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  • Investors Iraq News's Avatar
    Today, 11:59 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st Sept 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD778 (-1.0%) / $798 (-1.0%) (weekly change) (-18.9% and -15.7% YTD change, respectively). The number of week traded shares was 9.5bn and the weekly trading volume was IQD6.3bn ($5.1mn). ISX Company Announcements Two cross transactions occurred on 3.0bn shares of Trans Iraq Bank for Investment (BTRI) on Sept. 18 and Sep. 20, 2017), which represent 1.14% of BTRI capital. Gulf Commercial Bank (BGUC) will hold AGM* on Oct. 12, 2017 to discuss and approve 2016 annual financial results and decide to distribute 1.96% cash dividend (IQD0.0196 dividend per share). ISX will suspend trading of BGUC starting Oct. 9, 2017. Iraq Baghdad for General Transport (SBPT) will hold AGM* on Oct. 9, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of SBPT starting Oct. 4, 2017. National Chemical and Plastic Industries (INCP) will hold AGM* on Oct. 5, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of INCP starting Oct. 2, 2017. International Islamic Bank (BINT) invited shareholders to participate in the capital increase from IQD100bn to IQD250bn through 150% rights issue starting Sept. 20, 2017. ISX requested Region Trade Bank for Investment and Finance (BRTB) to disclose the names and titles of the individuals who have direct access to internal information for 2017, like BoD and their advisors, CEO, CFO, auditor and etc., in order to start trading. Al-Hamraa for Insurance (NHAM) will hold AGM* on Oct. 24, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of NHAM starting Oct. 19, 2017. Iraqi Agricultural Products Marketing Meat (AIPM) resumed trading on Sep. 19, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 5% cash dividend (IQD0.05 dividend per share, 1.7% dividend yield). Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 33 view(s)
  • Investors Iraq News's Avatar
    Today, 09:09 AM
    By John Lee. The Jordanian government has said that as part of its efforts to overcome obstacles to trade with Iraq, its Prime Minister, Hani Al-Mulqi (pictured), has decided to exempt Iraqi trucks parked on the Jordanian side of the border from the financial penalties. Petra news agency reports that the exemption, which came in conjunction with the opening of borders between Jordan and Iraq, would encourage trade through the Al Karama-Turaibil border crossing, boost economic relations between the two countries, and facilitate the movement of citizens and goods in both directions. The decision also “aims to accelerate the operation of the Kingdom’s truck fleet that transport goods and commodities to Iraq, and revive shipping in the port of Aqaba“. (Source: Petra) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 27 view(s)
  • Investors Iraq News's Avatar
    Today, 09:09 AM
    Operations have begun to liberate western Anbar and Huwayjah, the last two areas in Iraq where the Islamic State of Iraq and Syria hold territory, said Army Col. Ryan Dillon, spokesman for Combined Joint Task Force Operation Inherent Resolve. Iraqi Prime Minister Haider al-Abadi made the operations announcement to eradicate ISIS, Dillon said, speaking to Pentagon reporters via teleconference out of Baghdad, today. “Already, the have routed ISIS in Akashat, Rihanna, and just this morning they have cleared 11 villages, completing their first phase of operations in Huwayjah,” the spokesman said. “These operations are evidence, and showcase the increased capacity as a battle-tested, formidable fighting force.” It is clear that ISIS terrorists are overwhelmed and outmatched by the strength of the , he said. “ is losing ground, and is failing in every battle. Soon, ISIS will have no sanctuary anywhere in Iraq,” Dillon said. The coordination among the Iraqi army, the federal police, peshmerga forces, local police, counterterrorism service, and popular and tribal mobilization forces has contributed to the victories seen recently against ISIS, the spokesman said. So far, he added, more than 4 million people have been liberated, and about 15,800 square miles have been cleared. Raqqa Gains In Syria, the Syrian Democratic Forces continue to eliminate ISIS in the eastern and northeastern regions of that country, Dillon said. In Raqqa, “The SDF have now cleared about 70 percent of the entire city,” he added. The SDF gained about 84 city blocks in Raqqa from ISIS control in the past week, he said. “In the past week, the SDF have assisted more than 200 civilians flee the city of Raqqa,” Dillon noted. “The SDF also detained ISIS fighters attempting blend in amongst civilians; one of which was another ISIS emir, or local leader.” Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 30 view(s)
