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  • dollarsign's Avatar
    Today, 04:58 PM
    spent a ton of time in 777s, no complaints there! I seem to remember you had a tri-star gif long ago when you posted. Nothing for us to worry about, just anything from that time was drawn up when that rate was in place. I may spend all of Feb. on this thing! Don't know when the first bi monthly BIS session will be but hey, they don't have many days to work with. ​$
    27 replies | 10651 view(s)
  • ETA's Avatar
    Today, 04:35 PM
    there's only one of them left in service the 10-11 that means we'll be okay I'll take anything that's dependable Boeing has a lot of good aircraft I'll take a 777 or an 800 or 900 series I never buy a first-generation car I always let them work out the problems so that I have something dependable going on to your statement about really what is it in that 1997 amended document that we should worry about not that that would change anything just keeping my eyes peeled for what can go wrong I just like to also say I might have made a mistake earlier when I said you were 50% hound dog and 50%fox I think you're 90% Fox and 10% Hound thank you again
    27 replies | 10651 view(s)
  • Investors Iraq News's Avatar
    Today, 04:24 PM
    By John Lee. BP has reportedly finished its work at Iraq’s giant Kirkuk oilfield. According to Reuters, sources confirmed that the decision followed the expiration of its $100-million exploration contract at the end of December, at which point there was no agreement on the field’s expansion. It quotes a source at BP as saying: “In 2013, BP signed a letter of intent (LOI) with the North Oil Company of the Iraq Ministry of Oil to support field activity studies in Kirkuk. As planned, in December 2019 BP completed field work, studies and recommendations.” Another source said that the results of the study were “below expectations” and “not encouraging for BP to extend its operations.” Full report here. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 178 view(s)
  • dollarsign's Avatar
    Today, 11:53 AM
    Dinar Airlines you are clear for takeoff on Runway 120 Will we be in an L1011? ​$
    27 replies | 10651 view(s)
  • dollarsign's Avatar
    Today, 11:32 AM
    https://cbi.iq/news/view/1399 According to the provisions of articles (87 and 88) of the Companies Act No. 21 of 1997 as amended, we are pleased to invite you to attend the General Assembly meeting on the morning of Monday a brief summary of 2020 / 2 / 10 at ten am in the Iraqi private banks object Association headquarters in Baghdad / Karada outside / yard obstacle Ben Nafeh M929G30 Building 24, to discuss the following agenda: Approving the report of the founders' committee and the company's founding expenses. Electing a board of directors of the company from the private sector, whose number is (5) five original members, and they are equal. We hope that you will attend or delegate one of the shareholders according to the letter of attorney or the power of attorney of others according to an agency issued by the notary public that the deputies or agencies be deposited with the Securities Commission located in Baghdad / Mansour at least three days before the meeting date and in the event that the quorum is not postponed the meeting to the next week at the same time and exact location , and a brief summary of 2/17/2020 ____________________ i'm adding this historical note... https://www.govinfo.gov/content/pkg/GOVPUB-T63_100-df6e98d19bcf6ba2d231a10f6c9d5260/pdf/GOVPUB-T63_100-df6e98d19bcf6ba2d231a10f6c9d5260.pdfING TREASURY REPORT RATES OF EXCHNAGE AS OF MARCH 31, 1997 COUNTRY-CURRENCY F.C.TO$1.00 IRAQ - DINAR 0.3100 They should really be careful about invoking 1997... $
    27 replies | 10651 view(s)
  • Investors Iraq News's Avatar
    Today, 02:57 AM
    By John Lee. A recently established tote bag factory has reportedly created jobs for 25 women in the Kurdistan Region’s Halabja. According to Rudaw, the initiative aims to promote alternatives to plastic, and is part of the “Green City Halabja” campaign, run by the NWE NGO and partially funded by the German Consulate and WADI organization. Click here to read the full story. (Source: Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 119 view(s)
  • Investors Iraq News's Avatar
    Today, 02:57 AM
    Qatar Airways, Emirates and several other Persian Gulf airlines still fly in Iranian and Iraqi airspace and to cities in both countries since Iran and the United States traded military strikes. “Iranian airspace is important for all carriers in this region,” said Adil al-Ghaith, Emirates’ senior vice president, commercial operations, Persian Gulf, Middle East and Iran, Reuters reported. Dubai-based Emirates and sister carrier flyDubai together serve 10 cities in Iran and Iraq, and have continued to use the airspace of both countries for other flights. Kuwait Airways and Abu Dhabi-based Etihad Airways have also continued using Iranian and Iraqi airspace. “We will continue to fly to Iran because Iran is an important country to us and it is our neighbor and we want to serve the people of Iran,” Qatar Airways Chief Executive Akbar al-Baker said on the sidelines of a Kuwait air show. However, some regional carriers have changed their routes. Bahrain’s Gulf Air has redirected European flights away from Iraqi airspace and now flies longer, more fuel consuming routes over Saudi Arabia and Egypt. “We want to take the safest option even if it costs us a little bit more for a period of time. We can live with that,” Deputy Chief Executive Waleed Abdulhameed al-Alawi said. The UAE regulator told its carriers — Emirates, Etihad, flydubai and Air Arabia AIRA.DU — this month to “evaluate flight path risks” although it said it was up to the airlines to make the final decision on the routes they chose. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 285 view(s)
