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IFP News
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Dec 17 2012 12:00:00:000AM
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Iraqi Railways signed a contract to import 10 developed Chinese passengers'' trains.
In a statement by Transport Ministry, copy received by Aswat al-Iraq, it was announced that the cost of the contract reached to $115 million.
The contract was signed with the Chinese DMU company.
On the other hand, it was announced that Iraqi Maritime Transport Company signed a joint working contract with Iranian Pijam Company for commodities transportation.
Aswat Aliraq
16 December...
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Dec 17 2012 12:00:00:000AM
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Ministry of Reconstruction and Housing disclosed that it will build modern highways with the neighboring countries in order to enhance trade exchange and to a passage between Asia and Europe.
According to a statement issued by the ministry, copy received by Aswat al-Iraq, the minister disclosed Iraqi intention to be a passage between Asia and Europe during the Economic Cooperation Conference held in Istanbul, Turkey.
The minister called foreign companies to grasp the investment opportunities in Iraq, particularly in the housing complexes, as the statement added.
Aswat Aliraq
16 December...
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Dec 17 2012 12:00:00:000AM
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Ministry of Reconstruction and Housing disclosed that it will build modern highways with the neighboring countries in order to enhance trade exchange and to a passage between Asia and Europe.
According to a statement issued by the ministry, copy received by Aswat al-Iraq, the minister disclosed Iraqi intention to be a passage between Asia and Europe during the Economic Cooperation Conference held in Istanbul, Turkey.
The minister called foreign companies to grasp the investment opportunities in Iraq, particularly in the housing complexes, as the statement added.
Aswat Aliraq
16 December...
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Dec 17 2012 12:00:00:000AM
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It is expected that the Kurdish region''s annual budget will be sent to the Kurdish parliament for endorsement, official sources said.
The sources expected that the 2013 budget will reach 15.257 trillion Iraqi dinars ($13 billion).
The Kurdish parliament will refer the details of the budget to concerned specialized committees, which may need 15-30 days to prepare their reports.
Aswat al-Iraq
18 December...
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Dec 20 2012 12:00:00:000AM
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Iraq made its first major move in years to bolster its gold reserves in recent months, while Brazil increased its holdings of bullion by almost a third in November, data from the International Monetary Fund showed.
The IMF''s monthly statistics report showed Iraq''s gold holdings quadrupled to 31.07 tons over the course of three months between August and October.
In the first change in its reserve in years, the country added some 23.9 tons in August, bringing the total to 29.7 tons. That was followed by a 2.3-tonne rise in September to 32.09 tons and then by a cut of 1.02 tons in October to 31.07 tons. There was no data for November.
More recently, Brazil raised its gold holdings by 14.68 tons, or 28 percent, in November, bringing its bullion reserves to 67.19 tons, data showed.
The addition comes on the heels of an even bigger increase in October when the South American country added 17.17 tons to its reserves. In September, it increased holdings by 2 tons.
Meanwhile Turkey cut its gold holdings last month by 5.84 tons to 314 tons from October. The country allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.
Belarus upped its reserves by 1.39 tons to 42.7 tons, while Russia, which had both bought and sold gold on a number of occasions this year, increased its holdings by 2.86 tons to 937.8 tons.
Central bank buying of gold has been a major support to gold prices, which hit record highs a year ago.
Prices have come under pressure from heavy liquidation by hedge funds this week. Signs of an improving U.S. economy have triggered selling. Prices fell below $1,650 an ounce on Thursday for the first time since August.
Reuters
20 December...
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Dec 20 2012 12:00:00:000AM
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Iraq made its first major move in years to bolster its gold reserves in recent months, while Brazil increased its holdings of bullion by almost a third in November, data from the International Monetary Fund showed.
The IMF''s monthly statistics report showed Iraq''s gold holdings quadrupled to 31.07 tons over the course of three months between August and October.
In the first change in its reserve in years, the country added some 23.9 tons in August, bringing the total to 29.7 tons. That was followed by a 2.3-tonne rise in September to 32.09 tons and then by a cut of 1.02 tons in October to 31.07 tons. There was no data for November.
More recently, Brazil raised its gold holdings by 14.68 tons, or 28 percent, in November, bringing its bullion reserves to 67.19 tons, data showed.
The addition comes on the heels of an even bigger increase in October when the South American country added 17.17 tons to its reserves. In September, it increased holdings by 2 tons.
Meanwhile Turkey cut its gold holdings last month by 5.84 tons to 314 tons from October. The country allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.
Belarus upped its reserves by 1.39 tons to 42.7 tons, while Russia, which had both bought and sold gold on a number of occasions this year, increased its holdings by 2.86 tons to 937.8 tons.
Central bank buying of gold has been a major support to gold prices, which hit record highs a year ago.
