Baghdad bomb blasts kill eight

According to Iraqi officials, at least eight people have been killed in bomb blasts in a market in Baghdad. Three explosions went off in the commercial district of Shurja, as people were buying food for the major Muslim festival of Eid al-Adha. It is thought that at least 21 people were injured in the attacks.

Violence in Iraq has declined since 2006-7, but isolated attacks on civilians and security personnel are still prevalent. The latest explosions come amid increased security across Iraq for the Eid holiday.

The bombs are thought to have been planted throughout the market in order to cause maximum damage, and parts of it were on fire after the explosions. One witness told Reuters news agency: "I can see fire and black smoke mounting and a large number of fire engines, ambulances and police patrols rushing to the market.”

There has been a spurge of violence in the country as the last of the US troops prepare to leave for good. Official figures says 258 people were killed in violence nationwide in October. The increase has raised concerns that the violence might increase even more once the US military hands over security responsibilities to the Iraqis.

Sources: BBC News, WSJ, AFP

For more news and expert analysis about Iraq, please see Iraq Focus.

Iraq signs natural gas contracts with three foreign investors

Kuwait Energy, Turkiye Petrolleri and Korea Gas have signed contracts to develop Iraq's Mansouriya and Siba gas fields, after winning rights to work on the deposits last month. Iraq delayed signing an agreement for a third natural gas field, Akkas, in order to clear up the “misunderstanding” over the planned use of fuel from the deposit, said Iraq's Oil Ministry's Deputy Abdul Kareem al-Luaibi. The signing for Akkas will take place after this week's Eid al-Adha holiday.

The foreign investors will work together with Iraq's North Oil Company (NOC) to start production in the gas areas. However, the agreements must first receive approval from deputy director general at the ministry's Petroleum Contracts and Licensing Directorate before any work commences.

The contracts, awarded last month in the country's first auction of gas concessions, mark a further move in Iraq's efforts to develop its oil and gas resources. Kuwait Energy, Turkiye Petrolleri and Korea Gas won rights to develop the Mansouriya field and pledged to produce 320 million standard cubic feet of gas a day. Kuwait Energy and Turkiye Petrolleri also won bidding for the Sib a field, agreeing to produce 100 million standard cubic feet of gas a day.

Korea Gas and Kazakhstan's KazMunaiGaz won the rights to develop Akkas, the largest of the three gas fields for which Iraq's government awarded licenses on 20th October. The two partners, with equal stakes in their bidding group, agreed to produce 400 million standard cubic feet of gas a day.

Iraq wants foreign investors to help it increase production of oil and gas to stimulate a recovery after years of conflict and economic sanctions. Iraq has the world's fifth-largest oil reserves, and its gas reserves rank fifth in size in the Middle East.

Source: Bloomberg

For more news and expert analysis about Iraq, please see Iraq Focus.