  • ETA's Avatar
    Today, 02:17 AM
    Tax runaway 1.20 People in Iraq demanding better government and jobs several months now The number two man Somali dead no more interference from this guy chapter 7 done with rules and regulations pertaining to banking in place Key individuals in the American system going to the bank of international settlements looks like the left hand is feed the right hand Countries around the globe looking for Solutions everybody's in- debt to their eyeballs 14 1/2 years have gone by now would be a good time Dinar Airlines you are clear for takeoff on Runway 120 I got a question for somebody out there if they can answer it when is Iraq's year-end or the first of the year for their budget and the last part of that question is when the bank of international settlements sits down for every 2 months is February 1st their first meeting for the year
    27 replies | 10651 view(s)
  • Investors Iraq News's Avatar
    Today, 12:52 AM
    By John Lee. The International Energy Agency (IEA) has warned that Iraq is a “potentially vulnerable” energy supplier. In its Oil Market Report, it says that in the medium term, “heightened security concerns might make it more difficult for Iraq to build production capacity“. More here. (Source: IEA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 125 view(s)
  • Investors Iraq News's Avatar
    Today, 12:52 AM
    From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq protests swell with youth angry at slow pace of reformProtests escalated across Iraq’s capital Baghdad as demonstrators sealed off streets with burning tyres in outrage at the government’s slow pace of reform. View on YouTube Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 198 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 08:52 PM
    Deputy for Victory: The coming hours will see the next Prime Minister's mandate 13:15 - 20/01/2020 The information / Baghdad .. The deputy for Nada Shaker Jawdat, revealed on Monday that the political blocs have reached advanced stages regarding the selection of the prime minister, indicating that the next two days will witness the consignment of the next prime minister in a consensual manner. Jawdat said in a statement to the "information", that "the meetings between the political blocs have been going on around the clock for 10 days and have reached satisfactory solutions for all." She added, "The next two days will witness the appointment of the next Prime Minister by the President of the Republic, with the prime minister to be consensual." Jawdat explained, "The recent escalation in the protests is caused by the failure to end reform files in forming the government and taking measures to absorb the anger of the citizens." Finished / 25 d
    2 replies | 2370 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:55 AM
    UN Iraq Representative urges renewed push for reform, calls for demonstrations to remain peacefulWith public demonstrations across many parts of Iraq in their fourth month, the Special Representative of the United Nations Secretary-General for Iraq, Jeanine Hennis-Plasschaert, is urging a renewed push for reform and expressing concern about ongoing human rights violations. She emphasizes the importance of pressing ahead to meet the needs of the Iraqi people: building resilience at the state and societal level is challenging but essential work. “In recent months, hundreds of thousands of Iraqis from all walks of life have taken to the streets to voice their hopes for better times, free from corruption, partisan interests and foreign interference. The killing and injury of peaceful protesters, combined with long years of undelivered promises, have resulted in a major crisis of confidence.” Two months after the Prime Minister announced his resignation, political leaders remain unable to agree on the way forward. While there was public acknowledgement by all actors that urgent reform is needed, it is now high time to put these words into action and to avoid further derailing of these protests by those pursuing their own objectives, not wishing well for this country and its people. “Any steps taken so far to address the people’s concerns will remain hollow, if they are not completed. Domestic unity, cohesion and determination are urgently necessary to build resilience against narrow partisan interests, foreign interference and/or criminal elements which actively seek to hinder Iraq’s stability.” The recent escalation in regional tensions has understandably taken much attention away from urgent unfinished domestic business. However, geopolitical developments must not eclipse the rightful demands of the Iraqi people. This will only further fuel public anger and distrust. The Special Representative urges the Iraqi authorities to do everything to protect peaceful demonstrators. “Violent suppression of peaceful protesters is intolerable and must be avoided at all costs. Nothing is more damaging than a climate of fear. Accountability and justice for victims is critical to building trust, legitimacy and resilience.” She calls on protesters to remain peaceful, avoiding counterproductive violence and destruction of property. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 227 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:55 AM
