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  • Wolverine's Avatar
    Today, 08:04 PM
    6627 replies | 316683 view(s)
  • Investors Iraq News's Avatar
    Today, 05:33 PM
    Germany’s Siemens has expanded an existing service agreement with KAR Group in Iraq to provide comprehensive operations and maintenance (O&M) for two newly added SSC5-2000E power plant units at the Khormala plant in the Kurdistan region. The 930-megawatt (MW) natural gas-fired power plant meets nearly 30 percent of the power demand targeted by the Kurdistan Regional Government (KRG), supplying more than four million Iraqi people with reliable electricity. According to a statemengt from the company, “the extension of the service agreement is set to improve operational flexibility, availability, and performance of gas turbines for the next 15 years.” The Mena Power Report 2017 says the current power demand in Iraq stands at 21GW and is growing faster than supply. The Kurdistan Regional Government plans to increase capacity by building new power plants and increasing the efficiency of existing facilities. Gianluigi Di Giovanni, Senior Executive Vice President of Siemens Power Generation Services in the Middle East, commented: “The plant is truly a landmark project, supporting the development goals of the Kurdistan region. That’s why we are proud to expand our collaboration with KAR Group to deliver reliable and stable electricity supply to people’s homes.” The Khormala multi-year agreement with Siemens covers the operation and maintenance of six SGT5-2000E gas turbines, six SGen5-100A generators along with the associated auxiliary and ancillary systems. It also includes the implementation of Siemens Power Diagnostics®, which is part of the company’s “Digital Services for Energy” portfolio, to improve asset visibility, reliability and availability. Siemens data-driven services enable valuable data from different assets to be analyzed. From there, data is transformed into actionable insights—such as diagnostics, troubleshooting and condition forecasting—that can help improve plant reliability and reduce downtime. In addition, the data processed by Siemens Power Diagnostics® can help balance maintenance costs, improve inspection intervals and provide invaluable insights into operational risks. Siemens has managed the operation and maintenance of Khormala since 2013 under a multi-year services agreement. Currently, the company has more than 40 personnel on-site managing the power plant on behalf of KAR Group. (Source: Siemens) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 13 view(s)
  • Investors Iraq News's Avatar
    Today, 05:33 PM
    By John Lee. Iraq’s Petroleum Contracts & Licensing Directorate (PCLD) has announced that previously-qualified international oil companies (IOCs) which are not currently operating in Iraq, and which did not participate in earlier licensing rounds, will not be eligible to compete in the current licensing round. In an announcement (copied below), the PCLD said such companies will have to resubmit all documents and pay a fee of $25,000 if they wish to participate: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 13 view(s)
  • Investors Iraq News's Avatar
    Today, 05:33 PM
    By John Lee. Chevron has become the latest member of the Iraq Britain Business Council (IBBC), joining 57 other world- and region-leading organisations that form IBBC’s membership. The company operates and has an 80 percent interest in the Sarta production-sharing contract (PSC) and the Qara Dagh PSC (pictured). The two blocks cover a combined area of 279,000 net acres (1,129 sq km). In early 2016, it completed a second exploration well in the Sarta Block, and more evaluation of the block is planned. For the Qara Dagh PSC, the results from seismic acquisition and evaluation in 2015 improved understanding of the prospects, and it is evaluating the next steps. (Sources: IBBC, Chevron) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 12 view(s)
  • Investors Iraq News's Avatar
    Today, 05:33 PM
