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  • Investors Iraq News's Avatar
    Today, 07:18 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th Oct 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD775 (-0.3%) / $792 (-0.3%) (weekly change) (-19.2% and -16.3% YTD change, respectively). The number of week traded shares was 35.9bn and the weekly trading volume was IQD33.0bn ($25.9mn). ISX Company Announcements Gulf Commercial Bank (BGUC) will resume trading on Oct. 22, 2017 after discussing and approving 2016 annual financial results. Middle East Producing & Marketing – Fish (AMEF) will hold AGM* on Nov. 15, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of AMEF starting Oct. 22, 2017. International Islamic Bank (BINT) will hold AGM* on Nov. 13, 2017 to discuss and approve 2016 annual financial results. New shares of Iraqi for Seed Production (AISP) from the capital increase to IQD10.5bn through 40% bonus issue resumed trading on Oct. 19, 2017. Modern Chemical Industries (IMCI) held AGM* on Oct. 20, 2017 to discuss and approve 2016 annual financial results and distributing cash dividend. ISX suspended trading of IMCI starting Oct. 17, 2017. The International Development Bank (BIDB) was awarded the Excellence Award for Wise Management at a ceremony held in Amman, Jordan, under the theme of Innovation and Excellence for Financial Institutions and Entrepreneurship, 2017, which was awarded by Princess Taghreed Foundation for Development and Training and sponsored by the Union of Arab Banks. (Economic Iraq) Region Trade Bank for Investment and Finance (BRTB) will hold AGM* on Oct. 22, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BRTB starting on Oct. 16, 2017. National Company for Tourism Investment (HNTI) resumed trading on Oct. 16, 2017 after fulfilling ISC disclosure requirements and publishing 2Q17 financial results. Trans Iraq Bank for Investment (BTRI) disclosed on Oct. 15, 2017 that Wisam Adnan Muhammed Adnan Muhammed Al-Rabee have increased his ownership fom 18.08bn to 24.08bn shares of BTRI to reach a 9.12% ownership. Kurdistan International Bank (BKUI) will hold its AGM* on Oct. 31, 2017 to discuss and approve 2016 annual financial results, discuss the dividends distribution, and amend the company name by adding “Islamic” to the name. ISX will suspend trading of BKUI starting on Oct. 26, 2017. Karbala Hotels (HKAR) will hold its AGM* on Nov. 14, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD50bn to IQD100bn through 100% rights issue to finance the remaining stages of the first phase of the project. ISX will suspend trading of HKAR starting Nov. 9, 2017. Cross Transactions: 7.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 18, 2017, which represents 2.65% of BTRI capital. 25.1bn shares of National Islamic Bank (BNAI) on Oct. 18, 2017, which represents 10% of BTRI capital. 2.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 17, 2017, which represents 0.76% of BTRI capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    Today, 07:18 AM
    Based on the invitation of the UN Security Council, the Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail, met in New York on Tuesday, October 17, 2017 with the members of the Council in the United Nations building. This meeting is the first of its kind where the Governor of the Central Bank of Iraq is the first governor of a central bank in the world attends such meetings. Detailed explanation of the experience of this bank in the fight against money laundering and terrorism financing was listened during the meeting. Members of the UN Security Council praised the work of the Central Bank of Iraq and its administration during the current period and the accompanying exceptional circumstances in Iraq. (Source: Central Bank of Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 26 view(s)
  • Investors Iraq News's Avatar
    Today, 07:18 AM
    The Government of the Republic of Korea*and the United Nations Development Programme (UNDP) signed a partnership agreement today for US$4 million to support stabilization and recovery in newly liberated areas in Iraq. Korea’s contribution will be channeled through UNDP’s Funding Facility for Stabilization (FFS), which finances fast-track initiatives in areas retaken from ISIL. This is Korea’s fourth contribution since 2015 to FFS. Based on priorities identified by the Government of Iraq and local authorities, FFS helps quickly repair public infrastructure, provides grants to small businesses, boosts the capacity of local government, and provides short-term employment through public works schemes. During a signing ceremony held in Baghdad, UNDP Resident Representative for Iraq, Ms. Lise Grande, said: “Stabilizing Mosul is the biggest stabilization challenge we have faced. There are 366 stabilization projects already underway in the city, but so much more needs to be done. This generous contribution from the Republic of Korea will help us accelerate our work in western Mosul. The level of destruction in this part of the city is the worst in the country.” H.E. the Korean Ambassador to Iraq, Mr. Song Woong-Yeob, said, “The Republic of Korea is deeply committed to supporting efforts of the Iraqi Government and the international community to stabilize areas affected by the violence of ISIL. I firmly believe that our fourth contribution will further help the efforts by imbuing affected Iraqis with hope and empowering them to recover and start the process of rebuilding their communities.” UNDP’s Funding Facility is implementing over 1,200 initiatives in newly liberated areas of Anbar, Salah al-Din, Ninewah, and Diyala. (Source: UNDP in Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 09:03 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:15 AM
    Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Ishaq has hailed the political ties between Tehran and Baghdad, saying the two sides’ economic ties should also be strengthened. Speaking in a forum of Iranian and Iraqi traders, Al-e Eshaq said the economic relations between Tehran and Baghdad have not developed on par with the political and security ties. The official called for removal of obstacles in the way of the two countries’ economic cooperation, especially in the fields of banking, transportation, and customs affairs. He further noted that that Tehran and Baghdad eye boosting their annual trade exchange to $20 billion. Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume. Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports. Other Iranian exports to Iraq include canned food, tomato paste, chicken, egg, meat, construction materials (mainly rebar, tiles and ceramics), steel and evaporative cooler. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 44 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:15 AM
    By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* Around 8 p.m. on Oct. 15, an Iranian general from the powerful Islamic Revolutionary Guard Corps (IRGC) accompanied by Iraqi Commanders Abu Mahdi al-Muhandis and Hadi al-Ameri sat down with the Kurdish commanders in Kirkuk. The IRGC commander, known only by his surname, Eqbalpour, who works closely with Quds Force chief Qasem Soleimani (pictured), told the Kurds to give up the city peacefully. “If you resist, we will crush you and you will lose everything,” the general warned the peshmerga commanders, a source with intimate knowledge of the meeting told Al-Monitor. The Kurdish leadership had turned down repeated requests by Soleimani to cancel the*Sept. 25 independence referendum,*to his*indignation. The peshmerga commanders who had fought Saddam Hussein’s army alongside Soleimani and other IRGC commanders in the 1980s knew that the Quds Force commander would take his revenge. After consulting with the top Kurdish leadership, the peshmerga commanders told Eqbalpour*that they would not give up Kirkuk. The Iranian commander took out a map of the area and spread it out in front of his Kurdish counterparts. “This is our military plan. We will hit you tonight from three points*—*here, here and here,” the Quds Force officer stated, and then left the meeting with his entourage. Not far from the main Patriotic Union of Kurdistan (PUK) building in Kirkuk, where the meeting took place, a group of American military advisers sat at*the sprawling K1 air base. The soldiers would keep their silence as Soleimani and the Iraqis orchestrated the attacks on Kirkuk. One Kurdish official even suggested that there must have been an international agreement to launch such a coordinated strike.*The Kurds were in for a big surprise. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 45 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:15 AM
    From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. With the return of Kirkuk to Iraqi control, the balance of power appears to have shifted between the ethnic communities in the Kurdish-majority city, to the delight of its Turkmen residents. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 55 view(s)
  • Investors Iraq News's Avatar
    10-21-2017, 07:00 AM
    By John Lee. Russia’s Gazprom Neft has said it expects production at the Badra oilfield to stay between 85,000 and 90,000 barrels per day (bpd) in 2018. Deputy chief executive Vadim Yakovlev (pictured) told Reuters that Baghdad has not asked the company to curtail production, despite reports that the Oil Ministry had asked foreign producers to cut investment to reduce the cash-strapped government’s contribution in shared ventures. Yakovlev added that production at Badra is expected to plateau as high as 110,000 bpd in the future. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 68 view(s)
  • Investors Iraq News's Avatar
    10-21-2017, 07:00 AM
