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2010 Iraqi Dinar News

Al-Maliki nominated as Iraq Prime Minister

October 1, 2010

Iraqi Prime Minister Nuri al-Maliki won the Shiite Muslim National Alliance’s nomination for the premiership, beating Adel Abdel Mahdi. Photographer: Brendan Hoffman/Bloomberg

The Future of Iraqs Oil and Gas Sector

September 22, 2010

Interview with the Chairman of the Advisory Committee to the Prime Minister, and Former Oil Minister, His Excellency Thamir Al Ghadhban.

Is Iraq the next economic powerhouse

September 16, 2010

The Financial Times ran an article on Wednesday by Farouk Soussa, Citigroup’s Chief Economist for the Middle East. While we’re all used to hearing the statistics and projections, Mr Soussa gave us a more engaging metaphor for Iraq’s potentially prosperous future: “Beneath the unsettled surface, Iraq is an economic giant, slowly but surely awakening after a 30-year slumber.”

Iraqi Government Formation Granted

September 15, 2010

With the multiplicity of negotiations between the parliamentary blocs, and the lack of a clear-cut solutions on the formation of the new government so far, although more than six months after elections, sources revealed on the link close to the deliberations of the political blocs, the existence of a new scenario to get out of crisis with the support of internal and external scale.

Iraq wants to join World Trade Organization

September 15, 2010

We reported last month that Iraqi Minister of Labor and Social Affairs, Mahmoud al-Sheikh Radhi, had rejected the idea that Iraq should join the World Trade Organization (WTO); now a source in the outgoing Iraqi government said on Monday that Iraq is in negotiations to become a member.

Zeros Will Not be Removed from the Iraqi Dinar

September 13, 2010

There has been much speculation in recent months that the Iraqi dinar would be re-based, knocking off the last three zeros.

HSBC Banking on Iraq

September 10, 2010

The Iraqi subsidiary of UK bank HSBC is eyeing opportunities to fund infrastructure projects as the country is being rebuilt, while the lender gradually opens more branches, the unit’s chief executive said, in an interview for Reuters.

395,000 New Houses in Baghdad

September 9, 2010

The Baghdad Municipality is to build three major housing projects in the capital’s outskirts for low-income families.

Jordan boosting economic ties with Iraq

September 1, 2010

Jordanian Trade and Industry Minister Aamer al-Hadidi discussed on Tuesday with President of Iraq’s Kurdistan region, Massoud Barzani, ways of boosting bilateral relations between his country and the region.

Saudi Arabian company seeking to invest in Iraq’s oil & power sectors

August 31, 2010

A delegation from al-Jumaih Holding Company briefed Iraqi Vice President Abdel Abdulmahdi on the projects the Saudi firm is planning to invest in the sectors of oil and electricity, according to a release by Abdulamahdi’s office on Sunday.

US Vice President meets with al-Iraqiya list leaders

August 31, 2010

U.S. Vice President Joseph Biden held on Tuesday a meeting with leaders of al-Iraqiya List, with the participation of the list’s members and a group of U.S. and Iraqi experts and advisors.

Kuwait signs oil pact with Iraq

August 23, 2010

Kuwait has signed an agreement to share oil from cross-border fields with Iraq and is waiting for its northern neighbor to reciprocate, the emirate’s oil minister has said.

U.S. on Target to Remove Combat Troops From Iraq by Month’s End

August 21, 2010

U.S. military officials are hustling to reduce the number of troops in Iraq to 50,000 to meet President Obama’s Aug. 31 deadline for an end to U.S. combat operations, but as troops leave, the administration reportedly is planning to double the number of private security guards in the country.

U.S. on Target to Remove Combat Troops From Iraq End of Month

August 23, 2010

A senior military official in Iraq said the Defense Department will meet the deadline for exiting combat troops.

“We are sitting around 55k and will be down to 50k by 1 September,” the official wrote in an e-mail to Fox News.

The bulk of the 4th Stryker Brigade from the 2nd Infantry Division left the country on Thursday. Approximately 100 members of the brigade remain in Iraq to handle various administrative and supply issues. They will be out of the country within days.

