Iraq: Iraq Oil Projects Paralysed by Budget Problems

Nov 9, 2015 | Wil Crisp, MEED
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Since the Islamic State in Iraq and Syria (Isis) gained control of Iraq’s second-biggest city in June 2014 the value of active large capital projects in the country has contracted by 28.6 per cent, dropping from $518.6bn to $370.1bn. The initial wave of projects that were cancelled or put on hold were mainly due to security concerns. These were invariably projects that were located in areas that were now occupied by Isis or areas that were threatened by the possible attacks.