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  • dollarsign's Avatar
    Today, 02:06 PM
    absolutely they would. The introduction of some sort of currency controls, (a limit of the amount that one could exchange per month) would mitigate the shock. Even more interesting, is the chart showing the last time the 5 currencies to be used in the proposed basket "converged" , was when the current Iraq war began. ​$
    21 replies | 864 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 | 23 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 | 26 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 | 27 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 | 29 view(s)
  • 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 | 34 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 06:57 AM
    By John Lee. Jordan’s*Minister of Industry, Trade and Supply, Ya’rub al-Qudah (pictured), has reportedly signed an agreement with a leading American company and a number of international firms to build an airport and a major logistics center to facilitate reconstruction for Syria and Iraq. According to Al Arabiya, the new facility will be built in Mafraq, 60 kilometers northeast of Amman, close to the Syrian border and on the international road connecting Jordan with Iraq. The Jordanian government has developed a plan of action with the World Bank to make Jordan a major platform for reconstruction projects, the Minister is quoted as saying. (Source: Al Arabiya) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 06:57 AM
    The United Nations Assistance Mission for Iraq (UNAMI) Human Rights Office (HRO) in cooperation with the Ministry of Education in Kurdistan Region of Iraq organized a four-day training course in Erbil for 23 teacher, including 9 females, during 13 – 16 November on human rights education. This was the second in a series of courses organized by HRO and supported by the Flemish Government and the Ministry of Education in the Kurdistan Region of Iraq (KR-I). Mr. Yousif Othman, Director-General of the Planning Department in Ministry of Education in KR-I welcomed the training, which targets Public School teachers in KR-I. He also highlighted the importance of mainstreaming human rights principles in the curricula and teaching methods and techniques. Ms. Shahla Saeed, Human Rights Education Project Manager at HRO emphasized the role of teachers in influencing students’ attitudes in line with human rights values and fundamental freedoms in schools. The overall goal of the training focused on raising awareness of teachers and supervisors of secondary schools on human rights education in Erbil Governorate and its surroundings and districts (Soran, Koya, Khabat, Makhmour and Shaqlawa). (Source: UNAMI) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 41 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 06:57 AM
    By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* The Iraqi government, headed by Prime Minister Haider al-Abadi, is seeking to penalize*people for*the hate speech prevalent in Iraqi society by arresting anyone who expresses such ideas or promotes slogans that insult former or current religious and social figures. Each year around*this time,*millions of Shiite Muslims*make the pilgrimage to the shrine of Imam Hussein*in Karbala for the*festival of Arbaeen.*People observing*Arbaeen*sometimes*raise banners*and shout slogans insulting Sunni figures. In the past, these people were met with*public indignation*—*but not legal measures. Wahab al-Tai, the interior minister’s media adviser, told Al-Monitor in an interview, “Up until Nov. 8,*the ministry*had arrested 76 people who were caught promoting sectarianism.*Out of the 76 arrested, 25 were in Karbala and 51 in Babil . Most were Iraqis, but some foreigners were arrested as well.” The Interior Ministry was reacting to a video that has been circulating. The video, taken in Karbala during the festival, shows*a group of followers of Shiite Grand Ayatollah*Sadiq Hussaini Shirazi*—*a group*known for promoting hateful speech toward important Sunni religious figures. The video shows a young man*with a loudspeaker cursing*Umar ibn al-Khattab, a senior companion of the Prophet Muhammad*considered sacred by Sunnis. Despite all the arrests, that man is still on the loose. Only two days after appearing in the first video, the same man*appeared in another video saying that he was only “expressing his opinion.” The ministry’s measures against promoters*of sectarianism received both political and public support. Sayyid Ahmad al-Safi, the representative of Shiite*Grand Ayatollah Ali Al-Sistani*in Najaf, applauded the move*in his Friday sermon*in Karbala on Nov. 10. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    11-20-2017, 06:45 PM