After Aug. 31, the mission in Iraq will no longer be known as Operation Iraqi Freedom and will instead be known as Operation New Dawn.

Aug. 18: U.S. Army soldiers from 2nd Battalion, 23rd Infantry Regiment, 4th Brigade, 2nd Infantry Division race toward the border from Iraq into Kuwait.

Obama, who had imposed an end-of-the-month deadline for the pullout in February 2009, called it a milestone in the war though the remaining 50,000 support troops will stay in Iraq until the end of next year to train Iraqi forces.

The U.S. still has “a significant amount of influence” in Iraq, and the mission will be to provide support and help the country grow and “give economic development” assistance, said Maj. Gen. Stephen Lanza, a spokesman for Gen. Ray Odierno, the top U.S. commander in Iraq.

When the last of the military troops leave at the end of 2011, the Obama administration is planning to more than double the number of private security guards it has in Iraq — up to 7,000 — The New York Times reported late Wednesday, citing unnamed administration officials.

The U.S. State Department move is aimed at protecting civilians still exposed to Al Qaeda-linked insurgents and Iranian-backed militias. At the same time, Afghanistan is asking the United States to remove a bulk of its 45,000 private contractors from the country.

Contractors employed by the State Department will train the Iraqi police and U.S. diplomats in two new $100 million outposts will be left to defuse sectarian tensions in northern Iraq.

The security contractors, defending five fortified compounds around the country, will operate radars to warn of enemy rocket attacks, search for roadside bombs, fly reconnaissance drones and staff quick reaction forces to help civilians in distress, the officials told the Times.

As the exit of the troops was shown live on TV in the U.S. Wednesday, U.S. State Department spokesman Philip Crowley described the end of combat operations as a “historic moment,” but vowed that America’s long-term commitment was unwavering.

“The last thing that we want to see is an occasion where we have to send troops back into Iraq yet again so we are ending the combat phase of our involvement in Iraq for a second time,” he said.

“We’re not ending our involvement in Iraq. We will have important work to do. This is a transition. This is not the end of something. It’s a transition to something different. We have a long-term commitment to Iraq.”

Crowley said that after spending $1 trillion in Iraq and with 4,400 lives lost, the conflict had come “at high expense.”

“We’ve invested heavily in Iraq and have to do everything we can to preserve that investment to integrate Iraq, along with the neighborhood, into a much more peaceful situation that serves their interests as well as ours. But this is a historic moment.”

Obama said the events were the beginning of the pullout he promised when he became president.

“As we mark this milestone in the Iraq war and our troops continue to move out of Iraq, I hope you’ll join me in thanking them, and all of our troops and military families, for their service,” Obama said.

“My administration will continue to do our part to support the brave men and women in uniform that have sacrificed so much. But supporting our troops and their families is not just the job of the federal government; it’s the responsibility of all Americans.

“Shortly after taking office, I put forward a plan to end the war in Iraq responsibly. Today, I’m pleased to report that — thanks to the extraordinary service of our troops and civilians in Iraq — our combat mission will end this month, and we will complete a substantial drawdown of our troops.

“Consistent with our agreement with the Iraqi government, all of our troops will be out of Iraq by the end of next year. Meanwhile, we will continue to build a strong partnership with the Iraqi people with an increased civilian commitment and diplomatic effort.”

Source: FoxNews.com

Iraqi banks offering attractive growth to foreign investors

August 17, 2010

Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks but the industry needs to consolidate first and change its business model, analysts and investors say.

Maliki says Iraqi government will be formed soon

August 13, 2010

Iraqi Prime Minister Nouri al-Maliki said on Thursday that the government of national unity will be formed in the coming stage after reaching an agreement among political blocs.

Iraq Signs 42 Million Euro Agreement with the European Union

August 4, 2010

Iraq has signed a cooperation agreement with the European Union worth 42 million euro to develop Iraq’s institutions , a government’s official said.

Investments of 100 Billion in Baghdad

August 3, 2010

The value of investment projects in the Iraqi capital has reached $100 billion, the Baghdad Mayoralty said on Tuesday.

