Activity Stream

Filter
Sort By Time Show
Recent Recent Popular Popular Anytime Anytime Last 24 Hours Last 24 Hours Last 7 Days Last 7 Days Last 30 Days Last 30 Days All All Photos Photos Forum Forums
  • BatmaninIraq's Avatar
    Yesterday, 11:11 PM
    The central bank offers traded notes for sale to amateurs Monday 25 March Alsumaria News / Baghdad The Central Bank of Iraq, on Monday, cash notes are still circulating the issuance of 2003 and 2013 for sale to amateurs and related associations. Below are the notes currently in circulation from 2003 to 2013, which are sold to amateurs at prices ranging from $ 5 to $ 60 per cash category.
    13 replies | 1757 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 11:10 AM
    By John Lee. Iraq’s Communications and Media Commission (CMC) has reportedly ordered operators to block calls between their customers and Korek users in a dispute over number portability. According to Rudaw, the regulator told mobile network providers that Erbil-based Korek had failed to meet its “contractual obligations” to allow customers to keep their phone number when they change service provider, while other providers such as Zain and Asiacell had complied with the regulations. Korek has called the policy “unfair and unjust” both to customers and companies. More here. (Source: Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Wolverine's Avatar
    Yesterday, 01:44 AM
    618 replies | 39407 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    By John Lee. Najaf Investment Commission has reportedly signed an initial agreement with a Hong Kong-based company to build a monorail for the city. According to Xinhua, the head of the commission said: “The project will provide an accessible and fast transportation way to the people of the city as well as all tourists.” (Source: Xinhua) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    By John Lee. Iraqi Airways has commenced flights from Baghdad to Munich, Germany. The Minister of Transport, Abdullah Laibi, headed the delegation on the first flight. The flights are scheduled to run on Sundays. (Source: Ministry of Transport) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    By John Lee. UK-based recruitment agency SSK Recruitment is reported to be looking to open an office in Erbil. Bdaily quotes Managing director Adam Smith as saying: “With all the uncertainty surrounding Brexit, we decided to focus on building relationships in the Middle East. “The margins are significantly higher in the Middle East than here in the UK and we’ve been lucky that through existing relationships we’ve formed with our current clients, they have in turn recommended us to other companies.” It adds that the company is looking to engage with more companies in the oil and gas sector and is holding meetings in the UK, Dubai and Iraq. (Source: Bdaily) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    The chairman of the Iranian Parliament’s National Security and Foreign Policy Commission hailed an agreement to ease visa restrictions between the Islamic Republic and Iraq as a major achievement of President Hassan Rouhani’s visit to the Arab country. “The president’s visit to Iraq after the withdrawal of Daesh (ISIS or ISIL) from the country and the elimination of the terrorist group is important because it can develop investments and strategic relations between Tehran and Baghdad,” Heshmatollah Falahat Pishe told Tasnim. He further emphasized that the visit is also important because Iraq can play a major role in countering the sanctions imposed by the US against Iran. The senior lawmaker also referred to the easing of visa restrictions between Iran and Iraq as one of the most important achievements of Rouhani’s visit to Iraq, the senior lawmaker added. Heading a high-ranking delegation, Rouhani arrived in Baghdad on Monday at the official invitation of the Iraqi government. It is Rouhani’s first official visit to Iraq during his tenure. Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh terrorism in Iraq, they have not been able to increase their trade volume. Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports. Other Iranian exports to Iraq include canned food, tomato paste, chicken, egg, meat, construction materials (mainly rebar, tiles and ceramics), steel and evaporative cooler. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:58 AM