  • Investors Iraq News's Avatar
    Today, 09:09 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Communication/Public Information Associate, United Nations Assistance Mission for Iraq (UNAMI) National Humanitarian Affairs Officer, United Nations Assistance Mission for Iraq (UNAMI) Nurse, United Nations Assistance Mission for Iraq (UNAMI) Political Affairs Officer, United Nations Assistance Mission for Iraq (UNAMI) Chief, Human Rights Component, United Nations Assistance Mission for Iraq (UNAMI) North East Syria Head of Office, Iraq, Save the Children Team Leader, Save the Children Programme Specialist, UN Development Programme (UNDP) Access Coordinator, International Rescue Committee (IRC) Senior Security and Humanitarian Access Manager, International Rescue Committee (IRC) Deputy Director Cross Border, International Rescue Committee (IRC) Teacher, World Vision Clinical Psychologist, World Vision Anbar Programme Manager, Oxfam Emergency Coordinator, World Health Organization (WHO) GCF Concept Note Formulator, Food and Agriculture Organization of the United Nations (FAO) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 30 view(s)
  • Investors Iraq News's Avatar
    Today, 06:52 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Pharmacist referent, Médecins du Monde Resource Management Officer, International Organization for Migration (IOM) Associate Information Management Officer, United Nations Assistance Mission for Iraq (UNAMI) Procurement Officer, United Nations Assistance Mission for Iraq (UNAMI) Awards Coordinator, Save the Children Head of Awards, Save the Children Mine Action Coordinator, UN Office for Project Services (UNOPS) Logistics & Asset Management Assistant, UN Office for Project Services (UNOPS) Country Director, Agency for Technical Cooperation and Development (ACTED) Project Development Officer, Agency for Technical Cooperation and Development (ACTED) Finance Specialist, Food and Agriculture Organization of the United Nations (FAO) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 24 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:36 PM
    Textron Aviation Defense LLC, Wichita, Kansas, has been awarded a $30,000,000 indefinite-delivery/indefinite-quantity contract for Beechcraft King Air 350 maintenance training in support of the Iraqi Air Force. Work will be performed at Martyr Mohammed Ali Air Base, Iraq, and is expected to be completed by Sept. 20, 2020. This award is the result of a country-directed sole-source acquisition. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 44 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:36 PM
    By Robert Cole, AMAR Foundation. Crescent Petroleum, one of the Middle East’s oldest and largest upstream oil companies, and Dana Gas, one of the largest private sector natural gas companies in the region, have joined forces to fund the running costs of a healthcare centre and vocational training centre for displaced people in the Kurdistan Region of Iraq for the next three years, the two companies today announced. The three-year commitment will fund the entire running costs of AMAR International Charitable Foundation’s Primary Healthcare Centre and vocational training centre in Khanke Camp, which serve the whole community, including 16,000 Yazidi residents. The healthcare centre plays a vital role in providing healthcare to those who would otherwise be unable to access medical support. In the second quarter of 2017, the clinic saw 26,404 cases, conducting 5,411 maternal health consultations and 2,034 child consultations. Commenting on the donation, Crescent Petroleum’s CEO Majid Jafar said: “At Crescent Petroleum, we aim to empower local communities by not only providing energy solutions to fuel their development, but also by responding to their social and economic needs. Internally displaced people (IDPs) are among the world’s most vulnerable populations but they are often overlooked by international relief efforts, and we are committed and honoured to assist their healthcare needs in partnership with AMAR Foundation.” The natural gas produced by the companies from the Khor Mor field supplies more than 1,750 MW of affordable electricity to the Kurdistan Region, giving schools, hospitals and other vital entities a non-disruptive water and electricity supply for millions of people. The Duhok Health Directorate has seen the population of the region more than double over the last two and a half years due to the massive influx of IDPs from the Sinjar and Mosul regions, putting increasing pressure on healthcare access. Patrick Allman-Ward, Dana Gas’ CEO, said: “Our corporate social responsibility programme has been at the heart of Dana Gas’ operations since its