    Hundreds of thousands of children and their families in Iraq who have suffered the pain of brutal conflict and displacement will have regular access to lifesaving clean drinking water and services that respond to gender based violence thanks to help from the U.S. government. With the latest contribution of nearly 9 million US$ from the United States Office of Foreign Disaster Assistance (OFDA), UNICEF and its partners will be able to provide safe drinking water to families living in displacement camps as part of its emergency first line response, as well as repair damaged water supply infrastructure. OFDA’s generous assistance will also help bring age-appropriate and survivor-centered community-based multi-sector services to survivors of gender based violence. Hamida Ramadhani, UNICEF’s deputy representative in Iraq, said: “The provision of multi-sector support services to women and children who carry invisible wounds as a result of conflict, gender-based violence and large-scale displacement is particularly important to help them cope and to re-build their lives.” Nearly five million children are in dire need of humanitarian assistance in Iraq. UNICEF continues to count on the United States as a major global donor of humanitarian and development assistance to respond to the most urgent needs of the most vulnerable children around the world. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 65 view(s)
  • Investors Iraq News's Avatar
    10-21-2017, 07:00 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. About 100,000 Kurds have fled the Kirkuk region since it was retaken by Iraqi forces from Kurdistan’s regional government (KRG). The UN says it is worried by reports of civilians being forcibly displaced and their houses and businesses looted and destroyed. Al Jazeera‘s Steffanie Dekker reports from Erbil. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 65 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    By John Lee. Iraq’s Ministry of Oil has hit back at Rosneft‘s recent decision to enter a production-sharing deal with the Kurdistan Regional Government (KRG) without its approval. In a statement, the Ministry warned: “The ministry of oil warns seriously all the countries and oil companies from contracting or dealing with any authority inside Iraq without taking the approval from the federal government and the ministry of oil”. Oil Minister Jabar Ali al-Luaibi (pictured) added: “… irresponsible statements from some of the officials inside & outside Iraq or the foreign companies about their intention to sign oil contracts with any authority inside the geographic borders of Iraq without telling the federal government or the ministry of oil, is considered as a Blatant interference in the internal affairs and a derogation from national sovereignty, and an outright violation of international norms.” Rosneft boss Igor Sechin insisted that the company strictly followed the law. AFP quotes him as saying: “If there are problems between the government of Iraq and Kurdistan they need to solve the problems themselves … I am not a politician, my job is to produce oil.” In addition to the production-sharing deal, Rosneft has just agreed to start work on a new oil pipeline project in Iraqi Kurdistan. (Sources: Iraqi Ministry of Oil, AFP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    Russia’s Rosneft and Kurdistan Regional Government (KRG) have announced the start of joint implementation of an infrastructure project for the operation of the oil pipeline in the Kurdish Autonomous Region. According to a statement from Rosneft, its share in the project “may amount to 60%“. “The other project participant with 40% share will be KAR Group, who is the current pipeline operator,” it added. Rosneft Chief Executive Officer Igor Sechin (pictured) said: “The entry into the infrastructure project will contribute to achievement of Rosneft’s strategic objectives and will enable Rosneft to enhance the efficiency of oil transportation to the end customers including supplies to the Company’s refineries in Germany”. (Source: Rosneft) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    In a statement released on October 18, the Kurdish Independent High Electoral and Referendum Commission (IHERC) said it had decided to suspend the preparations for the upcoming presidential and parliamentary elections, due to be held on November 1, due to the recent violence in Kirkuk and other disputed territories. The suspension is due to not receiving “the names of candidates on the scheduled dates and because of the recent development in Kirkuk and the disputed areas,” the IHERC statement said. It said “the suspension will continue until the parliament of Kurdistan region will take a decision about the matter.” (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 65 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    Gulf Keystone Petroleum (GKP) confirmed on Friday morning that its operations in Kurdistan continue safely and securely with the Company achieving average production of 34,525 bopd from Shaikan since the beginning of October 2017. Shaikan is performing as expected with cumulative production from the field now at 42.4 million barrels, an average of 35,966 bopd in 2017. The Company is on track to meet gross production guidance of 32,000-38,000 bopd for the year. In line with the Ministry of Natural Resource’s crude export strategy, Shaikan crude production is still being exported via trucks to Turkey. Trucking operations continue uninterrupted with approximately 200 trucks loaded daily. Following the recent payment for the October 2017 Reinstated Notes coupon of $5 million, the Company’s current cash position is $147.2 million. Gulf Keystone will keep the market appraised of any changes to its normal operations. Commenting on today’s announcement, CEO, Jón