US Officials Pressuring Iraq to Establish Government

July 28, 2010

Two senior U.S. officials called on Iraqi leaders Tuesday to form a new government as quickly as possible, partly to provide a counterpart for negotiations on the future of U.S.-Iraq defense relations, after the scheduled U.S. military withdrawal at the end of next year.

Allawi seeking Sadr’s support to become Iraqi Prime Minister

July 20, 2010

Pro-Western Iraqi politician Iyad Allawi sought support on Monday to form a government from Iranian-backed cleric Sayyed Moqtada al-Sadr, in the first meeting between the once bitter rivals.

Iraq Close To Forming Government

July 19, 2010

Iraqi rivals are reportedly close to agree on reinstating the country’s incumbent premier Nouri al-Maliki, making significant progress towards resolving the current political stalemate.

Al-Maliki’s State of Law coalition has reportedly joined talks with archrival and predecessor, Iyad Allawi’s al-Iraqiya Alliance on the deadlock that followed the parliamentary polls earlier in the year.

Candidates from each side vied for seats in the March 7 elections, which saw al-Iraqiya coming narrowly first but lacking an absolute majority.

Amid the indecision threatening to incite further violence, the parties reportedly agreed on a ruling structure, where Maliki and Allawi’s teams share half of the posts and the remaining seats go to other sides proportionate to their election results.

Source: Iraqi Press TV

U.S. hands over last prison to Iraqi control

July 15, 2010

As Iraq assumes authority at Camp Cropper, both nations acknowledge a record of abuse of prisoners in the country and say progress is being made toward a humane system.

US and Iraq Press Conference

July 15, 2010

Click here to watch the video

Home Building and Repair Boom in Iraq

July 15, 2010

Scaffolding is creeping up the walls of bullet-scarred villas across rubble-strewn Baghdad, and gangs of labourers are piling up bricks as growing security allows a mini-construction boom to take hold in Iraq.

Investments top 7 billion US Dollars in Kurdistan Iraq

July 7, 2010

The scale of investment projects are estimated at 7 billion and 500 million USD in the capital of Kurdistan region, Erbil, the deputy governor reported on Tuesday.

Vice President Biden meets with Key Iraqi Officials

July 6, 2010

Vice President Joe Biden left Iraq on Monday evening after a three-day trip where Biden urged Iraqi officials to speed up the pace of the formation of the Iraqi government, Iraqi officials said. On his last day in Iraq he met with Iraq’s president, Jalal Talabani, Vice President Tariq al-Hashimi and Ammar Hakim, the head of a Shiite religious party.

Iraq needs to establish Government quickly

July 5, 2010

A delegation of U.S. senators on a visit to Iraq said they were impressed with the progress the country has made over the past few years, but urged political factions to form a new government soon.

National Coalition to announce nominee for prime minister this week

July 2, 2010

Former Prime Minister Ibrahim al-Jaafari has joined the leadership authority of the National Coalition, which includes 18 members, a well-informed source said Friday, noting that the nominee for the prime minister post will be announced this week.

G20 drops China-sensitive plaudits on yuan reform

June 27, 2010

World leaders ditched plans to welcome Beijing’s shift towards greater exchange rate flexibility at a G20 summit in Toronto on Sunday, highlighting China’s sensitivity over the issue.

Iraqi oil / gas revenues exceeds $223m in 4 months

June 12, 2010

Basra oil and gas revenues over the first quarter of 2010 exceeded $223 million.

Iraqi merger forms new Shia bloc

June 11, 2010

Outgoing Prime Minister Nouri Maliki’s coaltion is joining the National Alliance. Iraq’s two main Shia groups, which performed strongly in recent elections, have merged to form the biggest alliance in the new parliament.

Read more: Iraqi merger forms new Shia bloc

New Iraqi parliament to convene June 14

June 8, 2010

Iraq’s new parliament will finally convene next week, an official said Tuesday, paving the way for the formation of a new government more than three months after nationwide polls.

Iraqi Court Ratifies Election Results

June 3, 2010

After weeks of political wrangling and legal challenges, Iraq’s highest court on Tuesday ratified the results of landmark parliamentary elections, removing a major obstacle to seating a new Parliament but leaving many frustrated that it had taken so long.