inception in 2005. Providing financial support to those in need is not only a moral obligation, it also has a positive impact on the communities where we operate.” AMAR’s Chairman and Founder, the British Conservative Peer, Baroness Nicholson of Winterbourne, said she was “overwhelmed” by the generosity of Dana Gas and Crescent Petroleum: “AMAR builds, staffs and runs five state-of-the-art heath centres on an extremely low budget. The generous donation from Crescent Petroleum and Dana Gas means we can continue with the marvellous work being done in Khanke by our locally trained doctors and nurses for the next three years.” PLEASE CLICK HERE IF YOU CAN HELP – ANY AMOUNT LARGE OR SMALL. (Source: AMAR Foundation) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:36 PM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq’s Kurdistan region is pushing ahead with an independence referendum next Monday despite pressure to call it off. President Masoud Barzani remains defiant, but many Kurds are worried about the consequences of the vote. Al Jazeera‘s Hoda Abdel Hamid reports: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 46 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:36 PM
    The United Nations Security Council today expressed concern over the “potentially destabilizing impact” of the Kurdistan Regional Government’s plans to unilaterally hold a referendum next week. In a statement issued to the press, members of the Council noted that the planned referendum is scheduled to be held while operations to counter Islamic State of Iraq and the Levant (ISIL/Da’esh) – in which Kurdish forces have played a critical role – are ongoing. The referendum “could detract from efforts to ensure the safe, voluntary return of over three million refugees and internally displaced persons,” the 15-member body added. Secretary-General António Guterres earlier this week voiced similar concerns about the timing of the vote in a statement issued by his Spokesman, which noted that all outstanding issues between the federal Government and the Kurdistan Regional Government should be resolved through structured dialogue and constructive compromise. “The Secretary-General calls upon the leaders across Iraq to approach this matter with patience and restraint. The United Nations stands ready to support such efforts.” (Source: United Nations News Centre) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 46 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:36 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Wednesday, conducting 23 strikes consisting of 41 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 15 strikes consisting of 15 engagements against ISIS targets. Near Abu Kamal, a strike engaged an ISIS tactical unit and destroyed a vehicle. Near Raqqa, 14 strikes engaged two ISIS tactical units and destroyed seven fighting positions, a vehicle, two logistics nodes, a vehicle-borne improvised explosive device and a vehicle-borne-IED factory. Strikes in Iraq In Iraq, coalition military forces conducted eight strikes consisting of 26 engagements against ISIS targets: Near Beiji, a strike destroyed a vehicle and a mortar system. Near Huwayjah, two strikes engaged an ISIS tactical unit and destroyed a vehicle and a command-and-control node. Near Rawah, five strikes engaged two ISIS tactical units and destroyed two vehicles, two tactical vehicles, two weapons caches, a command-and-control node, a mortar system, a heavy machine gun, a vehicle-borne IED, an ISIS bridge an ISIS staging area and an IED. Additional Sept. 19 Strikes Additionally, officials provided details today on 16 strikes consisting of 20 engagements conducted Sept. 19 in Syria and Iraq for which the information was not available in time for yesterday’s report: Near Raqqa, 15 strikes engaged two ISIS tactical units, destroyed 17 vehicles and 13 fighting positions, and suppressed a fighting position. Near Huwayjah, a strike destroyed five vehicle-borne IEDs and two vehicles and damaged two ISIS supply routes. 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 | 42 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    An official in the Arabian Gulf has stated that construction companies and others in the Gulf Cooperation Council (GCC) look forward to participating in reconstruction projects in Iraq, stressing that it has the potential to qualify for this role. Abdul Rahim Naqi, secretary-general of the Council of Chambers of the Gulf Cooperation Council (GCC) stated that the Gulf States have made significant progress in many fields, including communications, construction and tourism. Naqi said that if the Iraqi government supported the use of the private sector in the reconstruction of Iraq then Gulf companies would be looking for