    By John Lee. Oil production is reported to have stopped at the 70,000-bpd Al Ahdab field on Sunday, as security guards seeking permanent employment blocked access to the site. According to Bloomberg, the 50,000-bpd Badra field is also at risk of closure from Monday. Al Ahdab is developed by China’s CNPC, while Badra is run by a consortium of Gazprom (30%), KOGAS (22.5%), Petronas (15%), TPAO (7.5%). (Source: Bloomberg) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 472 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    Denmark Grants Additional USD 4.4 Million for Explosive Hazard Management in Retaken Areas of IraqThe United Nations Mine Action Service (UNMAS) in Iraq welcomes an additional contribution of DKK 29.5 million (over USD 4.4 million) from the Government of Denmark to further enable stabilization and humanitarian efforts through explosive hazard management in retaken areas of Iraq. With this contribution UNMAS will be able to better support the safe, dignified, and voluntary return of displaced communities, as well as permit rehabilitation and reconstruction efforts to proceed. UNMAS in Iraq is working closely with the United Nations system and the Government of Iraq to enable humanitarian and stabilization efforts by providing survey and clearance activities of explosive hazards. As part of its response to the mine action needs of the country, UNMAS also undertakes risk education initiatives targeting vulnerable women, men, and children who live in retaken areas. This ensures that local citizens are informed of the dangers posed by explosive hazards, and are aware of suspicous items. In addition, UNMAS also works with the Government of Iraq to provide technical support to the Ministry of Interior and national mine action authorities with trainings on Explosive Ordnance Disposal/Improvised Explosive Device Disposal and Explosive Hazard First Responder. In connection with the Danish support, the Danish Foreign Minister, Jeppe Kofod (pictured), stated: ”Denmark has been a long-time supporter for UNMAS and their important work in Iraq. It is my hope that the additional Danish support will facilitate the return of IDPs to areas previously taken by ISIL and help to stabilise Iraq. Denmark remains committed to the long-term stabilisation efforts in Iraq.” Pehr Lodhammar, UNMAS Iraq Senior Programme Manager, said: “Through its continuous support and close collaboration with UNMAS, the Government of Denmark is helping to reduce the threat posed by explosive hazards, including improvised explosive devices, to the Iraqi people, thereby enhancing community safety and facilitating the return of displaced people to their homes.” The Government of Denmark is an essential contributor to UNMAS explosive hazard management activities in Iraq. This latest contribution brings to DKK 148 million (more than USD 22 million) the total amount of funds donated since 2016. Additional donations are planned for 2020 and 2021. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 323 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Abdul Mahdi urges Kurds to help rid Iraq of US troopsIraqi caretaker Prime Minister Adel Abdul Mahdi arrived Jan. 11 in Erbil — his first official visit to the Kurdistan region since taking office — to discuss the country’s stability and the need for Kurdistan to cooperate with a push to expel US forces. Iranian President Hassan Rouhani tweeted Jan. 8 that Iran will “kick all US forces out of the region” in response to the Jan. 3 killing by US forces of Qasem Soleimani, chief commander of the Quds Force in Iran’s Islamic Revolutionary Guard Corps, and Abu Mahdi al-Muhandis, deputy head of Iraq’s Popular Mobilization Units. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 469 view(s)
  • BatmaninIraq's Avatar
    01-19-2020, 09:49 PM
    This might to happened E currency to Iraq
    3 replies | 1777 view(s)
  • dollarsign's Avatar
    01-19-2020, 08:06 PM
    The BIS Board of Directors appointed Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations with members of the GEM. The GEM and the ECC are among the principal meetings held at the BIS every two months. The appointment takes effect on 1 February 2020 for a three year-term. Mr Powell succeeds Mark Carney, Governor of the Bank of England, who has chaired the two groups since December 2017. On the Arabic side of the CBI main page, there is a multiple page document titled "Amending the instructions for selling foreign currency for the year 2017". yes, it has to sink in at this point. Rules for selling foreign currency that were in effect while the Gov. of the Bank of England held those two BIS chairs, amended in time for his successor to take over. People have got to see this, you certainly do! $
    27 replies | 10651 view(s)
  • ETA's Avatar
    01-19-2020, 07:44 PM
    You got to know something's up. I find the date December 24th as interesting why that's what the Federal Reserve did in 1913 on December 24th. I do believe and of course this is speculation the British are in the know brexit No Deal is set happen January 31st 2020.