    By John Lee. Reuters reports that oil exports from southern Iraq have risen to close to a record high. It cites industry sources as saying that exports in the first 20 days of November averaged about 3.50 million bpd, up 150,000 bpd from October’s average. The current monthly record of 3.51 million bpd was achieved in December 2016, immediately before an OPEC cut took effect. The news agency says that exports from Iraq’s northern fields have averaged around 250,000 bpd month to date, down from an estimated 450,000 bpd in October and more than 500,000 bpd earlier this year. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 47 view(s)
  • Investors Iraq News's Avatar
    11-20-2017, 06:45 PM
    By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* The first draft of Iraq’s federal budget for 2018, approved by the government at the start of the month, envisions slashing the Kurdish region’s share from 17% to 12.7% of the total. The cut is one of several “punitive” constitutional measures that followed the Sept. 25 Kurdish referendum on independence. Those measures also saw Baghdad seize control of disputed areas, border crossings and air bases, and demand that the Kurdistan Regional Government (KRG) transfer taxes and other public revenues to the central government. This is the first time that the KRG’s share of the budget has been subject to review since 2005, when the government of then interim Prime Minister Ayad Allawi allocated 17% to the Kurdish region, despite the fact there has not been an official census in Iraq since 1997. “There have been no negotiations so far with Baghdad on the budget or other pending issues, despite the KRG’s desire for talks,” said parliament member Najiba Najib of the Kurdistan Alliance. “The central government is still refusing to receive the Kurdish delegation.” “Iraq still doesn’t currently have official statistics,” she added. “Even data from the Ministry of Trade is inaccurate. It’s not reasonable to believe that the population of the Kurdish region has stayed at just 5 million, as the United Nations said in 2003 when it recommended the KRG receive 13% of the national budget.” She said the central government has felt “arrogant and powerful” since it regained control of Kirkuk. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 50 view(s)
  • Investors Iraq News's Avatar
    11-20-2017, 06:45 PM
    UNICEF thanks the people of Germany for their continued support to the children of Iraq Years of conflict have severely curtailed the rights of children in Iraq. Their rights to protection from violence, education and access to safe drinking water are under assault from nearly every direction. “UNICEF is working with partners like the German government to champion the rights of Iraqi children and to ensure they have every opportunity to fulfill their potential,” said Peter Hawkins, UNICEF’s representative to Iraq. A new contribution of 23 million USD from the German government will enable UNICEF to deliver educational services to some 265,000 children who may have missed school for a year or more. The generous contribution will also be used to repair damaged water networks in conflict affected communities, so that families can return to their homes. “The extent of violence and poverty faced by Iraqi children because of the long-lasting conflict is deeply concerning,” said Dr. Cyrill Nunn, the German Ambassador in Iraq. “Children are abused, abducted, injured or even killed without a chance to escape this cycle of violence and despair on their own. I am pleased that the German Government can support UNICEF in addressing the most urgent needs of these children, be it through protection, education or lifesaving water and sanitation,” Dr. Nunn added. Over 3 million Iraqis are currently displaced. During the past year, more than one million people —half of them children—have been displaced as the result of the conflict in Ninewa, Anbar and Kirkuk governorates. Nearly 200,000 of those children are still displaced and receiving on-going humanitarian assistance. (Source: UNICEF) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 47 view(s)
  • Investors Iraq News's Avatar
    11-20-2017, 06:45 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria, conducting 16 strikes consisting of 29 engagements Nov. 17-19, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of the strikes, noting that assessments of results are based on initial reports. There were no reported strikes conducted on Nov. 19 in Iraq or Syria. Strikes in Syria On Nov. 18 in Syria, coalition military forces conducted three strikes consisting of three engagements against ISIS targets: Near Abu Kamal, two strikes engaged two ISIS tactical units and destroyed three ISIS vehicles. Near Dayr Az Zawr, a strike engaged an ISIS tactical unit. On Nov. 17 in Syria, coalition military forces conducted four strikes consisting of five engagements against ISIS targets: Near Abu Kamal, three strikes engaged two ISIS tactical units and destroyed a vehicle-borne improvised explosive device, a tactical vehicle and an ISIS construction vehicle. Near Dayr Az Zawr, a strike engaged an ISIS tactical unit. Strikes in Iraq On Nov. 18 in Iraq, coalition military forces conducted five strikes consisting of 17 engagements against ISIS targets: Near Beiji, two strikes destroyed two ISIS tunnels. Near Rawah, two strikes facilitated effective harassing fire on ISIS targets. Near Qayyarah, one strike engaged an ISIS tactical unit and destroyed 14 ISIS-held buildings and an ISIS vehicle. On Nov. 17 in Iraq, coalition military forces conducted four strikes consisting of four engagements against ISIS targets: Near Beiji, a strike destroyed an ISIS-held building and a fighting position. Near Rawah, a strike destroyed an IED factory. Near Qayyarah, two strikes engaged two ISIS tactical units and destroyed an ISIS weapons cache. Previous Strikes Officials also provided details today on 17 earlier strikes and 17 engagements against ISIS in Syria and Iraq for which the information was not previously available: On July 30, near Raqqa, Syria, three strikes damaged three ISIS fighting positions. On July 31, near Raqqa, Syria, three strikes damaged three ISIS fighting positions. On Nov. 16, near Al Qaim, Iraq, three strikes facilitated effective harassing fire on ISIS targets. On Nov. 16, near Rawah, Iraq, seven strikes destroyed five ISIS supply routes and facilitated effective harassing fire on ISIS targets. On July 17, near Qara Tapa, Iraq, a strike engaged an ISIS tactical unit and destroyed two weapons caches and an ISIS tunnel. 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 | 50 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 07:21 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 | 67 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 07:21 PM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th Nov 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD815 (+6.3%) / $838 (+6.6%) (weekly change) (-15.1% and -11.6% YTD change, respectively). The number of week traded shares was 15.0bn and the weekly trading volume was IQD10.8bn ($8.5mn). ISX Company Announcements According to the letter published in The Central Bank of Iraq (CBI) website on Wednesday, a consultative meeting was held on Nov. 13, 2017 under the chairmanship of the Governor of the CBI and faculty of the CBI with heads of boards of directors and executive directors of Iraqi banks to discuss the letter of the CBI dated Nov. 7, 2017 related with the suspension of activities of branches of banks operating in the KRG. In the letter it was mentioned that The Iraq Private Banks League welcomes the directives of the CBI regarding the branches of banks in the region and appreciate what was presented at the meeting to ensure the stability of the banking sector and not subject to risk through the CBI’s guidance for upholding the needs and interests of the citizens in the region in all branches of activities in line with the decision of the Council of Representatives. On Tuesday, CBI sources told Reuters that the CBI has eased restrictions on private banks in its Kurdistan region. In addition, according to the observations of Rabee Securities, the Iraqi banks are continuing to operate in a normal way in Kurdistan region.* (CBI, Reuters, Gulf-Times) The Central Bank of Iraq (CBI) decided on Thursday to increase the fines for counterfeit banknotes from 500% to 700% and fines for the shortage discovered in the banknotes from 100% to 250% with the compensation of the shortfall. (Alsumaria) Cihan Bank for Islamic Investment & Finance (BCIH) will hold AGM* on Nov. 20, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BCIH starting Nov. 15, 2017. New shares of Mamoura Realestate Investment (SMRI) from the capital increase to IQD22.78bn through 15% rights and 3.6% bonus issues resumed trading on Nov. 14, 2017. Babylon Hotel (HBAY) will hold AGM* on Nov. 19, 2017 to discuss and approve 2016 annual financial results and distribution of 44.5% cash dividend (IQD0.445 dividend per share, 1.3% dividend yield). ISX suspended trading of HBAY on Nov. 14, 2017. Cross Transactions: 7.6bn shares of Al-Harir for Money Transfer (MTAH) on Nov. 15, 2017, which represents 17.0% of MTAH capital. 313mn shares of Asiacell (TASC) on Nov. 12, 2017, which represents 0.1% of TASC capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 86 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 09:11 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Finance and Administration (F&A) Manager, International Business & Technical Consultants, Inc. (IBTCI) Movement Control Assistant, United Nations Assistance Mission for Iraq (UNAMI) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 74 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 09:11 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Call Centre Supervisor, UN Office for Project Services (UNOPS) General coordinator, Médecins du Monde (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 75 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 12:34 AM