The new investment frontier in Iraq

May 29, 2010

This week two new investment funds which pinpoint hotels in Baghdad as a golden opportunity are being launched in London On the plus side for international investors, Iraq is a country under reconstruction, with huge oil reserves and an educated middle class.

Recount finds no fraud in Iraqi election

May 20, 2010

In an embarrassing rejection of Prime Minister Nouri Maliki’s efforts to overturn his rival’s lead in Iraq’s inconclusive parliamentary election, a laborious manual recount of votes in Baghdad has turned up no evidence of electoral fraud and will not change the final outcome, officials said Friday.

Iraq generates 4 Billion in Revenue in April

May 19, 2010

Iraq’s revenues from oil exports in April have reached more than $4 billion after exporting 53 million barrels, according to a spokesman of oil ministryoil ministry.

Iraqi Airline Industry Ready to Launch

May 17, 2010

Cruising down the runway at 200 kilometres per hour in Stafford Clarry’s sleek SUV, you can’t help feeling impressed with the Middle-East’s newest airport.

Iraq will invite international companies to develop two oilfields in Karbala

May 16, 2010

Oil Minister Hussein al-Shahrestani said on Wednesday that his ministry will invite international companies to develop two oilfields in Karbala.

Finance minister calls on Iraqi ambassadors to attract investors

May 13, 2010

Finance Minister Baqer al-Zubaidi urged Iraqi ambassadors to make efforts to attract investments to Iraq, according to a ministerial statement.

Risks and Opportunities in Iraq

May 13, 2010

The business community in Iraq, and internationally, is focused on the task of rehabilitating the oilfields and re-building the country. This is hardly a surprise; quite apart from the investments to be undertaken directly by the oil companies, Iraq’s National Development Plan foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014.

For investors not directly involved in energy and construction, however, it has not been so easy to get exposure to the Iraqi economy. Yes, there is a stock market, but it is relatively small and companies tend to be thinly traded.
But as Mark DeWeaver, of Quantrarian Asia Hedge, points out, there are many parallels between Iraq and the frontier markets we have seen develop in recent years:
• Like Sir Lanka after 2001, a civil war is coming to an end;
• Like Russia in the mid-’90s, inflation has come down dramatically; and
• Like Taiwan in the late-’80s or, even better, Saudi Arabia ten years ago, exports are set to soar.
If that’s really the case, and if the political factions can successfully conclude the ongoing election process in a peaceful and democratic manner, then it will be reasonable to expect the investment community to start taking more notice.
Source: upperquartile.co.uk

Iraq Launches 5 Year Plan to Boost Development

May 12, 2010

The United Nations and Iraq have embarked on a programme to enhance the country’s governance, social services and economic growth over the next five years. “Today is a historic day for the UN and Iraq,” said Christine McNab, UN Resident Coordinator in the country.
The UN country team and the Iraqi Government, along with civil society and others, worked in concert to develop the 2011-2014 UN Development Assistance Framework (UNDAF).
The signing of the agreement marks “the start of a strengthened partnership for achieving a better future for Iraq and its people,” Ms. McNab stressed, voicing hope that it will “make significant contributions to improving the lives of all people in Iraq.”
The plan will target five key areas: ensuring inclusive economic growth; environmental management; promoting good governance and protecting human rights; boosting access to basic services for all; and stepping up investment in women, youth and children.
“We will continue to reach out to the most vulnerable groups,” including the disenfranchised, the internally displaced, and refugees,” the Resident Coordinator emphasized.
The issues covered in the new roadmap were selected to support Iraq’s five-year National Development Plan, which foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014.
Source: iraq-businessnews.com

A Perfect Storm for Iraqi Stocks

May 11, 2010

Two good rules for emerging stock market investors have always been: (1) buy crises and (2) buy export booms. The first would have worked well in Sri Lanka in the weeks following the Tamil Tiger suicide attack on the country’s main airport in July, 2001. Had you bought Sri Lankan stocks then and held them until February, 2007 you would have made about six times your money. Another case was Russia in April, 1995 when inflation was running at 229% and the communists seemed to have a good chance of winning the 1996 elections. By September, 1997, the market had gone up eight times as inflation fell to 13% and Yeltsin won another term as president.