    27 replies | 10651 view(s)
  • dollarsign's Avatar
    01-19-2020, 11:23 AM
    Issue: 9/5/32 Date: 1/16/2020 Later in the book of Payments Department numbered (23/260) on 12/12/2019 To electronic payment companies/collectors (online payment services) Please provide the Payments Department with an Excel table containing data for merchants contracting with your companies on CD or flash drives, including the following: Names of their authorized dealers and their full addresses (governorate, region, building) The nature of the business The number of devices per dealer The date of signing the contract with the merchant Date of starting work Provided that it is updated quarterly, when any amendment or update is made, or as requested by this bank, for the period it deems appropriate ______________________________________________________________ Tracking this kind of data gives every indication that something is about to go live, especially given the frequency of required updates. Set? The Board of Directors of the Central Bank of Iraq, at its meeting on December 24, 2019, decided to extend the period of suspension of the promotion of applications for licensing electronic payment companies until December 31, 2020 The Central Bank of Iraq information Office If you don't have a License, you're too late to be included in the initial listing. Go! ​$
    27 replies | 10651 view(s)
  • BatmaninIraq's Avatar
    01-19-2020, 08:09 AM
    The central bank will not be blackmailed From time to time some social media outlets and some yellow channels owned by people whose orientations and purposes are poorly intended to offend national economic institutions that have clear success experiences and work with competent Iraqi national cadres come out to us. And that these channels are driven by special interests inside and outside Iraq, and they say that they are paid for, and they are always hunting with murky water and targeting our national economy and its institutions that have made clear achievements during the economic and security shocks that Iraq passed after mid-2014 and contributed to achieving economic resilience and supported our national economy. Trumpets and their press and media reports targeting the central bank on recurring and consuming topics, and that the aim of ruminating them from time to time is personal projection, public extortion, and coverage of the accomplishments achieved during the past five years. So why target? The reason, as I see it, is that the central bank insists on the need for all relevant parties to carry out its daily work internally and externally to adhere to the instructions, controls and regulations that maintain economic stability in the country, which will lead to fighting corruption and the smuggling of the dollar abroad and maintain the strength of the Iraqi dinar and the stability of the exchange rate and building the national economy properly. Although I respect the other opinion that is issued by non-specialists or from economists and monetary policy in particular, but I may disagree with the opinion that attempts to dwarf, minimize and personalize the achievements made by the central bank in facing the economic and financial crisis during the past years, which is the most difficult stage Iraq has gone through. Therefore, I invite these people to consider, even once, to preserve the reputation of the Iraqi economy and its distinguished institutions, because it is not logical to allow a well-known Arab media channel against the economic steadfastness and monetary stability in Iraq that has not been achieved in countries that have gone through circumstances similar to what Iraq is going through. Assigning accusations to the central bank and damaging Iraq’s economic reputation internationally without clear evidence or facts and without anyone being held accountable. These parties are known before others through the evidence and achievements that the Central Bank of Iraq has proven to be the first economic institution through its important achievements in supporting the national economy and achieving economic resilience and seeking to achieve economic stability in accordance with its strategy drawn up to the year 2020. The important thing that has been achieved is the stability of the exchange rate and the reduction of the gap between the official price of the US dollar and the parallel price, which is a basic goal of monetary policy and the application of policies to restore confidence in international banking transactions of Iraqi banks with Arab and foreign banks and strive to build a solid and solid banking sector. In conclusion, I invite these people, leave the successful economic institutions to work with high effort and double efforts for Iraq, and they are interested in addressing your economic and banking problems in your countries because the Central Bank of Iraq and the Iraqi banking sector will never undergo blackmail. * Financial and banking consultant