    By Lara Saeed, Managing Editor, Bite.Tech. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Over the course of the past year, the Iraqi startup ecosystem has been through tremendous development. Numerous startup events and boot camps have resulted in the early stages of an ecosystem. Baghdad, as the capital city with the largest market, has seen a strong number of stratups that are now beginning to take shape as businesses. Unfortunately, it is not always that simple getting information from businesses in our culture but below are some of the hottest startups in Baghdad who are willing to share their stories. Miswag, founded by Ammar Ameen Miswag was founded in the year 2013 and is one of the first startups in Baghdad. Miswag is an online store that adopted a model similar to Amazon. The startup provides a cross-platform site and mobile application as the main sales channels that allow Iraqi based customers to place their order directly. The startup also offers delivery services to its customers. The startup is independently funded and has been generating income since the year 2015, it made over 1.1 billion Iraqi dinars in sales in the year 2016. Miswag plans to invest further in their inventory as they plan to become the biggest e-commerce platform in Iraq in terms of user base. The startup covers all over Iraq with two main operation centers, one in Baghdad and the other in the Kurdistan region. The team currently consists of 11 employees and are aiming at a 50% staff increase within the next 12 months as they plan to establish another operation center in Basra. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    Today, 05:33 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria yesterday, conducting 30 strikes consisting of 66 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported today. 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 22 strikes consisting of 32 engagements against ISIS targets: Near Abu Kamal, a strike destroyed an ISIS headquarters and weapons cache. Near Dayr Az Zawr, a strike destroyed an ISIS oil still. Near Raqqa, 20 strikes engaged 13 ISIS tactical units and destroyed 24 fighting positions, a vehicle, a logistics node and ISIS communications infrastructure. Strikes in Iraq In Iraq, coalition military forces conducted eight strikes consisting of 34 engagements against ISIS targets: Near Qaim, three strikes destroyed a vehicle-borne-bomb factory, an ISIS front-end loader and an excavator. Near Rawah, two strikes destroyed an ISIS headquarters, a vehicle and a front-end loader. Near Tal Afar, three strikes engaged two ISIS tactical units; destroyed five mortar systems, four supply caches, two vehicles, two vehicle-borne bombs, two fighting positions, two recoilless rifles, an ISIS headquarters and a medium machine gun; and suppressed an ISIS tactical unit. Earlier Strikes Officials today also announced results of 50 strikes consisting of 67 engagements conducted Aug. 18-20 in Syria and Iraq for which the details were not yet available at the time of yesterday’s report: On Aug. 18 near Raqqa, a strike engaged an ISIS tactical unit. On Aug. 19 near Dayr Az Zawr, a strike destroyed an ISIS wellhead. On Aug. 19 near Raqqa, six strikes engaged an ISIS tactical unit and destroyed five fighting positions, an improvised explosive device and a command-and-control node. On Aug. 20 near Shadaddi, Syria, three strikes engaged three ISIS tactical units and destroyed a vehicle. On Aug. 20 near Dayr Az Zawr, a strike destroyed an ISIS wellhead. On Aug. 20 near Raqqa, 33 strikes engaged 21 ISIS tactical units and destroyed 41 fighting positions, five command-and-control nodes, an IED, an ISIS headquarters, two supply caches, ISIS engineering equipment and an ISIS unmanned aerial system. On Aug. 20 near Tal Afar, five strikes engaged two ISIS tactical units; destroyed seven fighting positions, three staging areas, two IEDs, two pieces of ISIS oil equipment, a rocket-propelled-grenade system and a vehicle; and suppressed an ISIS tactical unit. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    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 | 36 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    Danish-based DAMM Cellular Systems has provided voice and data communication systems to Erbil International Airport (EIA). Local DAMM system partner Sabaaco, a specialist in secure communications, installed the solution in close collaboration with DAMM. (Source: DAMM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 32 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    By Hal Miran, Editor-in-Chief, Bite.Tech. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. TechHub has officially been launched, making the first tech startup coworking space in Iraq a reality. We have housed nine members so far, as well as numerous expert-led entrepreneurial workshops and events, and look forward to bringing much more to Iraq’s booming tech startup sector. Coworking office spaces have seen exponential growth around the world in recent years, as the business environment has undergone big changes. And the reason is simple: there are just so many benefits to joining a coworking space when building your tech startup. ? What is TechHub? TechHub is a community hub for tech startups in Iraq, headquartered in the city of Erbil, Iraq. We created TechHub to give budding Iraqi techstars the springboard they need to build, grow and scale their startup in a fully supportive tech environment. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    Iraqi security forces have begun their offensive to liberate the city of Tal Afar from the Islamic State of Iraq and Syria, Combined Joint Task Force Operation Inherent Resolve officials said today. The global coalition against ISIS welcomes Iraqi Prime Minister Haider al-Abadi’s statement earlier today announcing the launch of the offensive to liberate Tal Afar and the remainder of Ninevah province and northern Iraq from ISIS, Army Lt. Gen. Stephen J. Townsend, the commander of U.S. and coalition forces in Iraq and Syria, said in a statement. All branches of the Iraqi security forces will take part in the liberation of Tal Afar: the 9th, 15th and 16th Iraqi army divisions, the counterterrorism Service, the federal police and emergency response division and the Iraqi local police, as well as popular mobilization forces under Abadi’s command, task force officials said. “Following their historic victory in Mosul, the have proven themselves a capable, formidable and increasingly professional force, and they are well-prepared to deliver another defeat to ISIS in Tal Afar,” coalition officials said in a statement. “The coalition will continue to help the government and security forces to liberate the Iraqi people and defeat ISIS through five means: by providing equipment, training, intelligence, precision fires and combat advice.” Fully Committed Though the recent liberation of Mosul, Iraq’s second-largest city, was a decisive victory for the Iraqi security forces, it did not mark the end of ISIS in Iraq, or its worldwide threat,” Townsend said. “The operation to liberate Tal Afar is another important fight that must be won to ensure the country and its citizens are finally free of ISIS,” he added. “The coalition is strong, and fully committed to supporting our Iraqi partners until ISIS is defeated and the Iraqi people are free.” Coalition officials estimate that 10,000 to 50,000 civilians remain in and around Tal Afar, the task force statement said, and the coalition applies rigorous standards to its targeting process and takes “extraordinary efforts” to protect noncombatants. “In accordance with the laws of armed conflict and in support of its partnered forces who are risking their lives every day in the fight against an evil enemy, the coalition will continue to strike valid military targets, after considering the principles of military necessity, humanity, proportionality and distinction,” the coalition statement said. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    Advertising FeatureNote: ISX will be closed starting from Sep. 1, 2017 to Sep. 5, 2017 due to the religious holiday of Eid Al-Adha. The next session will be held on Wednesday (Sep. 6, 2017). Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th Aug 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD784 (-0.7%) / $805 (-0.3%) (weekly change) (-18.3% and -15.0% YTD change, respectively). The number of week traded shares was 39.2bn and the weekly trading volume was IQD34.8bn ($27.4mn). ISX Company Announcements Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of VZAF starting Sept. 12, 2017. Original shares of Iraqi for Seed Production (AISP) will resume trading on Aug. 20, 2017 after approving 2016 annual financial results, increasing the capital from IQD7.5bn to IQD10.5bn through 40% bonus issue and deciding to distribute 40% cash dividend (IQD0.40 dividend per share, 5.6% dividend yield). Ahliya for Insurance (NAHF) will hold AGM* on Aug. 28, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of NAHF starting Aug. 23, 2017. Al-Nobles for Money Transfer (MTNO) will