investment opportunities in the field of construction and reconstruction in Iraq (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    Gazprom Neft Badra, operator of the Badra field, has undertaken the largest ever maritime shipment of oil for export in the company’s history, with 1.78 million barrels of hydrocarbons being despatched for the United States in the New Solution crude oil tanker. This is, to date, the second oil consignment to the American market by Gazprom Neft Badra — recipients of the preceding 12 shipments having been European companies and refining facilities in the Asia—Pacific region. Hydrocarbon exports from Iraq by Gazprom Neft are delivered by the State Oil Marketing Company (SOMO) and comprise the cost-recovery component of Gazprom Neft’s development of Badra field. (Source: Gazprom Neft) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    Range Energy Resources has announced that Gas Plus Khalakan (GPK), the sole contractor of the Khalakan PSC in the Kurdistan Region of Iraq, issued an operations update regarding the Shewashan field. Shewashan #4: The 4th well drilled on the Shewashan field, Shewashan #4, has been completed as a deviated producer in the Qamchuqa reservoir formation only to first extract remaining recoverable oil from this reservoir. There are future plans to recomplete on the Kometan and Shiranish reservoirs. The well was put on production at a rate of 500 bbl/d and is connected to the early production facilities. The well completion utilized a hydrajet targeted acid stimulation through coiled tubing to enhance production from the fracture network. This is a technique that may now be applied to the other existing wells on the Shewashan field to further enhance productivity in the Qamchuqa and Kometan reservoirs. Water production is approximately 2500 bbl/d, an amount which is well within the design parameters of the new early production facilities. Shewashan #1: The Shewashan #1 well has been sidetracked and a new 4.5 inch liner installed. The well has now being recompleted on the Qamchuqa reservoir formation and is producing 750 bbls/day on a 24/64” choke and is currently water free. This well did not require a hydrajet targeted acid stimulation. Shewashan #2: The Shewashan #2 well which was previously producing 250 bbl/d from the Shiranish reservoir, is currently being sidetracked as the water isolation program conducted in Q2 2017 has resulted in reservoir damage that cannot be repaired. Production from the well is expected to be further enhanced with the stimulation techniques once a 4.5 inch liner has been installed. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    By John Lee. The Central Bank of Iraq (CBI) has organized a course on combating money laundering, terrorism financing, compliance and risk management. The course was held from 17th to 20th September at the Central Bank building, under the supervision of the banking studies center. Sixty-one employees from government, private banks and money transfer companies attended the event. (Source: Central Bank of Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 70 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Iraqi Kurdistan is in the spotlight and the international media are reporting on the upcoming independence referendum, far and wide. But a focus on international opposition, means that important context is often missing. While recent front pages around the world have been reserved for earthquakes and hurricanes, the referendum on independence in Iraqi Kurdistan has never been too far behind. Mostly this has been due to widespread international concern about what the referendum will mean, and what kind of problems it could cause, either in the lead up to the event, or afterwards. Perhaps the most interesting thing for Iraqis about international coverage of the independence referendum, scheduled for Sept. 25, is the sympathy with which the whole world appears to view the Kurdish people of Iraq. Most reports freely acknowledge that the Kurdish are the world’s largest ethnic minority without their own state. Almost every writer details the trials and tribulations that Iraq’s Kurds have gone through and, in particular, what they suffered under former Iraqi leader, Saddam Hussein. The heinous chemical weapons attack on the city of Halabja, in which thousands died, is not forgotten. But after expressing understanding, most Western media go on to talk about international disapprobation of the referendum. The list of friends and enemies who oppose this Kurdish example of direct democracy grows longer by the day. European media have found it particularly notable that this time, the US – generally a staunch ally of Iraqi Kurdistan – couldn’t do the back room deals their envoys usually do, to postpone the referendum. Many analysts noted that the statement the US eventually issued on the topic was unusually harsh. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 70 view(s)
