InfoAnda - Iraq oil hub Basra hoping to see its share of wealth

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Court Lifts Stay On EPA Greenhouse Rules In Texas | 14 January 2011
Canon revives new plant as camera sales hold firm | Technology | | 5 June 2009
Owner Postpones Auction For "Sex" Website | 20 March 2010

One protestor shot dead at Tehran rally: local photographer | 16 June 2009

Forum Views () Forum Replies ()

Read more with google mobile : Iraq oil hub Basra hoping to see its share of wealth

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America Iraq oil hub Basra hoping to see its share of wealth Reuters - Wednesday, August 11 Send IM Story Print By Aref Mohammed BASRA, Iraq - Old pictures hanging on the walls of restaurants show canals flowing through the handsome streets of the southern city of Basra, which Iraqis used to call "The Venice of the Middle East." The present has little resemblance to that colourful past. Now, Basra's criss-crossed canals are filthy pools of stagnant water filled with heaps of rubbish. Roads are damaged and only a few hours of electricity are provided every day to a city where summer temperatures top 50 degrees Celsius . Most of Iraq's oil exports come from the fields around Basra, but residents complain they have seen little benefit. A recent series of huge oil deals that Baghdad struck with global firms to develop its vast reserves has generated much hype as oil and service companies build bases in Iraq's desert. Basra is struggling to accommodate the tide of activity the deals unleashed. And like the rest of Iraq, it has a long way to go until the anticipated spike in revenue has a noticeable effect on the economy and on people's daily lives. "When we heard that foreign companies will come to work in Basra, I said to myself, now I will have the chance to prove myself and have a decent job. But later I discovered I was wrong," said 25-year-old Muntadhar Mohammed, a university graduate with a bachelors' degree in computer science. "Iraqi officials know that we dream of having a better life after toppling Saddam, so they started to sell those dreams to us," said Mohammed, who runs an Internet cafe in Basra. "But all their promises of having a better life are only a mirage." More than seven years after the ouster of dictator Saddam Hussein, many Iraqis were betting on the wealth those oil deals could bring to shake off a legacy of violence and poverty after years of sectarian slaughter and economic decline. To fulfil the promise, Iraq needs to boost its output and export levels to generate the cash needed to rebuild. "You would need to have first the revenue and second you would need to have the institutional framework to channel the revenue to the proper sectors and to the rest of the population," said Leila Benali, Middle East and Africa director for IHS Cambridge Energy Research Associates. "And that is something which a lot of exporting countries have struggled with," she said. Recent protests against crippling power shortages in Basra and other cities, mainly in the deprived Shi'ite south, highlighted Iraqis' frustrations and the government's failure to provide basic services despite the anticipated oil wealth. BATTERED BASRA BUZZING Basra is weary after years of conflict. It was the front line in the war with Iran in the 1980s and more recently was in the grip of feuding Shi'ite militias, pushed out by U.S. and British-backed Iraqi government troops in 2008. "Basra is going to have some serious growing pains over the next few years. The infrastructure is not there yet. The process for bringing equipment from Kuwait is opaque and bureaucratic," said Kyle McEneaney, who heads the Middle East practice at Ergo, an emerging markets consultancy. "Basra is Iraq's second city and commercial link with the world; still, there aren't a great many places to stay in town." Despite its dilapidated power and water infrastructure and scarcity of flights in and out of the city, Basra is buzzing, with investors, oil executives, contractors and consultants flooding its few hotels. The oil deals Baghdad signed with global firms aim to boost crude output capacity to 12 million barrels per day from 2.5 million bpd. That could put Iraq at par with oil powerhouse Saudi Arabia and shake the balance of power in the region. The workload for oil and service companies is unprecedented. Iraq's ability to handle the work, with fragile security, widespread corruption and entrenched bureaucracy, is doubtful. "There are thousands of tons of iron and cement needed for these contracts. There will be an influx of equipment into the country," said an executive who attended a recent meeting of the oil ministry and foreign companies in Baghdad. "I don't think they know what they will be dealing with; it's huge." GRAND PLANS Iraq has grand plans to rebuild but lacks the funds and would need foreign investment if it wants to meet its ambitious production targets. Old equipment and decaying pipelines can be seen at the southern fields of Rumaila and Zubair, among those included in the development contracts awarded to global firms such as BP, Royal Dutch Shell, China's CNPC and Italy's Eni. Oil officials and engineers are trying to stitch together decades-old facilities and pipes while grappling with declining production rates and technical problems at the fields. Foreign oil firms have a long list of complaints: insecurity, corruption, inconsistent customs procedures and bureaucratic hurdles to getting visas and setting up offices. A two-day meeting in Baghdad between oil firms and government officials last month produced no clear steps to clear the bottlenecks, executives said. Complaints about a lack of dock space at Basra's Umm Qasr port prompted Iraq to seek a deal with neighbouring Kuwait to open a border crossing to ease the inflow of equipment. "Iraq is aware of its limitations, and is taking steps to address them, for example, in contracting to upgrade and augment its offshore export terminals," McEneaney said. "But the country certainly has a lot on its plate." Recommend Send IM Story Print Related Articles EADS chief in deadly Alaska plane crash AFP - 35 minutes ago EADS North America CEO on board crashed plane in Alaska AFP - 36 minutes ago UK-World Summary Reuters - 57 minutes ago Burning Russia battles to defend nuclear sites AFP - 1 hour 6 minutes ago WHO chief says H1N1 flu pandemic is over Reuters - 1 hour 9 minutes ago News Search Top Stories US productivity dips for first time since 2008 WHO chief says swine flu pandemic is over Campbell's ex-agent lied to court: Taylor lawyer Saudi watchdog backtracks on BlackBerry ban Israel threatens to pull out of UN's Gaza probe More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier Visitors attack Taiwan 'haunted house' actors BP spends $6.1 bln on Gulf spill response Campbell's ex-agent lied to court: Taylor lawyer More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