    By Julian Pecquet for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* US singles out ‘mafia’-like groups as key threat to Iraq’s future The United States welcomes Iraq’s desire to be a “bridge” to its neighbors but will not accept “malign” Iranian influence that undermines Iraqi sovereignty, two top State Department officials told Al-Monitor. In a joint interview Wednesday at the State Department, Assistant Secretary for Conflict and Stabilization Operations Denise Natali and Deputy Assistant for Iraq and Iran Andrew Peek emphasized the primacy of Iraqi sovereignty in US policy and a desire to work with Baghdad to address Iranian-backed militias that operate outside the control of Baghdad. The pair*encouraged “balanced” state-to-state relations between Iraq and all of its neighbors after returning from a*delegation to Iraq earlier this month that was led by Natali and also attended by Peek. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    03-24-2019, 07:44 PM
    A fine of 50 million and imprisonment for a person who hires or starts to prepare for false money Sunday 24 March put the Iraqi Central Bank law , judgments of the person who coined or prescribed to prepare counterfeit money Mint a fine of 50 million dinars and imprisonment. Article 50 (Preparation) stipulates that anyone who hires or initiates the preparation of false money for committing a felony punishable by law shall be liable to pay a fine not exceeding 50 million dinars or Imprisonment for a term not exceeding 5 years or both. According to the Central Bank, Article 51 (possession) of the law considered that any person who intentionally knowingly cheats (buy, accept or offer to buy, accept or possess, acquire, acquire into Iraq ) counterfeit money committing a felony punishable by law to pay a fine not exceeding 50 million dinars or imprisonment for a period not exceeding 5 years or both. Article 52 (Promotion of counterfeit money) of the Act, paragraph (1), is that any person intentionally knowingly cheating (the promotion of counterfeit money or his willingness to promote counterfeit money or to use it as an original money, export, send or accept counterfeit money outside Iraq) The perpetrator of a felony punishable by law shall be liable to a fine not exceeding 100 million dinars or imprisonment for a period not exceeding 10 years or both. Article 53 (token money and coin-like coins) provides that any person who knowingly knows (manufacturing, producing, selling or possessing) any object intended to be used for fraud acts in lieu of coins or coins designed to Shall be guilty of a felony punishable by a fine of not more than (25) million dinars or imprisonment for a period not exceeding two years or both.
    2 replies | 305 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 11:19 PM
    By John Lee. The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019. This Workshop is hosted by the Central Bank of Iraq (CBL). The 3-day Workshop will focus on the following IFSB Standards: IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS); GN-3:Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders; GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS; and GN-6:Guidance Note on Quantitative Measures for Liquidity Risk Management Overall, the Workshop aims to: Enhance the participants’ understanding of the respective Standards and Guiding Principles; Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles. The FIS Workshops are a part of the IFSB’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2016-2018”, to assist member organisations in adopting and implementing the IFSB Standards. For enquires on IFSB workshops and membership services, please contact the IFSB Secretariat at ifsb_sec@ifsb.org. (Source: IFSB) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 11:19 PM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st March 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD589 (-2.5%) / $634 (-2.6%) (weekly change) (-10.6% and -10.7% YTD change, respectively). The number of week traded shares was 4.1 bn and the weekly trading volume was IQD1.8 bn ($1.5 mn). ISX Company Announcements ISX will suspend trading of Iraq Noor Islamic Bank for Investment (BINI) starting Mar. 25, 2019 due to the AGM* that will be held on Mar. 28 to discuss and approve 2018 annual financial results. Al-Mansour Bank (BMNS) resumed trading on Mar. 20, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield). Middle East Producing & Marketing – Fish (AMEF) resumed trading on Mar. 20, 2019 after electing new board members. According to ISC announcement published on Mar. 20, 2019, Al-Harir for Money Transfer (MTAH) has been delisted from the Iraq Stock Exchange. ISX suspended trading of Trans Iraq Bank for Investment (BTRI) starting Mar. 17, 2019 due to the AGM* that will be held on Mar. 20, 2019 to discuss and approve 2017 annual financial results. United Bank (BUND) resumed trading on Mar. 17, 2019 by the CBI decision to remove the custody from the bank due to completing the procedure of electing new board members. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 11:19 PM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Women in Iraq push to Criminalise Domestic ViolenceDomestic violence has been on the rise in Iraq, with women’s groups blaming instability and the break down of law and order. However, there has been a growing awareness of the issue at the highest levels of government and the women’s rights groups are hopeful that the legislature will finally pass a law criminalising what they see as a “national crisis”. The penal code currently has a provision allowing husbands to discipline their wives and does not criminalise domestic violence. Al Jazeera‘s Natasha Ghoneim reports from Baghdad: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 11:19 PM