  • Investors Iraq News's Avatar
    09-21-2017, 10:12 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Tuesday, conducting 44 strikes consisting of 50 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 Near Raqqa, coalition military forces conducted 30 strikes consisting of 32 engagements against ISIS targets. The strikes engaged six ISIS tactical units and destroyed 28 fighting positions, three vehicles, two ISIS communications infrastructure items and an ISIS headquarters. Strikes in Iraq In Iraq, coalition military forces conducted 14 strikes consisting of 18 engagements against ISIS targets: Near Qaim, two strikes destroyed an ISIS headquarters and a weapons storage area. Near Huwijah, five strikes engaged two ISIS tactical units; destroyed three tunnels, two ISIS headquarters, two command-and-control nodes, a vehicle, a tractor, and a vehicle-borne improvised bomb facility; and damaged two supply routes. Near Rawah, seven strikes engaged two ISIS tactical units and destroyed two mortar systems, two weapons caches, an improvised explosive device, a staging area, and a vehicle. Additional Strikes Additionally, 51 strikes consisting of 53 engagements were conducted in Syria and Iraq on Sept. 17-18 that closed within the last 24 hours for which the information was not available in time for yesterday’s report: On Sept. 17, near Raqqa, Syria, three strikes destroyed seven fighting positions. On Sept. 18, near Dayr Az Zawr, Syria, four strikes engaged an ISIS tactical unit and damaged three supply routes. On Sept. 18, near Raqqa, Syria, 42 strikes engaged 23 ISIS tactical units; destroyed 23 fighting positions, eight vehicles, three VBIEDs, two ISIS unmanned aerial systems, and a command-and-control node; and suppressed four fighting positions. On Sept. 18, near Huwayjah, Iraq, two strikes illuminated tactical areas. 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.
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  • odus1000's Avatar
    09-21-2017, 01:57 AM
    Drain the swamp
    6633 replies | 328995 view(s)
  • Wolverine's Avatar
    09-20-2017, 08:00 PM
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  • Wolverine's Avatar
    09-20-2017, 07:45 PM
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  • Wolverine's Avatar
    09-20-2017, 07:44 PM
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  • Investors Iraq News's Avatar
    09-20-2017, 12:21 PM
    By John Lee. Trace Systems Inc., of Vienna, Virginia, has been awarded a $49,392,866 firm-fixed-price foreign military sales (Iraq) contract to support Iraq’s Very Small Aperture Terminal Network. One bid was solicited, with one bid received. Work locations and funding will be determined with each order, with an estimated completion date of Sept. 14, 2022. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 68 view(s)
  • Investors Iraq News's Avatar
    09-20-2017, 12:21 PM
    ShaMaran Petroleum has announced that drilling operations have commenced on the Chiya Khere (“CK-7”) appraisal and development well in the Atrush Block in the Kurdistan Region of Iraq. CK-7 is located in the central area of the Atrush Block approximately 3 kilometres east of the Atrush 2 producing well and 3.5 kilometres west of the Atrush 3 appraisal well. 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. The well will be drilled with the EDC Romfor 25 drilling rig (pictured) and is expected to take approximately 52 days. Planned total vertical depth for the well is approximately 1,575 metres. (Source: ShaMaran) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-20-2017, 12:21 PM
    Iran’s Deputy Energy Minister for Electricity and Energy Affairs Houshang Falahatian (pictured) has stated that the power grids of Iran and Iraq will be interconnected in mid-November 2017. “Iran is ready to take a serious part in reconstruction of the Iraqi electricity grid once terrorists have been eliminated from the area” Falahatian added. He also emphasized Iran’s readiness to engage “seriously” in three sectors including reconstruction of Iraq’s production, distribution and transmission lines, and the participation of the Iranian private sector. Falahatian also said pointed out the need to synchronize the electricity grids of the two countries, saying that the plan is to connect the two countries’ power grids in mid-November this year, which could play an important role in increasing the amount of electricity exchanges. In case of any request from the Iraqi government, the possibility exists to reconstruct the Iraqi distribution and transmission networks within two years. (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 60 view(s)