Other News on Tuesday, 10 August 2010
Omar Khadr's confession allowed in Guantanamo trial |
Putin cuts Russia harvest forecast
Google-Verizon nix 'net neutrality' for wireless
Moscow deaths double in Russia's 'worst ever' heat
Iranian journalist Akbar Ganji named 'press freedom hero'
BP pays three billion dollars into oil spill fund
Israel-Palestinian direct talks may restart: Abbas |
US-TECH Summary
Verizon and Google propose Web traffic rules
Naomi Campbell said Taylor gave her a diamond: Farrow |
Saudi telecoms test fix to avert BlackBerry ban
Rwanda votes, Kagame aims to consolidate growth |
Skype files to sell shares at up to 100 million dollars
German authorities shut 9/11 plotters' mosque
German ministers told to avoid BlackBerrys, iPhones
Russia, NORAD shadow jet in Pacific hijack drill
Saudis hold breath on BlackBerry ban
Oman says no plans to ban BlackBerry services
Death toll rises to 165 in Indian Himalayan floods
Death toll in China mudslides jumps to 337
Verizon and Google propose Web traffic rules |
UN memorial ceremony held for Hiroshima, Nagasaki victims
'Almost nil oil spill' now from stricken ship off Mumbai
US-ENTERTAINMENT Summary
North Korea fires artillery into sea as tensions rise
Vampires reign at Teen Choice awards
Cambodian PM warns of 'bloodshed' over Thai border
One dead, 12 missing in Philippine ship sinking
Saudi telecoms test fix to avert BlackBerry ban |
Naomi Campbell said Taylor gave her a diamond: Farrow
Venice festival adds Skolimowski film to contest
French island adopts Scottish-style tartan
Transgender woman fights for right to marry in Hong Kong
Spectacle cancelled after pro-Israel video sparks anger
China quake film sets domestic box office record
Strauss' "Elektra' batters ear-drums at Salzburg Festival
Clint Eastwood pleads for axed UK film lobby group
Vampires reign at Teen Choice awards |
Rod Stewart, Penny Lancaster expecting second child |
Accused Jennifer Aniston stalker gets stay away order |
Clint Eastwood pleads for axed UK film lobby group |
FBI probes medic murders in Afghanistan
Big protest against cross to late Polish president
Unstable lake threatens mudslide-ravaged China town |
Gulf activists brace as BlackBerry secrecy targeted
UN: Afghan citizens killed, injured rising sharply
Former Mexico president supports legalizing drugs |
Extreme weather fuels debate over global warming
Verizon, Google propose Web traffic rules
Traffic police re-arm amid fresh Baghdad attacks
Pakistani president returns home to flood crisis |
Visitors attack Taiwan 'haunted house' actors
Hezbollah says Israel staked out Hariri's routes |
Fed expected to downgrade US growth outlook
Iran denies cracks appearing in ties with Syria
Seven Baha'is get 20-year terms in Iran
Japan PM reaches out to South Korea with apology |
BP makes first deposit into Gulf disaster fund
Paraguay leader seen coping with advanced cancer |
Prisoner in Afghanistan kills two US Marines
Rwanda's Kagame poised for landslide election win |
Israeli PM says Turkey ignored flotilla warnings
WHO emergency committee reviews pandemic status |
Outrage over aid workers' murders in Afghanistan
Charity plans to stay in Afghan despite murders
More than 70 rescued in Indonesia ferry sinking
Bomb kills NATO soldier in Afghan south
Major earthquake frightens Vanuatu
S.Korea says to "act resolutely" against N.Korea
Actor Michael Douglas to speak at Hong Kong forum
Bangladesh bans beating in schools
Charlie Sheen's wife feared for life during assault
Accuser of ex-HP CEO Hurd steps forward |
Global Weather-Celsius
China orders milk powder probe over baby breasts
Gulf activists brace as BlackBerry secrecy targeted |
"Jersey Shore" cast never planned on stopping work
US pilots fly Pakistan flood aid to win hearts
"Avatar" sequels could shoot back-to-back
Pakistani president returns home to flood crisis
China's trade surplus balloons
Hopes fade for China mudslide survivors
Taiwan stocks post worst fall in 6 wks; TSMC gains
Vietnam, US display military ties amid China tension
Taiwan says on track for record export value in 2010
Japan issues fresh apology for colonial rule of Korea
Seoul shares slip; N.Korea, China data weigh
Ailing studio MGM facing bankruptcy next month
