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Iraq Business Update: January 2008 Iraq Business Update January 2008
Keeping abreast of developments
January 16th, 2008
Dear Reader,
Herewith is MEC’s latest Iraq Business Update on the major economic developments in Iraq. In this latest review there are details of a major contract for oil and gas developments and an upbeat assessment by the IMF.
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
Kind regards,
Joachim Zogo, Editor MEC International Ltd. Fax: 020 7591 4801 Email: www.inquiries(at)meconsult.co.uk
Iraqi economy in 2007 (5th January, 2008) :Iraqi economy has experienced a relative advancement last year in several economic sectors, the most distinguished ones were those disclosed by the state budget through the financial allocations which amounted to about 41 billion dollars, 10 billion for investments and 27 billion for operating expenses and the remaining for governmental support.
Iraq’s economic future looks bright, says IMF(18th January 2008) : Prospects for the Iraqi economy look promising for this year, the International Monetary Fund said yesterday, but warned that growth depended on political progress.
Read more…
Iran ready to boost Iraq trade ties (8th January,2008) :Iran’s Minister of Economic Affairs and Finance Davud Danesh-Jafari says expansion of economic ties between Iran and Iraq will benefit the two countries, PressTV reported.
Crude oil for Jordan despite blocked oil agreement (15th January 2008) :Iraqi Foreign Minister, Hoshyar Zebari, confirmed that his country is committed to supply Jordan with crude oil at preferential prices despite the blocked oil agreement and the irregular deliveries of oil.
Iraq Signed $558.3 Million Oil, Gas Contracts In 2007 – Government (14th January) :The Iraqi government in Baghdad signed some $558.3 million worth of contracts with international companies to upgrade its downstream and upstream facilities in 2007, the Iraqi oil ministry said on its Web site. Read more…
Iraq invites international oil companies to expand oil industry(2nd January) : Oil Ministry on Wednesday invited international oil companies willing to work in Iraq to submit their papers, provided that they were officially registered in the country’s concerned offices, a ministry spokesman said. Read more…
A contract with Japan for rehabilitating Al-Taji gaseous station (7th January) :The Ministry of Electricity has signed a contract with a Japanese company to complete the project of rehabilitating Al-Taji gaseous power station under the Japanese grant allocated for the ministry.
Iraqna, MTC Atheer merge into Zain (16th January 2008) : Iraq’s two successful mobile telephone network operators MTC Atheer and Iraqna have merged into Zain In Iraq to serve nearly 7.5 millions customers all over the country.
USAID loan program pushed forward economy in Iraq- report (16th January 2008) : A loan program offered by the United States Agency for International Development (USAID) has helped achieve significant progress and rebuild Iraq’s infrastructure and economy, according to an economic report submitted to the United Nations.
Iraq debt to AMF climbs to $530m (10th January 2008) :Iraq’s outstanding debt to a key Arab LeagueArab League financial organisation has swelled to more than $530 million (Dh1.9bn) as the conflict-battered country has been unable to repay funds owed to that institution for more than 10 years.
Kalimat Telecom announces $1 billion consortium (11th January 2008) :In the near future, Kalimat Telecom, Iraq’s national telecom network that was launched as the first national fixed wireless local loop (WLL) telephony and data provider aiming to serve 26 million Iraqi citizens, plans to handle the voice traffic and data transfer needs of the Iraqi consumers in different regions of the country.
Iraq picks 3 firms for cement joint ventures (1st January 2008) :
Iraq awarded production sharing deals to renovate three of its largest state-owned cement firms in the first such joint venture deals with private and foreign investors, a senior industry official said on Friday.
Demand for the dollar up, exchange rate stable in daily auction (20th January 2008) : Demand for the dollar was higher in the Iraqi Central Bank’s auction on Wednesday, reaching $76.555 million compared to $56.115 million on Tuesday.
Shell and Total vying for gasfield in Iraq’s Sunni heartland (10th January 2008) : Shell and Total are vying to develop a huge gasfield in what was Iraq’s most violent province as a source for exports to Europe.
Iraqi Airways plans to fly to 45 destinations (3th January 2008) : The General Director of Iraqi Airways, Kifah Hasan Jabbar has announced that the company is working on renewing and rehabilitating its fleet through purchasing new aircrafts.
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