    0 replies | 1608 view(s)
  • Investors Iraq News's Avatar
    01-19-2020, 12:52 AM
    By John Lee. US-based Schlumberger has reported that Iraq has contributed to its revenue growth in the region. In its full-year results for 2019, the company said: “Sequential international growth was led by the Middle East & Asia area, where revenue increased 5% driven by higher year-end product sales in Kuwait, Iraq, and Oman.” (Source: Schlumberger) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 478 view(s)
  • Investors Iraq News's Avatar
    01-19-2020, 12:52 AM
    By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan president: ‘We are not scared of Iran, but we respect Iran’The assassination of Iranian Maj. Gen. Qasem Soleimani of the Islamic Revolutionary Guard Corps (IRGC) in a Jan. 3 drone strike carried out by the United States sent shock waves throughout the region. Those who argued that Tehran would take its time to retaliate proved wrong. On the night of Jan. 8, Iran launched more than a dozen missiles on Iraqi bases housing US forces. Several struck the Ain al-Assad base west of Baghdad. Several others landed in an open field near an air base in Erbil, the capital of Iraqi Kurdistan. Nobody was killed. The attack was seen, however, as a clear message from Tehran about the potential punishment Iraqis would face if they pursue their relations with the United States. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 838 view(s)
  • Will-it-happen?'s Avatar
    01-18-2020, 08:35 PM
    Lots of spam out there, fake accounts etc
    3 replies | 2822 view(s)
  • crazyfrank's Avatar
    01-18-2020, 08:25 PM
    has something happened here that I am not seeing? I made a post maybe 2 days ago here, about the Trusts Unlimited video call, and had noticed the view count the next day was around 80 views, and now today the view count on that is over 500? and looking at all posts now they are all with view counts well over 500, and the member/guest head count in now over 22k for today suddenly??? what is going on all of a sudden that we garnish so much attention here suddenly today?
    3 replies | 2822 view(s)
  • Investors Iraq News's Avatar
    01-18-2020, 06:44 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 | 598 view(s)
  • BatmaninIraq's Avatar
    01-18-2020, 07:39 AM
    After a closure that lasted for years, banking companies resume their work in Mosul 09:08 - 18/01/2020 The information / Baghdad .. The Governor of Nineveh Najm al-Jubouri announced, on Saturday, that he had obtained the approval of the Council of Ministers to open ten companies to exchange and transfer money through the provinces outside after a closure for a period of 3 years. Al-Jubouri said in a statement seen by (the information), "The cabinet allowed the opening of ten banking offices within the security plan developed by the council aimed at overcoming sanctions and advancing the economy in the province." For his part, the First Deputy Governor of Nineveh Governorate, Sirwan Rose Bayani, stated that "the Compensation Commission has started disbursing sums to about 300 victims who have submitted requests to compensate for their properties (homes, shops, and cars) that were damaged during the terrorist gangs control ," noting that "the subcommittee in the province will be announced in the few days Coming new later meals. Ended / 25
    2 replies | 2370 view(s)
  • Investors Iraq News's Avatar
    01-18-2020, 12:18 AM
    By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly announced a new drilling contract with Weatherford in Southern Iraq. Chinese media reports that the deal is worth approximately $27 million, and follows another contract with Weatherford in Iraq agreed in December. The oil field was not identified. (Source: Eastmoney) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 824 view(s)
  • Investors Iraq News's Avatar
    01-18-2020, 12:18 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th January 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD654 (-2.3%) / $694 (-0.9%) (weekly change) (-0.8% and -1.0% YTD change, respectively). The number of week traded shares was 5.5 bn and the weekly trading volume was IQD6.3 bn ($5.2 mn). ISX Company Announcements Al Mustashar Islamic Bank for Investment & Finance (BMUI) with a capital of IQD100 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares. Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) with a capital of IQD3 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares. Region Trade Bank for Investment and Finance (BRTB) will resume trading on Jan. 19, 2020 due to fulfilling ISX request to provide its quarterly financial statements. ISX requested Tourist Village of Mosul dam (HTVM) to provide its AGM minutes for its meeting held on Jan. 12, 2020. Middle East Producing & Marketing – Fish (AMEF) resumed trading on Jan. 16, 2020 due to fulfilling ISX request to provide its annual and quarterly financial statements. New shares of Asia Al Iraq Islamic Bank for Investment (BAIB) from the capital increase to IQD150 bn through 50% rights issue started trading on Jan. 15, 2020. Al-Ameen Estate Investment (SAEI) invited its shareholders to receive their 2018 cash dividend starting Jan. 19. The company will distribute 3% (IQD0.03 dividend per share, 4% dividend yield). ISX suspended trading of the following companies starting Jan. 12, 2020 due to not disclosing their 3M19 financial statements: BDSI, BRTB, HASH, IELI, IICM, IMCI, IMCM, IMPI, ITLI, MTNI, SBAG and VKHF. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 1133 view(s)