    The UK’s Serious Fraud Office (SFO) has charged two individuals in relation to the Unaoil investigation. Ziad Akle (42) and Basil Al Jarah (68) have both been charged by requisition with conspiracy to make corrupt payments to secure the award of contracts in Iraq to Unaoil’s client SBM Offshore. Akle, who*resides in London, was Unaoil’s territory manager for Iraq, while Al Jarah, who lives in Hull, was Unaoil’s Iraq partner. A third man, Saman Ahsani, is subject to an extradition request to Monaco on related charges; he was Unaoil’s Commercial Director. The charges relate to alleged corrupt conduct within Unaoil, between June 2005 and August 2011. Basil Al Jarah has been charged with two offences of conspiracy to make corrupt payments, contrary to section (1) of the Criminal Law Act 1977 and contrary to section 1 of the Prevention of Corruption Act 1906. Ziad Akle has been charged with one offence of conspiracy to make corrupt payments, contrary to section (1) of the Criminal Law Act 1977 and contrary to section 1 of the Prevention of Corruption Act 1906. Ziad Akle and Basil Al Jarah will appear before Westminster Magistrates’ Court at 10am on Thursday 7th December. The investigation is ongoing. (Source: SFO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 75 view(s)
  • Investors Iraq News's Avatar
    11-18-2017, 12:34 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria, conducting 34 strikes consisting of 56 engagements Nov. 13-16, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of the strikes, noting that assessments of results are based on initial reports. Strikes in Syria Yesterday in Syria, coalition military forces conducted five strikes consisting of 10 engagements against ISIS targets near Dayr Az Zawr. The strikes engaged four ISIS tactical units and destroyed an ISIS vehicle and three explosive hazards. On Nov. 15, coalition military forces conducted a strike consisting of three engagements against ISIS targets near Dayr Az Zawr. The strike engaged an ISIS tactical unit. On Nov. 14, coalition military forces conducted four strikes consisting of seven engagements against ISIS targets near Dayr Az Zawr. The strikes engaged four ISIS tactical units and destroyed three explosive hazards, two fighting positions and a command-and-control center. On Nov. 13, coalition military forces conducted three strikes consisting of three engagements against ISIS targets: Near Abu Kamal, a strike engaged an ISIS tactical unit and destroyed an ISIS headquarters. Near Dayr Az Zawr, two strikes engaged two ISIS tactical units and destroyed an ISIS vehicle and an ISIS headquarters. Strikes in Iraq Yesterday in Iraq, coalition military forces conducted five strikes consisting of five engagements against ISIS targets: Near Qayyarah, three strikes destroyed three ISIS-held buildings. Near Rawah, two strikes destroyed an ISIS improvised explosive device facility and an artillery piece. On Nov. 15, coalition military forces conducted four strikes consisting of seven engagements against ISIS targets: Near Qayyarah, a strike destroyed a vehicle-borne bomb factory. Near Rawah, three strikes engaged two ISIS tactical units, destroyed four ISIS vehicles and damaged a fighting position. On Nov. 14, coalition military forces conducted eight strikes consisting of 17 engagements against ISIS targets: Near Qaim, a strike engaged an ISIS tactical unit and destroyed two ISIS vehicles, a weapons cache, a vehicle-borne-bomb factory and two suicide vests. Near Qayyarah, a strike destroyed an ISIS supply route. Near Ramadi, a strike destroyed an ISIS bunker and four ISIS vehicles. Near Rawah, five strikes engaged an ISIS tactical unit and destroyed a vehicle-borne-bomb factory, an ISIS-held building, a weapons cache and an ISIS headquarters and facilitated effective fire on ISIS targets. On Nov. 13, coalition military forces conducted four strikes consisting of four engagements against ISIS targets: Near Qaim, a strike destroyed a vehicle-borne-bomb factory. Near Rawah, three strikes destroyed two ISIS tractor-trailers and two vehicle-borne-bomb factories. Previous Strikes Additionally, coalition military forces conducted a strike consisting of one engagement near Qaim, Iraq on Nov. 11. The strike destroyed an ISIS supply route. 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 | 83 view(s)
  • bultn's Avatar
    11-17-2017, 11:10 AM
    Probably some brainless tweet as usual...
    13 replies | 1147 view(s)
  • PennStateMtnMan's Avatar
    11-17-2017, 03:10 AM
    LOL, And exactly what are we waiting for?