Ferrier, said: “We remain committed to ensuring safe and secure operations in Kurdistan, and we continue to monitor the geo-political situation closely. Despite the challenges facing the region, we are maintaining stable operations.” (Source: Gulf Keystone) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 70 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    The Council of Ministers of the Kurdistan Regional Government held a meeting on Thursday to discuss the latest developments in the region. Prime Minister Nechirvan Barzani and Deputy Prime Minister Qubad Talabani attended the meeting and discussed the situation in Kirkuk and other areas that witnessed tensions and clashes this week. The Council of Ministers welcomed Iraqi Prime Minister Haider Al-Abadi’s call for negotiations in order to address the issues between the Kurdistan Regional Government and Iraqi Federal Government, within the framework of the federal constitution, and based on partnership and consensus. It also called on the international community to help the two sides to start and conduct the talks. The Council of Ministers reiterated that the Kurdistan Regional Government has always been ready for dialogue and negotiations with Baghdad. In a statement after the meeting, the Council of Ministers said that history has proven that the will of the people of Kurdistan will not be shaken by military actions, and the issues of Iraq will not be solved militarily. The Council of Ministers also instructed relevant authorities to provide assistance for the people from Kirkuk and Tuz Khormatu, who fled their homes due to the recent violence. The Council also thanked the people and KRG agencies for their outpouring support for the displaced. The Council of Ministers of the Kurdistan Regional Government extended its condolences to the family and friends of member of Kurdistan Parliament, Shwan Qaladzayee, who lost his life in a car accident. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 66 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    The United Nations is concerned about reports regarding the destruction and looting of houses, businesses and political offices, and forced displacement of civilians, predominantly Kurds, from disputed areas. The United Nations has received allegations of the burning of about 150 houses in Tuz Khurmatu on 16 and 17 October, by armed groups. There were also allegations that up to 11 houses which reportedly belonged to Kurdish families and officials of Kurdish political parties were destroyed by explosives in the city. There were also reports of attacks against political offices of Turkmen parties in the Kirkuk Governorate. The United Nations takes note of Prime Minister Haider al-Abadi’s acknowledgement of incidents caused by what he described as extremist elements from both sides and his decision to send the Iraqi army to restore order in Tuz Khurmatu, as well as the calls by the political and security leaderships of the country requesting federal and local security forces to ensure and act in full respect for law and order and protect civilians and political leaders. The United Nations urges the Government of Iraq to take every action to halt any violations and ensure that all civilians are protected and that the perpetrators of acts of violence, intimidation and forced displacement of civilians be brought to justice. (Source: United Nations) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 68 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    By John Lee. The United Nations has advertised new positions in Iraq: GBV Manager, International Medical Corps MHPSS Consultant, International Medical Corps Field Coordinator, International Medical Corps Program Coordinator, International Medical Corps Community Liaison Manager, Mines Advisory Group (MAG) Human Resources Assistant, Norwegian Refugee Council (NRC) Administration Officer, Norwegian Refugee Council (NRC) Admin Assistant, Norwegian Refugee Council (NRC) Education Project Coordinator, Norwegian Refugee Council (NRC) Health Program Manager, Save the Children Senior Advisor Stabilisation,*United Nations Development Programme (UNDP) Associate Political Affairs, United Nations Assistance Mission for Iraq (UNAMI) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 70 view(s)
  • Investors Iraq News's Avatar
    10-20-2017, 01:13 PM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Finance Head of Department, Action contre la Faim – ACF International MEAL Officer, Action contre la Faim – ACF International Mental Health and Care Practices/MHPSS Head of Department, Action contre la Faim – ACF International Emergency Team Leader, Oxfam Public Information Officer, Office for the Coordination of Humanitarian Affairs (OCHA) Finance Officer (Pooled Fund Manager), Office for the Coordination of Humanitarian Affairs (OCHA) Humanitarian Affairs Officer / Reporting Officer, UN Office for Project Services (UNOPS) Project Manager (OFDA), Agency for Technical Cooperation and Development (ACTED) Project Development Officer, Agency for Technical Cooperation and Development (ACTED) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 77 view(s)
  • Wolverine's Avatar