  • Investors Iraq News's Avatar
    09-20-2017, 12:21 PM
    By Fazel Hawramy for*Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Mlitary commanders and diplomats from both Iran and the United States are swarming Iraqi Kurdistan in a last-ditch attempt to convince the Kurds, an important ally in the war against the Islamic State (IS), to either postpone the planned Sept. 25 referendum for independence or cancel it all together. Maj. Gen. Qasem Soleimani, the commander of Iran’s powerful Quds Force, and Brett McGurk, the US special anti-IS envoy accompanied by US Ambassador Douglas Silliman, were shuttling this week between Baghdad, Erbil and Sulaimaniyah to convince all sides to come to an agreement. “Both the Iranians and the Americans were in agreement about the referendum and reiterated that it should not take place,” a source briefed about the Patriotic Union of Kurdistan’s (PUK) separate meetings with American and Iranian officials on Sept. 11 told Al-Monitor. Both Iran and the United States also separately conveyed similar messages to Gorran movement officials. The latter believe that the referendum should be postponed until regional and international support is secured. “We will not support you, and you will be on your own,” a Gorran official told Al-Monitor when recounting a meeting with the American ambassador. Indeed, “The United States is 100% opposed to the referendum on September 25,” Weshyar Omar, who was part of the Gorran delegation meeting with the Americans on Sept. 13, quoted McGurk as saying. “Until now, we have held back the from attacking, but I will not bother to do that anymore,”*Soleimani warned the senior PUK officials, the source briefed on the meeting told Al-Monitor. “Just look at Mandali and what happened there. That is the beginning,”*he cautioned, referring to the Sept. 11 incident in which a group of over a hundred*Iranian-backed Iraqi militia fighters arrived in the disputed subdistrict of Mandali in Diyala province, 100 kilometers (62 miles) northeast of Baghdad, and forced the Kurdish head of the town’s council out of his job and announced that the town will not be included in the Kurdistan referendum. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 62 view(s)
  • Investors Iraq News's Avatar
    09-20-2017, 12:21 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Monday, conducting 13 strikes consisting of 21 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 six strikes consisting of six engagements against ISIS targets near Raqqa. The strikes destroyed 25 ISIS vehicles, five fighting positions, a command-and control-node and a logistics node. Strikes in Iraq In Iraq, coalition military forces conducted seven strikes consisting of 15 engagements against ISIS targets: Near Qaim, a strike destroyed an ISIS headquarters. Near Haditha, a strike destroyed ISIS engineering equipment and a vehicle. Near Huwijah, three strikes engaged an ISIS tactical unit and destroyed four heavy machine guns, three fighting positions, a tactical vehicle, a bunker, a front-end loader, a mortar system, a staging area and an ISIS headquarters. Near Rawah, two strikes engaged an ISIS tactical unit, destroyed a vehicle and an ISIS-held building, and damaged a supply route. Sept. 17 Strikes Officials today also provided details on 12 strikes consisting of 14 engagements conducted Sept. 17 in Syria and Iraq for which the information was not available in time for yesterday’s report: Near Raqqa, seven strikes destroyed six ISIS fighting positions and a logistics node. Near Qaim, a strike destroyed an ISIS tactical vehicle and a tactical vehicle storage facility. Near Huwijah, two strikes destroyed a vehicle-borne-bomb facility and an ISIS weapons cache. Near Rawah, a strike destroyed an ISIS staging area. Near Rutbah, Iraq, a strike destroyed an ISIS weapons cache. 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 | 77 view(s)
  • Investors Iraq News's Avatar
    09-19-2017, 08:58 AM
    The Ministry of Labour and Social Affairs announced that the World Bank has allocated $200 million to implement an emergency project to support stability in the liberated areas. An official spokesman for the Ministry of Labour and Social Affairs stated: “The World Bank has allocated $200 million for the implementation of the emergency project to support the stability of the liberated areas, as it will be coordinated with the General Secretariat of the Council of Ministers and the ministries of planning, health and work for the purpose of implementing paragraphs of this project.” (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 64 view(s)
  • Investors Iraq News's Avatar
    09-19-2017, 08:58 AM
