Iraq Business Update
Keeping abreast of developments
Dear Reader,
Herewith is MEC’s latest Iraq Business Update on the major economic developments in Iraq. In this latest review there are positive perspectives regarding the future of the oil sector in Iraq with Total’s announcement of its settlement in Iraq. It has also been reported that Russia has written off the Iraqi debt.
If you would like to learn more about this newsletter or forthcoming events, or perhaps would like to suggest an event or article for inclusion in the next edition, please do not hesitate to contact me at inquiries@meconsult.co.uk
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AB Volvo’s Iraq kickbacks penalty (20th March, 2008)
The Swedish lorry maker AB Volvo has agreed to pay millions of dollars in fines in connection with an inquiry into Iraq’s UN oil-for-food programme.
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$2.5 billion to increase oil production (22nd March, 2008)
An Iraqi government adviser said on Wednesday that Iraq is expected to pay up to $2.5 billion for five major oil companies to increase the country’s oil production by approximately one quarter. Baghdad is about to sign technical support contracts with B.B, Royal Dutch Shell, Exxon Mobil, Chevron and Total to add 500 thousand barrels a day to the country’s current production of 2.27 million barrels per day.
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Shell says ready to help Iraq boost oil output (2nd April, 2008):
Royal Dutch Shell is ready to help Iraq boost oil production once that country’s government finalizes a petroleum law covering big energy projects, the head of the oil giant said. "We are very much prepared to go back to Iraq," Shell chief executive officer Jeroen van der Veer said at the Center for Strategic and International Studies think tank in Washington.
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IRAQ: Parliament urges government to reallocate development money to those in need (13th April, 2008):
BAGHDAD, 13 April 2008 (IRIN) - The Iraqi parliament on 12 April urged the government to reallocate US$5 billion earmarked for investment in infrastructure and services to social welfare programmes, a food rationing system and to meet the needs of internally displaced persons (IDPs).
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Imminent agreement on gas between Iraq and Europe (20th April, 2008):
The European Union says it is about to reach an agreement with Iraq over the next few weeks, according to which Iraq will provide the Union with gas and crude oil. Iraqi Prime Minister, Nuri al-Maliki who is visiting Brussels, said that his country is about to issue a new law governing the oil-sector in Iraq and encouraging investment.
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Dubai summit promises bright future for Iraqi industry through investment (24th April, 2008)
An exciting new phase of industrial development within Iraq was promised following the successful completion of the ’Investing in Iraq’s Industry’ Summit in Dubai this week. The summit, organised by the Iraq Development Program under the Iraqi Ministry of industry and Minerals and featuring over 85 officials including Minister Fawzi Hariri, brought the international business community to the UAE to hold discussions with director generals from Iraq’s various state owned companies.
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’Disneyland’ comes to Baghdad with multi-million pound entertainment park (25th April, 2008):
Llewellyn Werner admits he is facing obstacles most amusement park developers never have to deal with – insurgent attacks and looting. When you are building an amusement park in downtown Baghdad, those risks come with the territory.
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Iraq exported 60 million barrels of oil in March (27th April, 2008):
Baghdad, Apr 27, (VOI) – Total Iraqi oil exports during March 2008 hit nearly 60 million barrels, according to the official spokesman for the oil ministry on Sunday.
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Activating capital markets active investment movement in the country (28th April, 2008)
An economist said that capital markets can play a crucial role in attracting the surplus non-employed capital and effectively employ it in the economic cycle through investment operations carried out by individuals and companies in bonds and stocks announced in the securities markets.
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Australia back in Iraq wheat trade (29th April, 2008):
THE first shipment of Australian wheat bound for Iraq since the AWB kickback scandal is being loaded today. Australia has been barred from the lucrative Iraq market since 2006 when the Iraqi Grains Board suspended imports by Australian wheat exporter AWB over its payment of $290 million to the regime of Saddam Hussein.
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Iraq and Egypt agree to establish joint investment cooperation (29th April, 2008)
Iraq and Egypt have agreed to establish joint investment cooperation between Iraqi and Egyptian businessmen to support the investment process between the public and private sectors; the cooperation should include ten members of the Egyptian side and the same number of Iraqis.
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