Read more: A Perfect Storm for Iraqi Stocks

Decision to increase the value of the Iraqi dinar was the result of valuable studies

May 10, 2010

Finance Minister Baqir Jabr said the Iraqi dinar has been improving Mlhaudha during the current period.

Iraqi President says Unity of two coalitions to accelerate government formation

May 10, 2010

Iraqi President Jalal Talabani said on Thursday that the unity between the two blocs of Dawlat al-Qanoon (State of Law) and the Iraqi National Alliance (INA) should accelerate the formation of a new government.

Iraq to announcing third round of gas licenses this week

May 5, 2010

The Oil Ministry will invite global companies on Thursday to invest in the Iraqi gas fields, according to a spokesman of the ministry.

Iraqi Economy Making Improvements

May 4, 2010 Investment and products from abroad begin flowing—along with oil Customers heading for a Baghdad branch of Dar Es Salaam Investment Bank know the drill. You walk through the entrance and heavily armed guards stop you. You get body-searched at least twice. And your phone is taken away before you reach a teller. Mobile phones, of course, can trigger bombs or send a signal to armed accomplices.

Read more: Iraqi Economy Making Improvements

Iraq resumes exporting oil through Turkey

April 26, 2010

Iraq has resumed exporting oil through Turkey after a 5-day pause due to some technical problems with the Iraq-Turkey pipeline.

Iraqi ports receive 22 commercial ships this week

April 21, 2010

Basra’s ports received 22 commercial ships from different countries this week, according to the Iraqi ports department’s relations & information chief on Thursday.

Iraqi National Alliance will set rules of how to select upcoming Iraqi Prime Minister

April 17, 2010

The State of Law Alliance and Iraqi National Alliance (INA) are approaching an advanced stage to exclusively set the rules of how to select Iraq’s upcoming prime minister (PM) from within the two alliances, Ali al-Adeeb, a high-ranking member of the Dawlat al-Qanoon and Dawa Party, said on Wednesday.

Iraqi government agrees to establish central oil company

April 13, 2010

The Council of Ministers agreed on Tuesday on the proposal presented by the Oil Ministry to establish the Central Oil Company (COC) with a capital of 100 billion Iraqi dinars, according to the government’s spokesman.

French government representatives discuss investing in Iraq April 7, 2010 A delegation comprised of representatives of the French embassy in Iraq has discussed investment opportunities during a meeting with the governor of Basra.

Read more: French government representatives discuss investing in Iraq

Iraqi Dinar Video Former Prime Minister on the Future of Iraq

April 2, 2010

Iraqi Dinar Video Former Prime Minister of Iraq, Ayad Allawi, speaks on the Future of Iraq.

Iraq and China agree to write off 80 percent of Iraqi debt

April 1, 2010

The Iraqi government signed in Beijing on Thursday an agreement with the Chinese government to write off 80% of Iraq’s debts due for China, according to a foreign ministry press release.

Elections a step forward in the Iraqi Economy

March 31, 2010

The top U.S. envoy to Iraq said Sunday that the results of the recent Iraqi national election mark a turning point for democracy there, but he warned that challenges remain.

Al Maliki leading in Iraq Election

March 19, 2010

State of Law Coalition led by Iraqi Prime Minister Nuri Al Maliki is slightly ahead of other coalitions, according to preliminary results of Iraqi Parliamentary elections.

Read more: Al Maliki leading in Iraq Election

UN Calls On Iraqis To Vote In March Elections, Looks To Its Future Role

February 17, 2010

The UN Security Council has urged all Iraqis to participate in parliamentary elections on March 7 and stressed the importance of a ballot that is “free, fair, transparent, legitimate, and inclusive.”

Iraqi bank capitalization increasing to 250 billion Iraqi Dinar

March 17, 2010

The decision to raise the capitals of special banks to 250 billion Iraqi dinars aims to strengthen them as the lack of capitals decreases the financing capability for the real development purposes, the Central Bank of Iraq’s advisor said on Wednesday.