    13 replies | 1147 view(s)
  • Investors Iraq News's Avatar
    11-17-2017, 12:45 AM
    By John Lee. Sources have told Reuters that China’s state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq’s State Oil Marketing Organization (SOMO) through a term contract for the first time. It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in the 2018 calendar year. The company is part of defence conglomerate China North Industries Group Corp (NORINCO). BB Energy, Litasco (the international marketing and trading arm of Russia’s Lukoil) and Lima Energy (a joint venture between Litasco and SOMO) will also supply about 25 percent each. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 85 view(s)
  • Investors Iraq News's Avatar
    11-17-2017, 12:45 AM
    ShaMaran Petroleum has announced its financial and operating results for the three and nine months ended September 30, 2017. (Unless otherwise stated all currency amounts indicated as “$” in this news release are expressed in thousands of United States dollars). HIGHLIGHTS AND DEVELOPMENTS Operations Oil production on the Atrush Block commenced in July 2017. Atrush is currently producing at approximately 26 thousand barrels of oil per day (“bopd”). In order to address certain production constraints the facilities were shut down in the beginning of October. These constraints have now successfully been resolved. One of the four production wells, Atrush 4, (“AT-4”) is currently shut in. The well was back-producing drilling fluid lost during drilling operations. In order to not upset the production system it was decided to clean up the well via temporary facilities upon the receipt of a flare permit from the Kurdistan Regional Government (“KRG”). This operation is now planned for Q4 2017. In October and November 2017 the Company received payments totalling $2.5 million representing its entitlement share of the $9.7 million in total payments received by the Atrush Non-Government Contractors from the KRG for July and August oil sales from Atrush and reimbursement instalments of the Atrush Exploration Costs receivable. 703 thousand barrels of oil were exported from Atrush for the months of July and August with an average netback price1 of $35.3 per barrel of oil. Total oil produced and exported from Atrush over the third quarter was 1.3 million barrels resulting in an average of 14.6 thousand barrels per day. The average netback price over the quarter was $36.86 per barrel and the average lifting cost was $8.54 per barrel. The Chiya Khere-7 (“CK-7”), which was spudded on September 17, 2017 reached a final depth of 1,861 metres in early November 2017. The reservoir section was encountered approximately 114 metres shallower than prognosis. The well was drilled on time and under budget. Testing and completion of the well will be performed in 2018 to coincide with installation of flow lines between the Production Facility and the Chamanke E location were the well is located. The main objectives of the well are to appraise the commercial potential of the Mus formation, to help reduce the uncertainty in the location of the medium to heavy oil transition zone and to serve as a further producing well. In September 2017 an agreement was concluded between the Atrush Non-Government Contractors and the KRG for the sale of Atrush oil whereby the KRG will buy oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus approximately $16 for quality discount and all local and international transportation costs. This discount is based on the same principles as other oil sales agreements in the Kurdistan Region of Iraq. The Final Completion Certificate for the Atrush Feeder Pipeline (“FCC”) was issued on October 31, 2017 which completes the obligation of the Non-Government Contractors to fund the KRG’s share of development costs and triggers the commencement of repayment of both the Atrush Feeder Pipeline Cost Loan and the Atrush Development Cost Loan. The first loan repayment instalments are due later in November 2017. Following the independence referendum held in Kurdistan on September 25, 2017, operations in the Atrush field in Kurdistan are continuing in a normal, safe and secure manner. Exports from Atrush are continuing via the Kurdistan Export Pipeline system and drilling operations on the CK-7 well are progressing as planned. Nevertheless, events since the referendum suggest an increase in the potential for political instability within the region. 1 This includes a discount to Dated Brent for oil quality and all local and international transportation costs. Corporate On January 30, 2017 the Company completed the issue of 360 million common shares of ShaMaran on a private placement basis (the “Private Placement”) at a price per share of CAD 0.10 (equal to SEK 0.67) which resulted in gross proceeds to the Company of $27.3 million ($26.4 million net of transaction related costs). Zebra Holdings and Investments SARL, Lorito Holdings SARL and Lundin Petroleum BV, the Company’s major shareholders, subscribed for 43,463,618 shares, 16,984,621 shares and 17,800,000 shares, respectively, in the Private Placement. In February 2017 the Company reported estimated reserves and contingent resources for the Atrush block as of December 31, 2016. Reserves and resource estimates have remained unchanged from those reported for the prior year. Total discovered oil in place in the Atrush Block is a low estimate of 1.5 billion barrels, a best estimate of 2.1 billion barrels and a high estimate of 2.8 billion barrels, with Total Field Proven plus Probable (“2P”) Reserves on a property gross basis estimated at 85.1 MMbbl and Total Field Unrisked Best Estimate Contingent Resources (“2C”) on a property gross basis estimated at 304 million barrels oil equivalent (MMboe). 2 3 2 “MMbbl” means million barrels and “MMboe” means million barrels of oil equivalents. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 million cubic feet (“Mcf”) per one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. 3 This estimate of remaining recoverable resources (unrisked) includes contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. OUTLOOK Operations • In the fourth quarter of 2017 it is planned to produce the AT-4 well until clean via temporary facilities and bring Atrush production up to the facilities’ design capacity of 30,000 bopd. • Plans for Atrush for 2018 include: • continue with program to identify bottlenecks in order to maximise output from the Production Facility; • testing and completion of the CK-7 well; • install the CK-7 flow line and bring CK-7 into production; • drilling, testing and completion of Chiya Khere (“CK-10”), a sixth development well; • drilling and completion of Chiya Khere (“CK-9”), a dedicated water disposal well; and • conducting extended testing of the CK-6 well which is located on the eastern side of the Atrush Block and which is outside the 2P reserve area of Atrush. This would involve the installation of temporary production facilities near the Chamanke–C well pad and the delivery by truck of oil to the main Phase 1 Production Facilities. • Following the results of the CK-7 and CK-10 wells, the extended well testing in CK-6 and sustained production from the Phase 1 Production Facilities the Company expects to be in a position to further assess the significant undeveloped Atrush resource base. • The political situation in the Kurdistan region will be monitored continuously and the market will be appraised of any material impact on operational activity. Source: Iraq-BusinessNews.com. Post your commentary below.
