• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours WTI @ $75.75, headed for $64 - 67
  • 1 hour Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 1 hour U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 9 mins Iranian Sanctions - What Are The Facts?
  • 13 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 14 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 1 hour Superhumans
  • 14 hours China Thirsty for Canadian Crude
  • 1 hour EU to Splash Billions on Battery Factories
  • 16 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 14 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
  • 15 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
Why Is This Little-Known Element Up Over 300%

Why Is This Little-Known Element Up Over 300%

Element ‘’V’’, better known as…

The Implications Of A Fractured U.S., Saudi Alliance

The Implications Of A Fractured U.S., Saudi Alliance

With tensions between the United…

Citigroup Opens Office in Baghdad to Take Advantage of $1 Trillion Redevelopment

Citigroup Inc., the third largest lender in the US by assets, has just received approval to open an office in Baghdad. It will be the company’s first country opening in six years, and will be followed by more offices being opened in the country over the coming years.

Mayan Malik, the CEO for Jordan, Iraq, Syria, and the Palestinian territories, told Bloomberg that “Iraq is a giant that’s waking up and the opportunities are immense. The most significant opportunities are twofold -- oil revenue generation and infrastructure creation. We estimate this to be $1 trillion initiative over time.” Citigroup hope to take full advantage of infrastructure spending in Iraq as the country begins to rebuild after the war.

Related article: How to Profit from the Developing Shift in the Natural Gas Market - Interview

Iraq plans to increase its budget spending by 18% to $118 billion this year as it begins to rebuild after the war, and Citigroup hopes to take full advantage of this. The International Monetary Fund predicts that the economy will grow nine percent over the year.

Citigroup expects to find customers in Iraq as foreign companies search for capital after moving to the country to build roads, telecommunication networks, and energy and water infrastructure.

According to the central bank’s website, foreign banks were barred from Iraq until after the US invasion. Now there are a total of 15 international banks, seven state banks, 23 private lenders, and nine Islamic banks operating in the country.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News