    10-20-2017, 10:41 AM
    https://www.bloomberg.com/news/articles/2017-10-18/iraq-turmoil-threatens-billions-in-oil-trader-deals-with-kurds The crisis unfolding around the Iraqi city of Kirkuk has left some of the world’s largest commodity trading houses worried the country’s autonomous Kurdish region will struggle to repay billions of dollars in cash-for-oil loans. The approximately $3.5 billion in debts were going to be met with the roughly 500,000 to 600,000 barrels a day of crude that the northern region of Iraq was pumping, according to people familiar with the information, asking not to be named discussing private information. But output has now collapsed to about half that level after the federal government in Baghdad recaptured some oilfields that the Kurds seized in 2014. read entire article here
    0 replies | 82 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 09:34 AM
    By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi (pictured) has asked UK-based BP to develop the disputed Kirkuk oilfields. The move comes just a day after Baghdad regained control of the area from Kurdish forces. Control of the field remains split between the Kurdistan Regional Government (KRG) and Baghdad’s North Oil Company (NOC). According to the Financial Times, BP’s chief executive Bob Dudley said before lunchtime yesterday that he had not yet heard from the Iraqi oil minister, but indicated the company could be interested. (Sources: Ministry of Oil, Financial Times) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 09:34 AM
    Genel Energy has issued a trading and operations update for Q3 2017. The information has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “During the quarter Genel executed a landmark settlement agreement with the KRG over historical receivables, which we expect to materially enhance our cash flows going forward. Ahead of those payments commencing we continued to generate meaningful free cash flow, resulting in a further 13% reduction in net debt during the period. “Our operations in the Kurdistan Region of Iraq are progressing as normal – exports are continuing from Taq Taq and Tawke, payments are being received on time, and operations are proceeding at both fields, with testing now underway on the TT-29w well.“ Q3 2017 OPERATING PERFORMANCE Q3 2017 net production averaged 33,810 bopd, with production for the nine months ending September 2017 averaging 36,030 bopd Production and sales by field during Q3 2017 were as follows: Tawke PSC (Genel 25% working interest) Tawke PSC production in Q3 averaged 110,460 bopd, including long-term test production from the Peshkabir-2 well of 4,670 bopd. In 2017 to date, the Tawke partners have drilled ten wells, including the Peshkabir-2 and 3 wells, four Cretaceous producers, three Jeribe producers and a Jeribe water injector A further four development wells are planned on the Tawke PSC by year-end 2017 – two Cretaceous producers, one Jeribe producer and a Jeribe water disposal well Peshkabir-3 well operations are ongoing, with results expected later in Q4. The Peshkabir early production facility remains on track to be installed by the end of 2017 Taq Taq PSC (Genel 44% working interest) Taq Taq field production in Q3 averaged 14,080 bopd, and production has averaged 13,570 bopd during October 2017 to date The TT-29w well, which is appraising the northern end of the Taq Taq field, reached target depth of 3,100 metres in early September 2017. A testing programme is now underway. Further development of the Cretaceous reservoir has been deferred pending results of the TT-29w testing programme The EDC-24 rig has moved to the TT-30 well location, with two shallow horizontal wells set to be drilled in the Pilaspi reservoir before the end of the year Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 72 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 12:21 AM
    Petrofac has been awarded a contract, valued at around US$30 million, to undertake Project Management Consultancy (PMC) services for the Halfaya Contract Area (Halfaya) in southern Iraq. Working in support of PetroChina International Iraq FZE (PetroChina), as the lead operator of Halfaya, Petrofac’s Engineering and Production Services (EPS) East business will undertake project management services for five years. Petrofac is responsible for managing and supervising the development and progress of several engineering, procurement and construction work scopes including: the central processing facility, power plant expansion, gas process plant and all associated facilities. For each work scope, activities will include the management of detailed design, procurement, construction and commissioning. Manivannan Rajapathy, Managing Director, Petrofac EPS East said: “This important award reflects our growing capabilities in a core market. Through the provision of PMC services, we are demonstrating our competence and capabilities to oversee large programmes of work. This builds upon our long track record for in-country execution for existing clients, through the delivery of engineering, operations, maintenance and training activities. “We are pleased to have the opportunity to support PetroChina and the Halfaya partners in the delivery of this key infrastructure project. Our focus is to support sustained production, through the successful conclusion of each phase, towards the overall production plateau target of around 400,000 barrels per day.” (Source: Petrofac) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 53 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 12:21 AM