    Shares in Gulf Keystone Petroleum (GKP) were trading down 3 percent this morning following the announcement of its results for the half year ended 30 June 2017. Reuters quotes analysts at Cenkos Securities as saying that further clarity on payment is required before GKP can commit to proper capital expenditure. Highlights to 30 June 2017 and post reporting period Operational Gulf Keystone’s operations in the Kurdistan Region remained safe and secure throughout H1 2017 with plant uptime at PF-1 and PF-2 of over 99% with no lost-time incidents. Shaikan achieved average daily production of 36,664 bopd. Cumulative production from Shaikan has now exceeded 40 million barrels. In March 2017, Shaikan-8 (“SH-8”) was brought back on-stream. In April 2017, ERC Equipoise verified remaining gross Shaikan 2P reserves of 615 MMstb, as at 31 December 2016. With gross production of c.35,350 bopd in Q3 2017 so far, gross production guidance for 2017 remains at 32,000-38,000 bopd. Operational strategy for investment into Shaikan has been matured throughout 2017. Financial Cash flow positive through H1 2017. The Group has continued to receive regular payments from the Ministry of Natural Resources (“the MNR”) of $15 million gross ($12 million net to GKP) with cash receipts of $84 million net to GKP year to date. Continued cost control with gross operating costs per barrel of $3/bbl (H1 2016:$4/bbl). Profit after tax of $0.7 million (H1 2016 (as restated): loss after tax of $232.6 million). As at 30 June 2017, the Group estimates an unrecognised revenue receivable of $33 million net to GKP with regards to unpaid export sales (December 2016: $25 million) and $76 million net to GKP for the past costs associated with the Shaikan Government Participation Option (December 2016: $71 million). Cash balance at 30 June 2017 of $118.8 million against $100 million debt principal. Cash balance at 18 September of $133.8 million. April 2017, decision taken to pay Reinstated Notes coupon of $5.1 million at 10% interest rate. The decision regarding the October 2017 coupon will be communicated to the market in due course. Outlook The Company is progressing in its ongoing discussions with the MNR regarding commercial and contractual conditions, in particular those around regular payments conforming to the Shaikan Production Sharing Contract (“PSC”) and crude marketing arrangements. GKP is preparing to make further investments to maintain plateau production at the nameplate capacity of 40,000 bopd with a view to increasing to 55,000 bopd, and beyond, subject to MOL and MNR approvals, a regular payment cycle from the MNR and a commercially acceptable investment environment. Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said: “The first half of the year was a period of solid operational delivery, which has seen the Shaikan field continue to perform in line with expectations. “The Company continues its dialogue with the MNR with the objective of achieving contractual and commercial clarity. Whilst continuing to maintain a rigorous and disciplined approach to its cost base, Gulf Keystone remains cash flow positive and well placed to continue to invest in increasing production from Shaikan.” Full results here. (Sources: Gulf Keystone Petroleum, Reuters, Yahoo!) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-19-2017, 08:58 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.* The Tureibil crossing, or more commonly known as the Karameh border crossing, between Jordan and Iraq reopened in early September in tandem with the opening of another border crossing with Saudi Arabia. This means that more foreign goods are likely to flow into the Iraqi market, which already lacks national products, especially food and agricultural goods. The prospects for increased imports, which is not good news for the local production industry in Iraq, prompted parliament’s Agriculture, Water and Marshlands Committee on Aug. 14 to accuse the Ministry of Agriculture of mismanagement and confusion in supporting these foreign goods, which caused the local market to become flooded with imported products. Mohammed Mansouri, an expert on local livestock, warns against “a catastrophe in the sector of livestock and agriculture in Iraq,” urging the government to work “on achieving food security.” However, the failure of agricultural projects in Iraq is not only the result of poor planning and management, but also a “corrupt agenda seeking to keep this sector lagging so as to continue relying on imports,” said Ali al-Badiri, a member of the Agriculture, Water and Marshlands Committee, in a media statement Aug. 24. “Impeding the cultivation of wheat crops is a conspiracy, as this cultivation has become a threat to the investments of the corrupted,” he said. In the same vein, Suhaila Abbas, the head of the Agriculture Committee of the Babil Governorate Council, told Al-Monitor, “Linking food security to importation is not due to technical problems such as drought or the rudimentary irrigation and land treatments techniques, as these can be addressed through development plans. This is, however, due to political reasons. Many of Iraq’s neighbors have an interest in keeping Iraq unable to become self-sufficient in terms of food, so it continues importing food products.” Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-19-2017, 08:58 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq’s Prime Minister says he is prepared to use military force if a planned referendum on Kurdish independence turns violent. The Kurds in Iraq have come under increasing pressure from regional powers and the US to call off the vote, scheduled for September 25. In a sign of escalating internal tensions, Haider al-Abadi said the leadership of the Kurdish Regional Authority was “playing with fire” by holding the poll. He described the vote as “illegal and unconstitutional”. Al Jazeera‘s Imran Khan reports from Erbil: Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-19-2017, 08:58 AM
    U.S. and coalition military forces have continued to attack the Islamic State of Iraq and Syria, conducting 94 strikes consisting of 126 engagements in Iraq and Syria over the last two days, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Assessments of results are based on initial reports, officials said. Strikes in Syria Coalition military forces conducted 40 strikes consisting of 43 engagements Sept. 16 against ISIS targets in Syria: Near Dayr Az Zawr, a strike engaged an ISIS tactical unit and destroyed an ISIS boat. Near Raqqa, 39 strikes engaged 10 ISIS tactical units; destroyed 26 fighting positions, two ISIS communications infrastructure items, two vehicles, engineering equipment, an improvised explosive device, a logistics node, a tactical vehicle, a vehicle-borne-IED factory and a vehicle-borne IED; damaged two supply routes; and suppressed four fighting positions. In Syria yesterday, coalition military forces conducted 35 strikes consisting of 49 engagements against ISIS targets: Near Abu Kamal, three strikes engaged an ISIS tactical unit and destroyed a logistics node and an ISIS headquarters. Near Dayr Az Zawr, two strikes engaged an ISIS tactical unit and destroyed a vehicle-borne IED and an ISIS headquarters. Near Raqqa, 30 strikes engaged 10 ISIS tactical units, destroyed 44 vehicles and 13 fighting positions, damaged 13 supply routes and a vehicle-borne IED, and suppressed two fighting positions. Strikes in Iraq Coalition military forces conducted eight strikes consisting of 15 engagements Sept. 16 against ISIS targets in Iraq: Near Hawijah, three strikes engaged an ISIS tactical unit and destroyed four tunnels, three weapons caches, two fighting positions, an excavator, a tactical vehicle, a generator and a command-and-control node. Near Rawah, two strikes destroyed two ISIS staging areas and a vehicle-borne-IED production facility. Near Rutbah, three strikes engaged two ISIS tactical units and destroyed two vehicle-borne-IED storage facilities, two vehicles, a tactical vehicle and a command-and-control node. In Iraq yesterday, coalition military forces conducted 11 strikes consisting of 19 engagements against ISIS targets: Near Qaim, a strike engaged an ISIS tactical unit and destroyed a vehicle-borne-IED factory and an ISIS-held building. Near Beiji, a strike engaged an ISIS tactical unit and destroyed two weapons caches and a vehicle. Near Hawijah, three strikes engaged an ISIS tactical unit and destroyed five tunnel entrances, two command-and-control nodes, a vehicle, a weapons cache and a generator. Near Rawah, six strikes engaged an ISIS tactical unit and destroyed two ISIS-held buildings, an ISIS headquarters, a vehicle-borne-IED factory, a vehicle-borne-IED storage facility, a staging area and a command-and-control node. Sept. 15 Strikes Officials also provided details today on 13 strikes consisting of 18 engagements conducted Sept. 15 in Syria and Iraq for which the information was not available in time for previous reports: Near Dayr Az Zawr, five strikes engaged three ISIS tactical units and destroyed two fighting positions and a command-and-control node. Near Raqqa, five strikes engaged an ISIS tactical unit, destroyed two fighting positions and suppressed three fighting positions. Near Hawijah, three strikes destroyed two tunnels, a vehicle-borne IED and a command-and-control node; damaged four supply routes; and suppressed a fighting position. 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.
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