) said it would allow Iraqi Airlines to continue operations until […]
By John Lee. Iraq’s Oil Ministry has signed a contract with Kuwait Energy to carry out a seismic survey at the Siba gas field in Basra province. Kuwait Energy and Turkey's TPAO won the Siba contract in October 2010, agreeing to produce 100 million standard cubic feet of gas a day at a price of […]