    Russian state-controlled oil company Rosneft and the Government of the Kurdish Autonomous Region of Iraq signed the documents required to put into force Production Sharing Agreements (PSA) with respect to five production blocks located in the Kurdish Autonomous Region. The share of Rosneft Group Subsidiaries in PSA will be 80%, the amount of payments for the projects farm-in and geological information for each of* five blocks ranges from 40 mln. USD *to 110 mln. USD and may total to 400 mln.USD (incl. 200 mln.USD that can be compensated by oil produced from block), the heads of terms of the agreements and the basic principles of product distribution are similar to the PSA in Iraqi Kurdistan that were signed by other international oil and gas companies. The parties agreed to implement the geological exploration program and to start pilot production as early as in 2018. In case of success, in 2021 it is planned to start full-field development of the blocks. According to conservative estimates, the total recoverable oil reserves at five blocks may be about 670 million barrels. The documents were signed in pursuance of the Investment Agreement which was concluded at the St. Petersburg International Economic Forum in 2017. (Source: Rosneft) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 53 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 12:21 AM
    By*Dr. Olgu Okumu? for*Al-Monitor.*Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. On Sept. 28, when Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan jointly stated their support for the sovereignty and territorial integrity of Iraq, they also made a point of stressing their countries’ continued commitment to two joint mega energy projects: the Turkish Stream gas pipeline and the Akkuyu nuclear power plant. The success of these projects would diminish the importance of the Kurdistan Regional Government (KRG) as a regional economic actor, pushing the significance of its oil and gas resources into the background. Given the KRG’s apparent hope to leverage such resources as part of a continued drive for independence — a drive Erdogan has said would lead to “even more serious mistakes” by the KRG — Erdogan and Putin’s joint statements are worthy of increased scrutiny. This was*the second visit by the Russian leader to Turkey since the improvement in relations that has taken place*after ties suffered a major blow when Turkish forces shot*down a Russian jet in November 2015. Putin’s first visit, in October*2016, was also energy-inspired, as it occurred at Erdogan’s invitation to participate in the*23rd World Energy Congress. Last week’s meeting was labeled a “solely pragmatic*meeting” by the Kremlin, because it covered several essential bilateral trade issues,*such as*Turkey’s purchase of Russia’s S-400 missile system, Russia’s embargo on*Turkish tomatoes*and the two countries’ joint energy projects. At the leaders’ press conference, they stressed their discussions on energy projects, while also*commenting on international security issues such as Syria and the KRG*independence referendum. Turkey*needs a cooler relationship with the KRG. Since*January 2013, the Turkish-British joint venture Genel Energy’s truck-based deliveries from the KRG have been bypassing the Baghdad-controlled Kirkuk-Yumurtalik oil pipeline; the oil has*instead been going to Turkey’s*Ceyhan port on the Mediterranean Sea. This had already prompted concerns about the KRG’s drive for economic and political independence, and pushed*Ankara*into*the middle of an international diplomatic crisis. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 53 view(s)
  • Investors Iraq News's Avatar
    10-19-2017, 12:21 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Tuesday, conducting seven strikes consisting of eight engagements, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition military forces conducted two strikes consisting of three engagements against ISIS targets near Abu Kamal yesterday. The strikes engaged an ISIS tactical unit and destroyed two vehicle-borne-bomb factories and an ISIS headquarters. Officials also provided details today about three strikes consisting of three engagements conducted Oct. 16 near Raqqa for which the information was not available in time for yesterday’s report. The strikes suppressed three ISIS communication lines. Strikes in Iraq In Iraq, coalition military forces conducted five strikes consisting of five engagements yesterday against ISIS targets: Near Qaim, two strikes destroyed three ISIS vehicle-borne-bomb factories, an ISIS-held building and a munition production and storage facility. Near Beiji, two strikes destroyed an ISIS vehicle-borne bomb and an ISIS tunnel. Near Rawa, a strike engaged one ISIS tactical unit. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 59 view(s)