    By Hamdi Malik 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 security forces have expanded their operations to track down members of the Islamic State (IS) in the vast Western Desert. The security*forces, however, have yet to reach an integrated strategy to confront IS in these lands, which stretch*along Iraq’s borders with three countries and are located near key Sunni and Shiite cities. The sub-governor of the city of al-Ratba in west*Anbar, Emad al-Dulaimi, confirmed March 13*that an IS member killed a resident who was kidnapped while picking truffles more than two weeks ago in the desert. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Wolverine's Avatar
    03-23-2019, 05:41 PM
    618 replies | 39407 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 02:36 PM
    By John Lee. Trade between Qatar and Iraq rose by 52 percent last year to reach QR473 million compared to QR310 million in 2017, according to a report from Al Bawaba. Al Bawaba quotes Sheikh Khalifa bin Jassim bin Mohammed al Thani, the Chairman of Qatar Chamber, as saying that the most important Qatari imports from Iraq are vegetables, fruits and some electrical appliances for the telephone networks, while the most prominent exports of Qatar to Iraq are oils, organic detergents, cement materials, bags for packaging and cosmetics used in chemical industries. (Source: Al Bawaba) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 02:36 PM
    By John Lee. Wood Group has said that it is seeing strong growth in the Middle East due to “increased activity in Iraq with Exxon and Basra Gas ]“. In its full year results for the year ended 31 December 2018, the UK-based energy services company said it sees “opportunities in Middle East driven by Iraq“. In addition to trading as Wood Group, the company is also sole owner of Iraqi subsidiaries Ghabet El Iraq for General Contracting and Engineering Services, Engineering Consultancy (LLC) and Touchstone General Contracting, Engineering Consultancy and Project Management LLC. (Source: Wood Group) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 02:36 PM
    By John Lee. Christian Lindgren, from Norway, has gathered a facinating collection of photographs on a recent trip to Iraq. With his permission, we are delighted to reproduce some of them here; you can view the full album at: https://www.unusualtraveler.com/ Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 02:36 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.* As more factions within Iraq’s Popular Mobilization Units (PMU) are being*designated as terrorists*by the US*administration on account of their close ties with the Iranian side, Tehran is moving toward*pulling the Iraqi file from the Islamic*Revolutionary Guard Corps (IRGC) and leaving it with the Foreign Ministry, local*reports say. This reported shift in Iranian policy would seek to address a number of critical concerns — none more important, perhaps, than protecting the PMU, which is striving to repurpose itself as a fully-fledged security institution, especially after Washington explicitly told Iranian authorities that supporting militias in Iraq must come to end as part of*12 requirements outlined by Secretary of State Mike Pompeo*in November for the lifting of US sanctions. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-23-2019, 11:30 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 | 0 view(s)
  • 40plus's Avatar
    03-22-2019, 11:31 PM
    So Bultn, you want a stupid, drunken greedy thief hanging around the vault with murders, pedos, satanists, liars and every form of viper...for the good of America...or Amirika?
    618 replies | 39407 view(s)
  • Wolverine's Avatar
    03-22-2019, 06:38 PM
    ...only an "idiot" does not have sufficient grey matter to differentiate between arrests and convictions versus 30+ year old unsubstantiated and uncorroborated made up allegations
    618 replies | 39407 view(s)
  • bultn's Avatar
    03-22-2019, 07:39 AM
    Maybe because burglary is because of greed, DWI is because of stupidity, but RAPE is because you are a really dangerous and awful person... Only an idiot like you think that they all are the same...