Aim is to establish a forward market in Iraqi dinars in the near future

March 15, 2010

Iraq plans to establish an interbank foreign exchange market and dinar forward market and to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster treasury and foreign exchange markets, the Central Bank and Finance Ministry said in a submission to the IMF.

Iraq will increase T-bill activity in 2010

March 10, 2010

Iraq expects to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster a secondary treasury market, the Central Bank and Finance Ministry said in a submission to the IMF.

The Iraqi dinar has all reasons to grow stronger

March 9, 2010

Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq.

Iraqis abroad begin Voting in Iraq’s election

March 9, 2010

Thousands of Iraqis living abroad lined up at polling stations to cast ballots in their homeland’s crucial parliamentary elections Friday, a constituency Iraq’s Sunni Arab minority hope will boost their showing.

Iraq Opening to Major Oil Companies for First Time Since 1972

March 4, 2010

BP Plc and Exxon Mobil Corp. took the best deal they could get in Iraq last year when they won the largest oil contracts since Saddam Hussein was toppled in 2003. Oil companies may wait a long time to get a better one.

Baghdad investment budget exceeds 1 billion USD in 2010

March 2, 2010

The investment budget of the capital Baghdad will reach $1 billion U.S. dollars in 2010, Baghdad’s governor said on Tuesday, adding that 40 percent of the budget will be allocated to finance projects from 2008 and 2009.

Iraqi economy progressing substantially

March 2, 2010

The Executive Board of the International Monetary Fund (IMF) concluded a consultation with Iraq and discussed with officials the country’s economic developments and policies showing significant progress.

Central Bank of Iraq says current exchange rate is reasonable

March 1, 2010

The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate.

Iraqi dinar revaluation has to do with economic conditions

March 1, 2010

Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.

IMF approves $3.6 billion loan for Iraq

February 25, 2010 The International Monetary Fund on Wednesday approved a $3.6 billion loan program for Iraq to cover balance of payments needs.

Iraqi Prime Minister gambles issues most aggressive budget in country’s history

February 24, 2010

Iraq’s 2010 budget, considered one of the most controversial in the country’s history, was finally endorsed at the end of January by parliament and the presidential council. The US$72 billion (84 trillion dinar) bill was divided between funding for investment projects (US$20 billion/23.6 trillion dinars) and operational expenses (US$52 billion/60.9 trillion dinars).

Iraqi economic conference in Kurdistan

February 24, 2010

An Iraqi economic conference began today in Kurdistan with the participation of 200 traders and businessmen, chairman of the Federation of Chambers of Commerce and Industry in the region said.

Iraqi Trade Ministry wants to improve Iraq’s international role

February 23, 2010

The Iraqi Trade Ministry wants to improve Iraq’s international role that has been hampered due to wars and embargo over the past two decades.

Australia ready to invest in Iraqi oil field

February 22, 2010

The Australian Industrial Chamber of Commerce has expressed its readiness to invest in a Wassit oilfield, a local official said on Sunday.

China negotiates projects in Karbala Iraq

February 18, 2010

A Chinese delegation has visited the Shiite city of Karbala and expressed its readiness to conduct several projects there, Karbala’s first deputy governor said on Thursday.

Iraq seeks to raise Thi-Qar’s oil production to 750K barrels per day

February 18, 2010

The Iraqi minister of oil has revealed plans by his ministry to raise oil production in Thi-Qar province to 750,000 barrels per day (bpd).

US troops at lowest level since Iraqi invasion

February 16, 2010

The number of American soldiers in Iraq has dropped below 100,000 for the first time since the 2003 U.S.-led invasion in a clear signal the U.S. is wrapping up its nearly seven-year war to meet a deadline for leaving the country, the U.S. military said Tuesday.

Iraqi election begins with concern over candidate disqualifications

February 16, 2010

Campaigning opened last Friday for Iraq’s parliamentary elections in an election season marked by high-profile attacks and overshadowed by the banning of more than 500 candidates for alleged ties to former dictator Saddam Hussein’s outlawed Baath Party.

Baghdad to build underground railway system

February 15, 2010

A deal with a French company will soon be concluded to supervise a project to build an underground railway / subway in the Iraqi capital Baghdad, the local mayor said.