hold AGM* on Aug. 24, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of MTNO starting Aug. 21, 2017. Ashur Bank (BASH) postponed its AGM* to Aug. 16, 2017 due to not completing the quorum on Aug. 9, 2017. Fallujah for Construction Materials (IFCM) disclosed that it rehabilitated their site and brought back some employees to work on daily basis starting Apr. 2017. The company is working on to publish its financial results starting 2013. The company stated that it generated IQD71.2mn profit in 2013, corresponding to a 61% y/y decline. The company resumed its operations starting Jul. 1, 2017 and it is now preparing to offer all its services. The company also contacted a number of companies for investment and financing of its operations. Two cross transactions occurred on 24.75bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 13 and Aug. 14, 2017, which represent 9.9% of BAAI capital. A cross transaction occurred on 5.5bn shares of Al-Noor for Money Transfer (MTNN) on Aug. 14, 2017, which represents 12.2% of MTNN capital. MTNN held AGM* on Aug. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of MTNN starting Aug. 16, 2017. A cross transaction occurred on 7.175bn shares of Al-Rabita Al-Maliya company (MTRA) on Aug. 16, 2017, which represents 7.2% of MTRA capital. Iraqi Agricultural Products (AIRP) will hold AGM* on Aug. 21, 2017 to discuss and approve 2016 annual financial results and decide distributing 10% cash dividend (IQD0.10 dividend per share, 1.4% dividend yield). ISX suspended trading of AIRP starting on Aug. 16, 2017. Mamoura Real-estate Investment (SMRI) disclosed the status of the subscription on the capital for the first 20 days. The subscription on the 2.88bn shares opened on Jul. 23, 2017. 2.56bn shares were subscribed and the remaining shares (0.32bn) are still available for subscription. A number of shareholders submitted a complaint about United Bank (BUND) for the postponement of cash dividend distribution since 2014. According to the previous announcement, BUND will start distributing dividend from 2014 profit starting Oct. 1, 2017 Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 37 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:40 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Saturday, conducting 15 strikes consisting of 24 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 Dayr Az Zawr, a strike destroyed 10 ISIS oil-storage barrels. Near Raqqa, five strikes engaged two ISIS tactical units and destroyed three fighting positions. Strikes in Iraq In Iraq, coalition military forces conducted nine strikes consisting of 18 engagements against ISIS targets: Near Qaim, a strike destroyed an ISIS supply cache. Near Beiji, a strike engaged an ISIS tactical unit and destroyed a vehicle. Near Rawah, three strikes destroyed two ISIS headquarters, a weapons cache and a staging area. Near Tal Afar, four strikes engaged an ISIS tactical unit and destroyed seven rocket systems, two command-and-control nodes, two mortar systems, a vehicle-borne-bomb factory, a supply cache and a front-end loader. Other Recent Strikes Additionally, officials today announced the results of 26 strikes consisting of 38 engagements conducted in Syria and Iraq on Aug. 17 and Aug. 18 for which the information was unavailable at the time of yesterday’s report: Near Raqqa on Aug. 17, three strikes engaged three ISIS tactical units and destroyed a fighting position. Near Raqqa on Aug. 18, 20 strikes engaged 14 ISIS tactical units, destroyed 14 fighting positions and damaged a tunnel entrance. Near Tal Afar on Aug. 18, three strikes destroyed 24 ISIS roadblocks, two vehicle-borne-bomb factories, an ISIS headquarters, an ISIS command-and-control node and a fighting position and suppressed three mortar teams. 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 | 40 view(s)
  • Brazileiro's Avatar
    08-20-2017, 07:12 PM
    congrats James on getting your stocks transferred! Too bad it didn't work to transfer cash as well. Id love to have access to the cash in my account, as I imagine everyone would. I'm wonder why/how Warka still has people working for them. I thought Warka was removed from Guardianship years ago...and CBI allowed Warka to exercise all banking activities in Jan 2016,,,apparently not.
    13 replies | 1075 view(s)
  • Wolverine's Avatar
    08-20-2017, 07:02 PM
    Thank YOU, sir ! God bless you all !!
