Cabinet OKs upping Iraqi insurance co. capital

BAGHDAD / IraqiNews.com: The Iraqi cabinet agreed to increase the Iraqi Insurance Company’s capital from 300 million dinars to 1 billion dinars to help it compete with local and foreign corporations, an official spokesman for the Iraqi government said. “The decision was approved in a cabinet session held on Sunday under Prime Minister Nouri al-Maliki,” Ali al-Dabbagh was quoted in a statement by his office as received by IraqiNews.com. The cabinet also approved a bill by the reconstruction & housing ministry the Republic of Iraq’s joining the Arab Insurance Institute by paying $150,000 to purchase 15,000 shares, the statement added. On the other hand, the cabinet also endorsed a contract to carry out a feasibility study and basic designs of two projects for the Missan oil refinery at a cost of $148.6 million and the Kirkuk refinery at a cost of $123.3 million with a production capcity of 150,000 barrels per day (bpd) each. AmR (P) 1