    618 replies | 39407 view(s)
  • Investors Iraq News's Avatar
    03-22-2019, 12:40 AM
    Kuwait Energy has announces that the Royal Court of Jersey has approved the acquisition of the company by Gold Cheers Corporation Limited, a wholly-owned subsidiary of United Energy Group Limited (UEG), by means of a scheme of arrangement. The consideration to be paid under the transaction will be US$477,248,630.20 which equates to a per share price of US$1.46400797821. Completion of the acquisition remains subject to delivery of the Act of Court sanctioning the Scheme to the Registrar of Companies in Jersey. This is expected to occur on or before 22 March 2019 (the “Effective Date”), at which time the Scheme will become effective. Payments to shareholders should be dispatched within 14 days of the Effective Date, as detailed in the scheme document dated 15 November 2018 relating to the Scheme. In Iraq, Kuwait Energy has interests in the Mansuriya, Siba, and Block 9 fields. (Source: Kuwait Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    03-22-2019, 12:40 AM
    By John Lee. A ferry on Tigris River near Mosul sank on Thursday afternoon, leaving at least 93 dead.According to Xinhua, the ferry capsized because of “high water levels” while crossing from the bank of the river to a small tourist island called Um al Rabeein. It cites a civil defense source as saying that the ferryboat, owned by a tourism office, was overloaded with more than 100 people, while being designed to carry just 30 people. Prime Minister Adil Abd Al-Mahdi has declared official mourning all over Iraq, embassies, consulates in and out the country for three days. (Source: Xinhua) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Wolverine's Avatar
    03-21-2019, 03:02 PM
    618 replies | 39407 view(s)
  • Investors Iraq News's Avatar
    03-21-2019, 01:05 PM
    IBBC Spring Conference 2019Iraq – Financing a Modern Economy*10 April, The Mansion House, LondonThe Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League. With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas. Christophe Michels, Managing Director of IBBC states: “The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”. H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside*Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the*Central Bank of Iraq, a delegation from the*Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance. Round-table discussions*will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group. Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company. Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF). Conference Sessions & Speakers* The Banking Sector in Iraq Chair: Gavin Wishart, Shire Oak International Panellists: Dr Mazen Sabeh Ahmed,*Central Bank of Iraq;*Mohammed Delaimy, Standard Chartered Bank;*UK Export Finance (UKEF);*Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan Stock Marker & Investment Opportunities Chair: John Kemkers, Eversheds Sutherland (tbc) Panellists:*Shwan Ibrahim Taham, Iraqi Stock Exchange;*Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc) Oil & Gas Chair: Prof. Frank Gunter, Lehigh University Panellists:*Dr Mark Wharton, Shell;*Lawrence Coleman BP;*Bob Dastmalchi, Chevron Capacity Building in Iraq Chair: Ambassador Stuart Jones, Bechtel Panellists: Dr Renad Mansour,*Chatham House; Prof. Mohammed Al-Uzri,*University of Leicester;*Samer Al Mafraji, AMS Iraq Dr Mai Yamani will be presenting the closing remarks for this important event. Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities. You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland. For more information email*london@webuildiraq.org*or telephone 020 7222 7100. (Source: IBBC) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    03-21-2019, 09:24 AM
    “I-Dinar” the first electronic platform for the Islamic exchange of digital currency. On the sidelines of the 5th International Islamic Finance Conference, the first Islamic platform for the exchange of gold-backed digital currency, I-DINAR, was launched in Doha today. The I-Din platform is an electronic symbol based on the exchange of digital currency. Its initial value of one dinar is supported against one gram of gold, It states one I dinar is valued at one gram of gold. It takes 28.35 grams to equal an ounce. Let’s say an ounce of gold is 1320.00. Divide 1320 by 28.35 you get 46.56 per gram. Doesn’t have to be 100% backed in fact my understanding is that BASEL III is 6% x 46.56 = USD2.79 each dinar worth?
    0 replies | 144 view(s)
  • BatmaninIraq's Avatar
    03-20-2019, 10:04 AM
    Parliamentary Finance intends to develop mechanisms to maintain the stability of the dinar exchange rate 20-03-2019 08:06 AM Number of readings: Agency of the orbit - Baghdad The member of the Finance Committee of Parliament Abdul Hadi al-Saadawi, on Wednesday, the intention of his committee to develop mechanisms to change the financial funds to raise the dinar exchange rate and maintain the stability of inflation. "The committee will move during the current legislative term to change the fiscal and monetary policy in the country in general," Saadawi said in a statement exclusive to the newspaper / Al-Sabah and the official / Al-Madar said that "the committee is meeting with officials of the Central Bank to discuss this change during Next stage '. He added that 'the financial Parliament is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state', indicating that 'the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation in the country '. "The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment
    13 replies | 1757 view(s)
  • Investors Iraq News's Avatar
    03-20-2019, 09:45 AM
    By John Lee. Shares in Genel Energy were trading down four percent on Wednesday morning after the company announced its audited results for the year ended 31 December 2018, in which it wrote down its Miran asset by $424 million. Despite this, Genel says it can now initiate “a material and sustainable dividend policy“, with payments starting in 2020. The company’s shares are up 17 percent since the start of the year. Murat Özgül, Chief Executive of Genel, said: “Genel’s strategy at the start of 2018 was clear – generate material free cash flow from producing assets, build and invest in a rich funnel of transformational development opportunities, and return capital to shareholders at the appropriate time. We are delivering on this strategy. “2018 was another year of material free cash flow generation, we continued to transform our balance sheet and the addition of assets with the potential of Sarta and Qara Dagh led to a very successful delivery on the first two parts of our strategy. We will continue to develop opportunities and invest ingrowth. As we do so, a robust cash flow outlook and our confidence in Genel’s future prospects underpins our initiation of a material and sustainable dividend policy.“ Results summary ($ million unless stated) 2018 2017 Production (bopd, working interest) 33,700 35,200 Revenue 355.1 228.9 EBITDAX1 304.1 475.5 * Depreciation and amortisation (136.2) (117.4) * Exploration credit / (expense) 1.5 (1.9) * Impairment of property, plant and equipment – (58.2) * Impairment of intangible assets (424.0) – Operating (loss) / profit (254.6) 298.0 Cash flow from operating activities 299.2 221.0 Capital expenditure 95.5 94.1 Free cash flow2 164.2 99.1 Cash3 334.3 162.0 Total debt 300.0 300.0 Net cash / (debt)4 37.0 (134.8) Basic EPS (¢ per share) (101.6) 97.1 Underlying EPS (¢ per share)5 109.0 65.1 EBITDAX is operating profit / (loss) adjusted for the add back of depreciation and amortisation ($136.2 million), exploration credit ($1.5 million) and impairment of intangible assets ($424.0 million) Free cash flow is net cash generated from operating activities less cash outflow due to purchase of intangible assets ($39.7 million), purchase of property, plant and equipment ($65.3 million) and interest paid ($30.0 million) Cash reported at 31 December 2018 excludes $10.0 million of restricted cash Reported cash less ($334.3 million) less reported balance sheet debt ($297.3 million) EBITDAX less net gain arising from the Receivable Settlement Agreement (‘RSA’) divided by the weighted average number of ordinary shares Highlights $335 million of cash proceeds were received in 2018 (2017: $263 million) Strong cash flow generation, with free cash flow totalling $164 million in 2018 (2017: $99 million), an increase of 66% Financial strength continues to increase,with unrestricted cash balances at 28 February 2019 of $378 million, andnet cash at $81 million Addition of Sarta and Qara Dagh to the portfolio in 2019 brings further near-term production and material growth potential Increase in 1P and 2P reserves as of 31 December 2018 to 99 MMbbls (31 December 2017: 97 MMbbls) and 155 MMbbls (31 December 2017: 150 MMbbls) respectively, including Sarta As disclosed in our trading statement, the carrying value of the Miran licence has been under review. Due to the focus on the development of Bina Bawi, while Genel continues to see significant opportunity in the licence, this has resulted in an accounting impairment to the carrying value Outlook Production guidance maintained – net*production during 2019*is expected to*be*close to Q4 2018 levels of 36,900 bopd, an increase of c.10% year-on-year Capital expenditure guidance updated to include spend on Sarta and Qara Dagh, with net capital expenditure now forecast*to*be*$150-170*million (from c.$115*million) Opex and G&A guidance unchanged at*c.$30*million and c.$20*million respectively Genel expects to generate material free cash flow of over $100 million in*2019, inclusive of investment in Sarta and Qara Dagh Given the strong free cash flow forecast of the business, even after investment in growth opportunities, Genel is initiating a material and sustainable dividend policy The Company intends to pay a minimum dividend of $40 million per annum starting in 2020, with the intention for this to grow The dividend will be split between an interim and final dividend, to be paid one-third/two-thirds The Company is set to approach bondholders to request a temporary waiver of the dividend restriction, which limits dividends to 50% of annual net profit, in relation to accelerating the start of distribution to 2019 The Company continues to*actively*pursue growth and*appraise opportunities to make value-accretive additions to the portfolio More details – 40 pages of them! – here. (Sources: Genel Energy, Yahoo!) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    03-20-2019, 07:59 AM
    Some guru's saying coins are not ready, batman knows it is coming...
    2 replies | 305 view(s)
More Activity
Powered byvBSocial.com and Block Facebook