    6627 replies | 316683 view(s)
  • Wolverine's Avatar
    08-20-2017, 07:01 PM
    6627 replies | 316683 view(s)
  • James's Avatar
    08-19-2017, 08:27 PM
    Dear mike032588 I understand what your saying. I have relatives who have stock in the ISX through Warka as well as friends who are still in proxy through Warka Bank. I too have a Warka account but went a bit further and had things transferred in "my good name" years ago. I now have an ISX number and my shares are listed with the ISX. I recently transfer all my ISX shares from Warka to Al Karmal due to the frustration and lack of being able to trade shares, buy share and receive cash dividends. I am currently searching for another Iraqi bank to do business with. Warka might rebound or better yet be bought out one day. In the mean time I would like to have access to my account and there are other banks out there I just need to find one to do business with. I am thinking that folks who are in proxy have frozen assets and until Warka get relisted by the ISX everything is frozen. This is just my 2 cents and I could be wrong but the only thing I have done differently is was have my stocks put in my name. I did ask the broker from Al Karmal if I could transfer some $ from my Warka account to Al Karmal to put in some money to buy a few stocks and this was there response. " We are very sorry, we can't transfer your money because Al Warka bank is still under the custody but if you have shares that you want to transfer from Al Warka bank to us you could provide us with the form that shows your shares." That is all I can tell everyone. The email I have used from Mr. Issa is mohammad.k.issa@warka-bank-iq.com When I received my update stocks it came from 3044@warka-bank-iq.com Good luck and keep everyone posted should you get a reply.
    13 replies | 1075 view(s)
  • mike032588's Avatar
    08-19-2017, 06:21 PM
    I send this every time, To Whom It May Concern, I use to do lots of business with many of these email addresses. For 8 Years I held e-mail correspondence with your good bank. You continued to purchase me stock in your banks proxy and I continued to send money and do business. Then one day it all stopped. With each passing day, I hold onto hope. Many people say they are getting responses from Mr. Issa who I came to respect. I still believe in your bank. However, if I cannot reach anyone how can I ever do business. Please help me. Guide me to someone that can help me. I need complete portfolio updates on all positions. I will send money to my accounts to get it. I have the complete paper trail backed up if you want to see ANY documents. Please Al-Warka Bank for Investment and Finance, HELP a long time believer & big time investor in your company. -Michael
    13 replies | 1075 view(s)
  • mike032588's Avatar
    08-19-2017, 06:19 PM
    No matter what I do I cannot get a response from the bank... tried so many different emails... over and over and over...
    13 replies | 1075 view(s)
  • mike032588's Avatar
    08-19-2017, 06:19 PM
    It sucks i have over 200,000 USD sent there. Mr Issa ignores me. Completly. One day I will get to the bottom of this investment. For now I will just sit back work hard and learn from my mistakes.
    13 replies | 1075 view(s)
  • What If....'s Avatar
    08-19-2017, 02:39 PM
    Would it matter if they were? 25 and 25000 are both worth $25 etc. 250 would be worth 0.25 or just be removed. The RV is a myth and the ISX doesn't seem like it's going to be much better.
    1 replies | 146 view(s)
  • James's Avatar
    08-19-2017, 10:45 AM
    James started a thread ATM Machines in Iraqi Bank Accounts
    There has been some talk about lower denominations loaded in ATM machines. Many seem to think that if/when an RV occurs they will need these lower notes to make daily transactions. I am not disputing this thought, seems logical. But some have said the ATM machines are loaded with smaller denominations. I contacted someone yesterday in Baghdad and asked if there were lower notes being dispersed from the ATM machines during a transaction. Here is his reply. Yes the smallest note is 250 IQD there are no lower than this note but the ATM machine have been loaded with lower denomination 5000 IQD. Just passing that info along.