  • Investors Iraq News's Avatar
    01-17-2020, 02:10 AM
    By John Lee. Shares in Genel Energy closed Thursday up more than 4 percent after the company issued the following trading and operations update in advance of the Company’s full-year 2019 results, which are scheduled for release on 17 March 2020. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: “2019 was a successful year for Genel, and we continue to deliver on our promises. We increased our highly cash-generative production in line with guidance, paid a material dividend, grew our operating capabilities, and added new assets to the portfolio that will bear fruit in 2020. “Our ongoing cash generation, with confidence of regular payments and in the security of the Kurdistan Region of Iraq, means that it is business as usual and our investment plans are moving forward at pace. This increasing investment in our growth assets is more than covered by expected free cash flow, and will see production diversify and increase as Sarta comes onstream in the summer, with enough remaining to underpin an increase in our already significant dividend.“ FINANCIAL PERFORMANCE $317 million of cash proceeds were received in 2019 (2018: $335 million) Capital expenditure of $161 million (2018: $95 million), in line with initial guidance, as spending increased on growth assets Free cash flow (‘FCF’) of $99 million in 2019, pre dividend payment Cash proceeds and FCF were impacted by the non-receipt of $54 million in payments from the Kurdistan Regional Government (‘KRG’) relating to export sales in August and September 2019, due in November and December Pro-forma FCF in 2019 was $153 million (2018: $164 million), or $0.55 per share $26 million of outstanding payments from the KRG, constituting the full amount in respect to export sales in August 2019, has subsequently been received in 2020 Dividends of $42 million declared in 2019 Maiden dividend of $27 million (10¢ per share) paid in June 2019 A further $15 million distributed (5¢ per share) in January 2020 Cash of $387 million at 31 December 2019 ($334 million at 31 December 2018) Net cash of $90 million at 31 December 2019 (net cash of $37 million at 30 December 2018) OPERATING PERFORMANCE 2019 net production averaged 36,250 bopd (2018: 33,690 bopd), in line with guidance and an increase of 8% on the prior year Q4 averaged 35,410 bopd, an increase from 34,720 bopd in Q3 19 new wells were brought onto production in 2019 across all assets Production by asset was as follows: (bopd) Gross production2019 Net production 2019 Net production 2018 Tawke PSC 123,940 30,990 28,260 Taq Taq 11,960 5,260 5,430 Total 135,900 36,250 33,690 PRODUCTION ASSETS Tawke PSC (25% working interest) Tawke PSC gross production averaged 123,940 bopd, of which Peshkabir contributed 55,190 bopd Production in Q4 2019 averaged 122,800 bopd, of which Peshkabir contributed 58,910 bopd There will be an active drilling campaign in 2020 on the Tawke field, aiming to minimise decline rates At Peshkabir, the P-12 well is currently appraising the eastern flank of the field, and is set to complete shortly Taq Taq PSC (44% working interest and joint operator) Taq Taq gross field production averaged 11,960 bopd in 2019 Production in Q4 2019 averaged 10,703 bopd Following the successful drilling of the TT-34 well, which has now entered production at over 2,000 bopd with 20/64″ choke, production at Taq Taq has averaged c.12,800 bopd in the year to date The latest well on the northern flank of the field, TT-35, spud on 6 January. This completes the drilling programme with the Sakson-605 rig Further activity at Taq Taq is focused on maximising cash generation, with the optimised cost structure and 2020 work programme, which could see up to six wells drilled, under review PRE-PRODUCTION ASSETS Sarta (30% working interest) Civil construction work at the Sarta field is continuing on schedule, with flowlines laid and buried and foundations in place for oil storage tanks, andGenel expects production to start in the summerof 2020 Phase 1A represents a low-cost pilot development of the Mus-Adaiyah reservoirs, designed to recover 2P gross reserves estimated by Genel at 34 