Iraq's economy, the second-largest producer in the Opec, is expected to post a modest recovery in 2018 and pick-up in earnest next year on the back of reconstruction efforts. Though insufficient funding and endemic corruption as well as Opec oil supply cuts will weigh on the pace of progress, according to BMI Research.
BAGHDAD — A United Arab Emirates energy company and two Chinese firms emerged Thursday as the only winners in Iraq’s rushed bidding round for nearly a dozen hydrocarbon-rich areas. Only nine companies out of 26 originally prequalified decided to take part. And major oil companies — Russia’s Bashneft, Lukoil and Gasprom, America’s ExxonMobil, and France’s Total — were supposed to bid but withdrew.
BASRA, Iraq, April 29 (Reuters) - Iraq has signed a contract with two Chinese companies, PowerChina and Norinco International, to build an oil refinery at the port of Fao on the Gulf, an Iraqi oil official said on Sunday.
There are reasons to be optimistic on Baghdad A dismal legacy of civil war, sanctions, insurgency, foreign invasion and terrorism has had a catastrophic impact on the Iraqi economy. Prime Minister Haider Al Abadi told the assembled global elite at Davos 2018 that Iraq needed $100 billion in post-war construction. Yet money alone will not solve Iraq's problems of systemic corruption, a society divided by sectarian cleavages, poverty, the displacement of 2 million people and youth unemployment.