    1 replies | 146 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    By John Lee. South Korean electronics maker LG Electronics has reportedly opened its largest overseas brand shop in Iraq. The two-floor shop covers 870 square meters in the main commercial district of Erbil. Around 200 government and media officials attended an opening ceremony, according to a report from Nation Multimedia. (Source: Nation Multimedia) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 85 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    Speedcast International Limited has announced it has been awarded a VSAT (Very Small Aperture Terminal) license to operate in Iraq through its locally-licensed entity, prompting the completion of a new systems integration project providing managed network services for an international oilfield services group in the country. The VSAT license is a strict new requirement as of January 2017 for service providers operating in Iraq, which was previously covered under the yearly telecommunications license required to operate communications networks in-country. Speedcast’s local entity has renewed its general telecommunications license in addition to being awarded the VSAT-specific license, allowing the company to continue to support customers in the region for satellite connectivity as well as other telecommunications and technology services. “Obtaining the VSAT license is a huge win for us, as it was essential for us to continue providing reliable communications to international customers doing business in Iraq,” said Keith Johnson, EVP, Energy, Speedcast. “The customer we are supporting for this systems integration project is new to operating in the country and was looking for an experienced international service provider they could trust. Speedcast’s unique experience in providing ruggedized communications equipment and highly reliable services made us a great fit for the environment, which includes extreme temperatures and desert conditions. Being one of the few companies with the license to provide managed satellite communications in-country, Speedcast is able to exceed the customer’s needs with the dependability and professionalism that has made the company a leader in the industry.” The project scope includes four sites at a major oilfield in southern Iraq, utilising Speedcast’s locally-licensed entity to deliver communications services and 24×7 support. The sites are equipped with terrestrial, microwave and satellite connectivity, CCTV, video conferencing, WAN optimization and a range of IT equipment. Fiber and microwave serve as the primary connections with satellite providing backup. Terrestrial and VSAT networks were provided together to ensure business continuity for both operator and service contractors, so both drilling and critical business data could be transmitted 100 percent of the time. Under the terms of the agreement, Speedcast will also provide end-user VSAT licenses. Speedcast’s system integration experience spans 30 years and includes engineering and design, procurement, testing, installation and maintenance for complete communications needs – from entertainment systems and security and monitoring services to navigation equipment, video streaming, internet of things (IoT) and more. (Source: Speedcast) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 135 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Kurdistan Regional Government in northern Iraq says the date to hold an independence referendum has been set and won’t be changed. That was in response to a request by US secretary of state Rex Tillerson to postpone the referendum. During a telephone call on Thursday, Tillerson told Masoud Barzani that he favours dialogue instead, between the Kurdish region and the Iraqi government. The US and other Western nations are worried the vote, could lead to renewed conflict with the Iraqi government in Baghdad and distract the Kurds from fighting ISIL. Turkey, Iran and Syria which also have large Kurdish populations all oppose an independent Kurdish state. So, could this vote lead to an independent Kurdish state? and what will that mean for Iraq and the region? Presenter: Imran Khan Guests: Dindar Zebari – Deputy Minister of the Kurdistan Regional Government. Ahmed Rushdi – Director of the House of Iraqi Expertise Foundation. Dlawer Ala’Aldeen – President of the Middle East Institute. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 146 view(s)
  • Wolverine's Avatar
    08-17-2017, 12:48 PM
    DUBAI (Reuters) — OPEC member Iraq has formed a JV with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has forced the industry to become more efficient and commercially focused. The venture, Al-Iraqia Shipping Services and Oil Trading (AISSOT), will handle a "plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering", according to a company statement sent to Reuters. AISSOT is owned by state firm Iraqi Oil Tankers Co (IOTC) and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share. IOTC owns a stake of 22.5% in AISSOT, according to a copy of the signed 20-yr contract seen by Reuters. "Formation of AISSOT is based on Iraqi Oil Ministry vision to further strengthen activities of two major entities i.e. AMPTC and IOTC in the field of shipping, marine services, and oil trading," the company said in a statement. "It is also one of Iraqi Oil Ministry’s initiatives to develop national oil companies to international levels." AISSOT, which will soon start bunkering operations at ports in southern Iraq, is the second oil venture set up