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    11-17-2017, 12:45 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.* In a Nov. 14 press conference, Iraqi Prime Minister Haider al-Abadi warned the Kurdistan Regional Government (KRG) authorities that he will not wait long to take control of the Kurdistan region’s border crossings with Turkey and Iran. “We will regain control of border areas without escalation. But our patience will run out. We will not wait forever. We will take action,” Abadi said. Turkish Minister of Customs and Trade Bulent Tufenkci ssid previously that his country has reached an agreement with Iraq’s central government to open a border crossing through Ovakoy in Sirnak province, southeast Turkey. Being out of the reach of the Iraqi Kurdistan Region, the crossing in Ovakoy is a strong economic and political blow to Kurdistan Region*authorities. The border dispute is a result of the desire of Baghdad, Turkey and Iran*to keep Kurdish influence at bay. Kurdish authorities have been delaying the handover of the borders, and the Iraqi forces have threatened to start operations to gain control over the crossings. Meanwhile, the United States and its Iranian opponent are both interested in the Faysh Khabur strategic crossing. The United States is trying to avoid a conflict and it is working on setting a “common security strategy” for all areas of conflict, including the crossing. This explains why the United States has suggested the presence of representatives from its US-led coalition at the crossing. The Popular Mobilization Units have expressed interest in reclaiming the crossing, which would connect them with their allies in Syria. Moreover, the location links the Kirkuk-Ceyhan oil pipeline to Turkey and acts as an important and lucrative economic passage between Iraq and its neighbors. Source: Iraq-BusinessNews.com. Post your commentary below.
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    11-17-2017, 12:45 AM
    By*Nahwi Saeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Although Baghdad imposed its authority on Kirkuk on Oct. 16 and appointed a new temporary governor, Kurds still hope to reach an agreement with Baghdad that will allow them to appoint a Kurdish governor in the disputed province between Baghdad and Erbil. In the latest development, the Patriotic Union of Kurdistan (PUK) nominated a Kurdish candidate (the former head of the provincial council, Zarkar Ali) on Nov. 12, and demanded that the provincial council hold a meeting to vote on the new governor. The Kurds’*proposal is one of several options on the table. The first option is appointing a military governor. Some members of the Arab and Turkmen communities in Kirkuk proposed this*before and after the Kurdish referendum. For Kurds, appointing a military governor, even if for a while, means Kirkuk’s restoration to the pre-2003 era and the reminder of bitter memories*when the Kurds were the most aggrieved and affected group in the city. The central government may be powerful enough to hold Kirkuk for now, but appointing a military governor would push the Kurds to one side, which is likely to prove both provocative and unsustainable. Election results indicate that the Kurds are larger than other groups*in the province, although there has been no official and reliable census for some time. Kurds will reassert their claim on Kirkuk at the first available opportunity — both for the symbolic reason that many Kurds regard Kirkuk as their “Jerusalem,” and for the economic reason that control of Kirkuk’s oil*would play a big role in any future Kurdish independence bid. The upshot is that Kirkuk was and remains a “disputed territory”;*as a US*State Department statement*said*Oct.*20, “The reassertion of federal authority over disputed areas in no way changes their status — they remain disputed until their status is resolved in accordance with the Iraqi constitution.” Source: Iraq-BusinessNews.com. Post your commentary below.
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    11-16-2017, 09:16 PM
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