  • Lenmon's Avatar
    10-18-2017, 06:49 PM
    got my stock portfolio today, i requested it on the 16th
    14 replies | 1355 view(s)
  • Lenmon's Avatar
    10-18-2017, 06:44 PM
    I sent on 10/16 Dear Sir, Please find attached your updated stock statement for your stocks and shares held under the name of our proxy company. Best regards, ISX Department Warka Bank for Investment and Finance
    0 replies | 122 view(s)
  • Investors Iraq News's Avatar
    10-18-2017, 06:57 AM
    By John Lee. The State Company for Glass & Refractories Industry (SCG&R), one of the Ministry of Industry and Minerals (MIM) companies, has announced an following investment opportunity at the following factories: Rehabilitation & operation of Ceramic Wall Tiles Factory Rehabilitation & operation of Ceramic Floor Tiles Factory Rehabilitation & operation of Ceramic Sanitary Ware Factory Full details available here. (Source: National Investment Commission) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 60 view(s)
  • Investors Iraq News's Avatar
    10-18-2017, 06:57 AM
    US-based security company Triple Canopy has agreed to pay $2.6 million to settle civil False Claims Act allegations that the company submitted false claims for payment to the Department of Defense for unqualified security guards stationed in Iraq. “Contractors must be held accountable for their actions, especially when the safety of government personnel is at stake” said Dana J. Boente, U.S. Attorney for the Eastern District of Virginia. “This settlement should remind contractors of the high value we place on safeguarding our personnel abroad.” The allegations stem from Triple Canopy’s one-year contract with the Joint Contracting Command in Iraq (JCC-I), an entity established to provide contracting support related to the government’s relief and reconstruction efforts in Iraq. Under the 2009 contract, Triple Canopy was required to perform a variety of security services at Al Asad Airbase, the second largest air base in Iraq.*** The government’s complaint in intervention alleges that Triple Canopy knowingly billed the United States for security guards who could not pass contractually required firearms proficiency tests. The tests were designed by the Army to ensure that the guards hired to protect U.S. and allied personnel were capable of firing their assigned weapons safely and accurately. The government further alleges that Triple Canopy concealed the guards’ inability to satisfy the firearms testing requirements by creating false test scorecards that Triple Canopy was required to maintain for government review, in an effort to induce the government to pay for the unqualified guards.**** Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Investors Iraq News's Avatar
    10-18-2017, 06:57 AM
    Ali Akbar Velayati, a senior member of Iran’s Expediency Council, rejected the notion that the Islamic Republic helped the central government in neighboring Iraq to take full control over the disputed region of Kirkuk, which was previously held by Kurdish Peshmerga forces. “Iran has no role in the Kirkuk operation,” Velayati told reporters on the sidelines of his meeting with Special Envoy of France to Syria Franck Gellet in Tehran on Tuesday. He further pointed to the independence referendum recently held in Iraq’s semi-autonomous Kurdistan Region and said the majority of Iraq’s Kurdish people are opposed to the ambitions of Kurdistan Regional Government (KRG) President Masoud Barzani. “We saw that the region (Kirkuk) was captured by the Baghdad government almost without any clashes,” said Velayati, who is also an international adviser to the Leader of the Islamic Revolution. Iraqi forces completed an operation to take control of all oil fields operated by state-owned North Oil Company in the Kirkuk region on Tuesday, according to a senior military officer. They took control of the Bai Hasan and Avana oil fields northwest of Kirkuk on Tuesday, after seizing the Baba Gurgur, Jambur and Khabbaz fields on Monday, he said, Reuters reported. Oil officials in Baghdad said all the fields were operating normally. The fields were previously held by Kurdish Peshmerga forces, but they pulled out of the area in the face of an advance by forces of the Iraqi central government. Tuesday’s deployment of Iraqi government forces in Dibis, where Bai Hasan and Avana are located, is part of an operation ordered by Prime Minister Haider al-Abadi to take control of Kurdish-held areas outside the three provinces that form Iraq’s semi-autonomous Kurdish region. The latest incidents come amid simmering tensions between the central government in Baghdad and the KRG over a recent controversial referendum on the secession of the semi-autonomous Iraqi Kurdish region. The plebiscite took place on September 25, sparking strong objection from Baghdad. Iraq’s neighbors and the international community also voiced concerns about the repercussions of the vote, which was only supported by Israel. Kirkuk, with some 10 percent of Iraq’s oil reserves, has long been contested by Baghdad and Erbil. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 68 view(s)
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