recently by the country. State oil marketer SOMO and Russia's Litasco formed a joint trading company in Dubai to market crude and may expand into oil products and petrochemicals, industry sources said. "The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and products and can eventually get into crude oil allocations," said an industry source familiar with the company's operations. AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs. It has around 25 employees now and intends to go up to 50 in Dubai by the year-end, the source said. The company is in discussions to build a terminal storage facility in Iraq over the next few years that would handle crude and oil products, the source added. According to AISSOT, the company "is in a position to invest in and gradually acquire a significant fleet to transport the majority of Iraqi crude oil to end users at competitive rates." The company will also start a marine academy to train Iraqis, with the aim of eventually having up to 85% Iraqi nationals working on its ships. AISSOT's co-owner AMPTC was established in 1973 by member countries of the Organization of Arab Petroleum Exporting Countries. Saudi Arabia's government is the biggest shareholder in AMPTC with a 15.595% stake, while Iraq has 13.657%, according to the company's website. Kuwait has 15.484%, the UAE 14.175% and Qatar 14.776%, along with other countries such as Libya, Algeria, Bahrain and Egypt. Reporting by Rania El Gamal; Editing by Dale Hudson
    0 replies | 287 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    By John Lee. Saudi Arabia is reportedly planning to re-open the Arar border crossing with Iraq for the first time since 1990. Sohaib al-Rawi, the governor of Anbar province, is quoted as saying that the Iraqi government had deployed troops to protect the desert route leading to Arar and called its opening a “significant move” to boost ties. The border was closed after the two countries cut ties following Saddam Hussein’s invasion of Kuwait. (Sources: Al Jazeera, Reuters, Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 87 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    The Commission of Integrity has denied reports on the release of Iraqi Airways chairman following his arrest “red-handed” taking a bribe. A commission statement on August 15 said that reports by some media outlets that claimed the release of Samer Kabba, the Iraqi Airways chairman, were untrue. The statement said the investigating judge referred the case to the criminal court to complete legal procedures. It also urged media outlets to verify reports on this issue. Media reports said Kabba was released on bail pending investigations after his arrest while accepting a bribe. An MP earlier warned against pressures on the judiciary to release Kabba. (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 84 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    By John Lee. The governor Basra has reportedly stepped down and gone to Iran following an investigation by the Integrity Commission into allegations of corruption against him. The Integrity Commission has asking the foreign ministry in Baghdad to ask Iran to repatriate Majid al-Nasrawi. According to a report from*Reuters, a Basra-based politician close to Nasrawi said the accusations were “politically motivated“. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 89 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Tuesday, conducting 21 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 12 strikes consisting of 17 engagements against ISIS targets: Near Dayr Az Zawr, a strike destroyed an ISIS wellhead. Near Raqqa, 11 strikes engaged seven ISIS tactical units and destroyed 30 fighting positions, a logistics node and an ISIS unmanned aerial system. Strikes in Iraq In Iraq, coalition military forces conducted nine strikes consisting of 24 engagements against ISIS targets: Near Beiji, a strike engaged an ISIS tactical unit and destroyed a vehicle. Near Qaim, three strikes destroyed two ISIS staging areas and an ISIS-held building Near Samarra, a strike engaged an ISIS tactical unit. Near Tal Afar, four strikes engaged two ISIS tactical units and destroyed 13 fighting positions, three ISIS-held buildings, three supply caches, an ISIS training camp and a mortar system. Previous Strikes Additionally, 38 strikes consisting of 44 engagements were conducted in Syria and Iraq on Aug. 9-10 and Aug. 14 that closed within the last 24 hours. On Aug. 9, near Dayr Az Zawr, Syria, two strikes destroyed three ISIS oil stills. On Aug. 10, near Dayr Az Zawr, Syria, a strike engaged an ISIS tactical unit and destroyed three tunnel entrances and two ISIS-held buildings. On Aug. 14, near Abu Kamal, Syria, a strike destroyed five ISIS oil equipment items. On Aug. 14, near Raqqa, Syria, 32 strikes engaged 20 ISIS tactical units and destroyed 18 fighting positions, three improvised explosive devices, three heavy machine guns, three command-and-control nodes, a logistics node, an anti-aircraft artillery system and an IED factory. On Aug. 14, near Tal Afar, Iraq, a strike suppressed an ISIS tactical unit. On Aug. 14, near Tuz, Iraq, a strike destroyed two ISIS headquarters, a vehicle storage facility, a vehicle, a staging area and a 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 | 102 view(s)
  • redvette's Avatar
    08-16-2017, 08:19 PM
    Yes here for 11 years now, what the heck will we ever see the daylight of the Dinar valuation it deserves.
    175 replies | 37268 view(s)
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