MMbbls Unrisked gross mid case resources relating to the Mus-Adaiyah reservoir are estimated by Genel at c.150 MMbbls, with overall unrisked gross P50 resources currently estimated by the Company at c.500 MMbbl Qara Dagh (40% working interest and operator) Civil construction works are progressing in preparation for the upcoming drilling operations, and the well pad and camp are on schedule for completion by the end of January Environmental permits were granted in December 2019 The well will test the structural crest 10 km to the north-west of the QD-1 well, which tested sweet, light oil from Cretaceous carbonates The QD-2 well is on track to spud in Q2 2020 Unrisked gross mean resources at Qara Dagh are currently estimated by Genel at c.200 MMbbls Bina Bawi (100% working interest and operator) Negotiations between Genel and the Kurdistan Regional Government (‘KRG’) regarding commercial terms for the gas and oil development at Bina Bawi made significant progress in the third quarter of 2019, resulting in an understanding on commercial terms for a staged and integrated oil and gas development being reached Genel is now waiting to receive draft legal agreements reflecting this understanding Genel is continuing the necessary readiness work required to enable rapid progress towards gas and oil developments upon receipt of signed documents Somaliland – SL10B13 block (100% working interest and operator) A farm-out process relating to this highly prospective block began in Q4 2019, with Stellar Energy Advisors appointed to run the process. A number of companies are now assessing the opportunity Genel plans to conclude the farm-out process in H1 2020, aiming to minimise the cost to the Company of a well that could be spud in 2021 Morocco – Sidi Moussa block (75% working interest and operator) The farm-out campaign is set to begin in Q2 2020, aimed at bringing a partner onto the licence prior to considering further commitments ESG Safety remains a priority for the Company, and our focus on this has led to zero lost time incidents (‘LTI’) and zero losses of primary containment in 2019 at Genel operations There has not been an LTI since 2015, with over 11 million hours worked since the last incident The operator of the Tawke PSC expects routine flaring to be eliminated on the licence in March 2020, with gas from the Peshkabir field set to be reinjected into the Tawke field in order to improve long-term reserves recovery The search for a permanent Chairman is well progressed OUTLOOK AND 2020 GUIDANCE Net production in 2020 is expected to be close to Q4 2019 levels of 35,410 bopd, with an exit rate c.10% higher than this due to the expected addition of production from Sarta Genel expects to drill over 20 producing wells in 2020 2020 capital expenditure is expected to be $160-200 million, of which $120-150 million will be cost recoverable spend on assets on production in 2020. Other spend includes: c.$35-40 million on the Qara Dagh 2 well Under $10 million maintenance expenditure at Bina Bawi and Miran. Capital expenditure expectations for Bina Bawi in 2020 will be updated once legal agreements with the KRG have been signed Under $2 million on African exploration assets Operating costs per barrel expected to be $3/bbl, amongst the lowest in the industry Opex: c.$40 million G&A: c.$15 million The Company expects full recovery of outstanding payments in Q1, and for regular payments to resume, as they had since September 2015 The Company continues to actively pursue growth and is analysing numerous opportunities to make value-accretive additions to the portfolio, but will only proceed with opportunities that fit our strict strategic criteria Genel expects to generate c.$100 million in free cash flow, pre-dividend payments, in 2020 Given the ongoing strength of cash generation, confidence in the regularity of payments from the KRG, and the positive outlook for the Company, Genel reaffirms its commitment to growing the dividend (Source: Genel Energy) Source: Iraq-BusinessNews.com. 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  • Investors Iraq News's Avatar
    01-17-2020, 02:10 AM
    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Foreign troops’ future in Iraq uncertain as clashes continueFor the security of its personnel, NATO has temporarily suspended its training activities in Iraq, given the recent violence there. Iraqis seem divided over what that will mean for their safety. The United States on Jan. 3 assassinated Iranian Quds Force commander Qasem Soleimani and the deputy head of Iraq’s Popular Mobilization Units, Abu Mahdi al-Muhandis, in a drone attack near the Baghdad airport. Iran retaliated by firing missiles at military bases in Iraq where US troops are stationed. There are also mass protests taking place in Iran and Iraq. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
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