Judge unsticks "Bruno" Velcro lawsuit
Bank of Japan keeps interest rate steady
Actor Michael Douglas to speak at Hong Kong forum
China mining giants to align rare earth prices
Can anything derail "Glee" from Emmy glory?
Witherspoon moving from June Carter to Peggy Lee
News Corp sells stakes in Chinese TV channels
Levi Johnston to run for mayor in reality pitch
Frankfurt stock market bids for China listings
Cop comedy rules at US and Canadian cinemas
Charlie Sheen's wife feared for life during assault |
China's property prices continue to slow in July
Portia de Rossi aims to change name to DeGeneres
Witherspoon moving from June Carter to Peggy Lee |
Seoul shares slip; N.Korea, China data weigh
Can anything derail Glee from Emmy glory? |
Charlie Sheen's wife feared for life during assault
Ailing studio MGM facing bankruptcy next month |
Judge unsticks Bruno Velcro lawsuit |
Portia de Rossi aims to change name to DeGeneres |
Jersey Shore cast never planned on stopping work |
Levi Johnston to run for mayor in reality pitch |
Avatar sequels could shoot back-to-back |
Eminem And Rihanna Spend Third Week At #1 On Billboard Hot 100
Train Gets "Unplugged" On VH1 In September
2010 New York Comedy Festival Announces Lineup
Justin Bieber, President Bill Clinton To Receive World Leadership Awards
Eminem And Rihanna Top Billboard Hot 100 For Another Week With "Love The Way You Lie"
Eminem Beats Out Debuts From Rick Ross, Sheryl Crow On Billboard Albums Chart
Lindsay Lohan To Head To California Rehab
Update: 19 Reported Dead At Germany’s Love Parade Music Festival
Eminem's "Recovery" Spends Fourth Straight Week At #1 On Billboard Albums Chart
Karan Keen On Making Fim With Aamir-SRK
North Korean Artillery Barrage Follows U.S. Naval Drill
Saudis Use High Tech to Track Absconding Foreign Workers
Turkish Airlines Tells Staff to Shed Weight
Controversial 'Hooters' Comes Calling To India
Woman Discovers Her Husband Has Second Wife
Malfunction Strands Passengers On State Fair Ride
Iraq oil hub Basra hoping to see its share of wealth
GDF Suez takes over British power company
McAfee says malware threat at a new high
Signs of movement in Middle East peace talks
Saudi regulator says BlackBerry Messenger to continue
U.N. report says Afghan civilian toll up 31 percent |
Campbell's ex-agent lied to court: Taylor lawyer
Hundreds of Muslims attend anti-terror summer camp
Afghan civilian casualties up 31 percent: UN
Saudis extend BlackBerry ban reprieve: agency
Russia battles to defend nuclear sites from fires
Saudi watchdog backtracks on BlackBerry ban
Israel weighed all options in Gaza boat raid: defense minister |
Israel threatens to pull out of UN's Gaza probe
Rights groups urge WikiLeaks to remove Afghan names
Canadian Guantanamo inmate's trial bad precedent: U.N |
Historic heat to hit Russian growth, fires rage |
UN: Afghan civilian deaths rise sharply
Signs of movement in Middle East peace talks |
Paraguay's Lugo vows to beat cancer and govern: aide |
UN: Afghan citizens killed, injured rising sharply
Polish cross wars rage four months after crash |
Colombia's Santos, Chavez seek to end dispute |
Thai PM demands Cambodians leave border area
Unstable lake threatens mudslide-ravaged China town
Malaysian political death probe finds new 'suicide note'
UN to launch appeal for Pakistan flood disaster
China zoos in 'barbaric' animal abuse: report
BlackBerry gets reprieve as Saudi praises progress |
18 miners trapped in flooded shaft in China
Google under probe in South Korea over data collection
Netflix and Epix strike programming deal |
Google under probe in S.Korea over data collection
Google under probe in South Korea over data collection |
Florida sues major LCD makers for price fixing |
AFP, Xinhua sign three key agreements
McAfee says malware threat at a new high |
S.Korea probes Google over private data collection
Pakistan floods to hit economic growth
PREVIEW-Pakistan's July CPI seen up 12.34 percent
S.Korean firm hits oil reserves in northern Iraq
S.Korea Hyundai Steel raises Sept export prices
Captain Underpants' creator returns with more poopypants |
Google lets uneasy Germans opt out of 'Street View'
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01