Iraqi conference with 25 British firms to encourage investment

February 13, 2010

The chief of the Basra Investment Commission announced that the province is hosting on Saturday a conference attended by representatives of British companies working in different fields as a means to encourage investment there.

Iraq accepted into the EITI

February 11, 2010

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday.

Read more: Iraq accepted into the EITI

Iraq seeks to boost oil prices

February 10, 2010

Iraq’s oil strategy will rely on boosting prices, not only production, th Iraqi Oil Minister said on Wednesday.

Read more: Iraq seeks to boost oil prices

Iraq seeks strategic economic partnership with US

February 9, 2010

Iraqi Trade Ministry said on Tuesday that Iraq needs the U.S. as an investor and strategic partner to form a developed economy.

Iraqi five year development plan completed

February 9, 2010

The Iraqi minister of planning said that his ministry has finished its development plan for the years 2010-2014.

Iraq Planning Currency Redenomination

February 8, 2010

The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money.

Iraqi oil project to set up new refinery in Ninewa

February 6, 2010

The Ninewa Investment Commission asked the Iraqi oil ministry to approve a project to set up an oil refinery west of Mosul city withy a capacity of 100,000 barrels per day (bpd) through funding from a foreign company, the commission director revealed on Saturday.

Iraqi integration into OPEC quota system

February 4, 2010

Iraqi oil production has been steadily increasing over the past several years and is expected to continue increasing in the years to come as Iraq continues to rebuild into an economically prosperous country.

200 new houses built in Falluja

February 3, 2010

An Iraqi construction company has begun the development of a residential compound of 200 low-cost houses in northern Falluja city.

Read more: 200 new houses built in Falluja

Stock market opened in Arbil Iraq

February 3, 2010

A stock exchange has been inaugurated in Arbil, the capital city of Iraq’s Kurdistan region, the market’s director said on Thursday.

Read more: Stock market opened in Arbil Iraq

Lukoil and Statoil sign Iraq contract

February 2, 2010

President and CEO of Statoil, Helge Lund, together with president of Lukoil, Vagit Alekperov, have signed the development and production service contract for West Qurna 2, near Basra, the Norway Post newspaper said.

Iraq’s Green Initiative

February 2, 2010

An Iraqi farmer cooperative is helping to revive the war-torn nation’s agricultural economy by providing farmers with technical assistance, farm supplies and credit. In December the co-op celebrated the grand opening of its new office and warehouse facilities and held its first board of directors meeting.

Read more: Iraq’s Green Initiative

Korea seeks 1.5 Billion in Iraqi oil investments

February 1, 2010

South Korea’s Gas Corporation (KOGAS) said on Thursday that it seeks the investment of $1.50 billion into Iraqi oilfields as part of a consortium led by Russia’s Gazprom, according to a release by the company.

Iraqi oil production to hit ten million barrels per day by 2020

January 29, 2010

Britain’s giant British Petroleum (BP) expected on Thursday that Iraq’s oil production would hit ten million barrels per day by the year 2020.

Iraqi parliament approves 2010 budget

January 27, 2010

The Iraqi parliament on Tuesday passed a 2010 budget that sets federal spending at 84.7 trillion Iraqi dinars (around $72.4 billion) and a deficit for this year of 22.9 trillion dinars ($19.6 billion).

Exxon and Shell sign deal for Iraqi Oil Field

January 27, 2010

U.S. oil companies Exxon and Shell signed a final contract on Monday for the development of Iraq’s 8.7-billion-barrel West Qurna oilfield.

Iraq has the World’s Biggest Oil Reserves

January 25, 2010

This month Iraq will finalize contracts with the likes of ExxonMobil, Royal Dutch Shell and BP to develop some of its biggest oil fields. These giants are among the world’s last remaining pockets of so-called “easy oil.” They don’t require ultradeep drilling or innovative production techniques, just the application of Big Oil know-how. No wonder the oil companies agreed to develop Iraq’s fields without even getting an ownership stake in the fields and collecting as little as $1.15 per barrel recovered.

