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  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By Shelly Kittleson for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* After a week of long hauls through threatening desert terrain and villages to take up positions, Iraqi troops and local fighters on Nov. 17 captured Rawa, the last urban bastion held by the Islamic State (IS) in Iraq. The operation to retake the city and the surrounding area had officially begun on Nov. 11 as part of the fight to recapture all of western Anbar province. The fighting got underway in September, after an initial push in January enabled preparations close to the major cities still under IS control at that time along the Euphrates. Scores of tanks and armored vehicles, backed by international coalition airstrikes, approached the city on Nov. 14 via a circuitous route from the Jazeera Operations Command in Haditha and the Al-Asad air base in the town of Baghdadi. The journey required several hours of driving westwards on heavily damaged roads to the border town of Qaim, captured a week before, prior to crossing the Euphrates and essentially making a U-turn and heading back toward the east. The 7th and 8th Divisions of the Iraqi army and local Popular Mobilization Units (PMU) trained by the international coalition were forced to traverse the only bridge in the area left usable for crossing the Euphrates, after years of airstrikes and destruction by IS, and then move toward the city via lengthy desert tracts and low-lying areas near the river. Only shortly before the final push began was a pontoon bridge installed across the Euphrates close to the city to facilitate movement from the southern bank. Improvised explosive devices constituted a major threat en route, as evinced by signs of recent explosions along the road to the front, plumes of smoke arising from controlled detonations and the death of one member of a PMU militia’s media team on Nov. 16. Casualty figures for Iraqi forces are not released as a matter of government policy, so it is not known how many troops were lost to the devices. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    The Iraqi authorities and the staff of the International Monetary Fund (IMF) continued discussions in Amman from November 17 to 21, 2017 on the third review of Iraq’s 36-month Stand-By Arrangement (SBA). The IMF Executive Board approved the SBA on July 7, 2016 (See Press Release No. 16/321), and completed the second review on August 1, 2017 (See Press Release No. 17/311). At the end of the mission, Mr. Christian Josz, Mission Chief for Iraq, issued the following statement: “The Iraqi authorities and IMF staff continued discussions on the third review of the SBA and made good progress towards reaching agreement on a draft 2018 budget in line with the SBA. “During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Acting Deputy Minister of Finance, Dr. Maher Johan, Deputy Minister of Planning, Dr. Qasim Enaya, Financial Adviser to the Prime Minister, Dr. Mudher Saleh, Chairman of the Board of Supreme Audit, and officials from the ministry of finance, CBI and the ministry of oil. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.” End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision. (Source: IMF) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 24 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    Following from the recent launch of its new Iraq-based bunkering operation, Al Iraqia Shipping Services and Oil Trading (AISSOT) has announced its first shipment of crude oil from Iraq. The company said it shipped its first 2 million bbl of crude oil on their very large crude carrier MT Basra (pictured) on November 18, “successfully completing its first loading out of Iraq ever since the end of war in Iraq.” AISSOT, a joint-venture company of Iraqi Oil Tankers Company (IOTC) and Arab Maritime Petroleum Transport Company (AMPTC), says it now plans to become a leading crude oil carrier for OPEC’s second-largest producer by acquiring 80 tankers. (Source: AISSOT) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    Baker Hughes, a GE company, has signed an agreement for the provision of turbine generators to PetroChina International Iraq, in the biggest Turbomachinery & Process Solutions (TPS) agreement ever between the two companies.* BHGE will deliver its Frame 6B gas turbine electric generator trains to support power generation for the Halfaya oilfield located in the Maysan Governorate. The equipment will generate 150 MW of power for the project and leverage support from BHGE’s existing local and global workforce. The components of the turbo generator units will be manufactured and assembled at BHGE’s Nuovo Pignone facility in Florence, Italy. Rami Qasem, President & CEO of MENAT & India, BHGE, said: “This deal strengthens our local footprint in Iraq and further demonstrates our dedication to the region where we see great promise and have formed strong partnerships through ongoing projects and the development of local skills. “The provision of our field-proven turbomachinery solutions enables international operators around the globe to safely and stably operate, all while reaching their oil production targets and staying on schedule. This is especially true for this particular contract, as our turbines will provide reliable and efficient energy to the Halfaya field and further support the sustainability of Iraq’s ongoing oil and gas operations.” BHGE’s Frame 6 turbines are able to operate in extreme conditions and harsh environments across a wide range of applications, and have been proven and tested with more than 55 million operating hours. The turbines are designed to be fully fuel flexible, possessing the ability to run on a wide range of gas or distillate liquids, including sour gas. This offers valuable cost saving to customers, as the turbines can run on the most economically available fuel for a given operation.* In addition to the Halfaya contract, the turbines have been used in multiple projects in the region. The Halfaya oilfield was discovered in 1976 with 4.1 billion barrels in reserves and is situated in the southern part of Iraq in the country’s Maysan Governate. The field, operated by PetroChina International Iraq, currently produces approx. 200,000 barrels per day. This agreement with PetroChina International Iraq further strengthens BHGE’s presence in the country, where it has contributed to several projects, including power generation support for two of Iraq’s largest fields – West Qurna and Rumaila – and retains a local footprint consisting of over 70% Iraqi employees. BHGE*also owns and operates a technical services facility in North Rumaila, which opened in 2013 and was expanded this summer. The facility offers a wide range of testing, repair and refurbishment services and has helped to create local employment opportunities and training for more than 2,000 Iraqi professionals. (Source: BHGE) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 21 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year. Iraqi oil officials told the news agency that Iraq’s Ministry of Oil has not yet started negotiations with either company. BP is currently developing the Rumaila field, while Eni operates Zubair. Shell is expected to hand over Majnoon operations to the state-owned Basra Oil Company by the end of June 2018. Both Chevron and Total have been previously reported as being interested in taking over the field. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 18 view(s)
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