• 3 hours Midwestern Refiners Seek Canadian Oil To Expand Output
  • 8 hours UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 12 hours LNG Glut To Continue Into 2020s, IEA Says
  • 14 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 17 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 19 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 21 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 4 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 4 days Schlumberger Warns Of Moderating Investment In North America
  • 4 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 4 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 4 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 4 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 5 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 5 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 5 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 5 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 6 days Russia, Saudis Team Up To Boost Fracking Tech
  • 6 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 7 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 7 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 7 days China To Take 5% Of Rosneft’s Output In New Deal
  • 7 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 7 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 days VW Fails To Secure Critical Commodity For EVs
  • 7 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
Global Oil Supply Disruptions Lowest Since 2012

Global Oil Supply Disruptions Lowest Since 2012

Unplanned disruptions in global oil…

Are Combustion Engines Reaching Peak Demand?

Are Combustion Engines Reaching Peak Demand?

As countries announce plans to…

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

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