Iraq seals $20 billion oil deal with Eni-led consortium

January 24, 2010

Iraq’s state-owned oil companies South Oil Company (SOC) and Missan Oil Company (MOC) yesterday finalised a $20 billion contract with a consortium led by Italian energy giant Eni SpA with partners Occidental Petroleum Corporation (Oxy) of the US and Korea Gas Corporation (KOGAS) to develop the Zubair oil field near Basra in Iraq.

Iraqi central bank governor predicts lower rates

January 19, 2010

Iraq’s central bank governor, Sinan al-Shibibi, told Reuters rates are likely to fall below their current 7%, depending on inflation.

Read more: Iraqi central bank governor predicts lower rates

Land Rover enters the Iraqi Market

January 18, 2010

Dubai Land Rover, a premium SUV manufacturer, announced yesterday that the company is entering the Middle East market by expanding into Iraq.

Read more: Land Rover enters the Iraqi Market

Kurdistan welcomes calls to settle oil contracts issue with Baghdad

January 18, 2010

The Kurdistan Regional Government (KRG) has welcomed called by Iraqi Prime Minister Nouri al-Maliki to settle the issue of oil contracts, saying it is ready to pump 100,000 barrels of oil a day and give their revenues to the National Oil Company.

The Cost of Dealing With Cash in Iraq

January 14, 2010

Iraq may not be ready for Paypal, but with the help of the U.S. Army, the southern Iraqi provinces of Dhi Qar, Maysan and Al Muthanna are moving closer to a cashless system in order to deal with the mounting costs of dealing with cash.

Iraq has no plans for a third oil auction

January 7, 2010

Oil Minister Hussain al-Shahristani said, denting expectations the country might offer up further acreage following two previous rounds.

Is Iraq ready for American Investors

January 7, 2010

At the end of her speech to more than a thousand US and Iraqi businesspeople packed in a hotel ballroom, Secretary of State Hillary Rodham Clinton threw an American spin on an Arab proverb: “Dawn does not come twice to wake a man – or a woman.” Her point…? It’s time to invest in Iraq.

Iraq signs key deal with Shell

January 7, 2010

A group led by Royal Dutch Shell signed a deal to develop Iraq’s Majnoon supergiant oilfield, pledging to spend tens of billions of dollars on the project over the next two decades.

Read more: Iraq signs key deal with Shell

China initials Halfaya contract

January 7, 2010

The Chinese National Petroleum Corp is a step closer to getting its third Iraq oil contract finalised after a ceremony at the Iraqi Oil Ministry headquarters where officials initialed a draft contract.

Read more: China initials Halfaya contract

Will New Oil Deals Provide Jobs For Iraqis?

January 7, 2010

Iraq recently completed the second round of bidding on its oil fields, which will hopefully usher in the return of international petroleum companies to Iraq that will bring in much needed investment and know how. This round went much better than the first with deals for seven of the ten fields up for auction.

More than 10,000 new cars entered Kurdistan in 2009

January 7, 2010

More than 10,000 new vehicles entered Kurdistan Region in 2009, a source said.

Biggest-Ever Japanese Team Joins Iraq Economic Forum in Baghdad

January 7, 2010

A Japanese group consisting of around 100 public and private sector members, the biggest of its kind since the 2003 Iraq War, met Sunday with Iraqi government officials at Baghdad International Airport to deepen bilateral economic ties and promote Japanese investment in the war-torn country, the Japanese news agency (KYODO) reported.

Government to redevelop Sadr Township in Baghdad

January 7, 2010

The Iraqi government has drawn up plans to build 30,000 housing units in the low-income neighborhood of Sadr City, a slum area where more than 2 million people live.

December first month without US combat death in Iraq

January 7, 2010

December was the first month since the U.S.-led invasion of Iraq nearly seven years ago in which no U.S. forces died in combat in the country.

Republic of Iraq Monetary Summit Briefing

January 1, 2010

The Republic of Iraq National Government, United States of America and its coalition allies are in the midst of confirming the 18 December 2009 date to discuss monetary terms concerning our globalization of the New Iraqi Dinar. Confirmations have been established by 13 of the 22 parties needed to proceed with these dealings (15 are needed to validate hearings).

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