Prices have come under pressure from heavy liquidation by hedge funds this week. Signs of an improving U.S. economy have triggered selling. Prices fell below $1,650 an ounce on Thursday for the first time since August.
Reuters
20 December...
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Dec 27 2012 12:00:00:000AM
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International Finance Corporation (IFC), a member of the World Bank Group, is providing a $70m loan to help renovate a cement factory in Iraq, part of an effort to support the local building sector and aid in the country''s reconstruction.
The financing will allow Kerbala Cement Manufacturing (KCML), a subsidiary of France''s Lafarge, to rehabilitate a state-owned plant near the city of Kerbala.
KCML will undertake the work under a concession agreement with the government of Iraq.
The financing is expected to help bolster Iraq''s construction sector, a key source of jobs, and support rebuilding efforts in the country, which is in dire need of infrastructure following years of conflict.
"This financing will help address the cement shortage that Iraq is facing and help the country meet supply gaps in its infrastructure," said Guy Ellena, IFC Director for Manufacturing, Agribusiness and Services in Eastern and Southern Europe, Central Asia, the Middle East, and North Africa.
"It will also play a catalytic role in attracting other foreign investors to Iraq."
KCML is a joint venture between Lafarge and Merchant Bridge, a London-based private equity group.
The financing is being supplemented by a $20m loan from Proparco, a development financial institution funded by the French Development Agency and private shareholders.IFC and Proparco will work with KCML to implement an environmental and social strategy, helping align the company with international standards for sustainability.
The initiative is part of IFC''s efforts to support the development of Iraq''s private sector.
Over the past two years IFC committed about $500m in the country, including $245m in mobilization.
Aswat Aliraq
27 December...
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Jan 02 2013 12:00:00:000AM
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Abu Dhabi National Energy Co ( TAQA ) has bought a 53.2 percent operating interest in Iraqi Kurdistan''s Atrush oil block for $600 million from General Exploration Partners (GEP) Inc.
A TAQA spokesman said production was expected to start in 2013 and the acquisition would be funded "from corporate resources".
GEP is a venture between privately-held Aspect Energy, which owns a 66.5 percent interest, with the remainder held by a subsidiary of Canadian group ShaMaran Petroleum .
The acquisition marks the first time the Abu Dhabi-based company has operated an oil and gas project in the Middle East.
"It''s part of our strategy to expand in the MENA (Middle East and North Africa) region," the TAQA spokesman said.
An autonomous region since 1991, Iraqi Kurdistan is often touted as one of the final frontiers for onshore oil exploration and has signed deals with foreign majors such as Exxon Mobil, Chevron and Total.
But those deals have angered the federal capital Baghdad, which rejects oil contracts offered by the Kurdistan region''s government as illegal, and has blacklisted some firms that ventured north.
Reuters
2 January...
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Jan 02 2013 12:00:00:000AM
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Abu Dhabi National Energy Co ( TAQA ) has bought a 53.2 percent operating interest in Iraqi Kurdistan''s Atrush oil block for $600 million from General Exploration Partners (GEP) Inc.
A TAQA spokesman said production was expected to start in 2013 and the acquisition would be funded "from corporate resources".
GEP is a venture between privately-held Aspect Energy, which owns a 66.5 percent interest, with the remainder held by a subsidiary of Canadian group ShaMaran Petroleum .
The acquisition marks the first time the Abu Dhabi-based company has operated an oil and gas project in the Middle East.
"It''s part of our strategy to expand in the MENA (Middle East and North Africa) region," the TAQA spokesman said.
An autonomous region since 1991, Iraqi Kurdistan is often touted as one of the final frontiers for onshore oil exploration and has signed deals with foreign majors such as Exxon Mobil, Chevron and Total.
But those deals have angered the federal capital Baghdad, which rejects oil contracts offered by the Kurdistan region''s government as illegal, and has blacklisted some firms that ventured north.
Reuters
2 January...
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Jan 04 2013 12:00:00:000AM
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A study released by "Association of Private Banks in Iraq," unveiled that the quarterly earnings of 22 Iraqi banks among the 30 private banks, amounted to ID427 billion (356 million dollars), a growth of 90 percent compared to the profits achieved in the same period of 2011, according to Al-Hayat newspaper.
The study pointed out that the total revenue achieved by the three banks, which topped the comparison table in terms of profitability, the " North Bankfor Finance and Investment", "United Bank for Investment" and "Bank of Kurdistan."
There is a big difference between the total revenue of each of the three banks the first made 105 billion dinars, while the second 75.1 billion, and the third 52.2 billion dinars.
Munther Kafta, the managing director for " North Bank for Finance and Investment", said the figures come in the context of a comparison of the quarterly financial statements in private banks, expressing satisfaction over the results achieved by banks in this stage.
Aswat Aliraq
3 January...
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