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  • Investors Iraq News's Avatar
    Today, 08:03 AM
    By John Lee. Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports. His comments come as the US increases sanctions pressure on Iran. According to Reuters, Ghadhban added that he hopes no such disruption will take place. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 08:03 AM
    By John Lee. Iraqi Airways will reportedly resume flights to the Syrian capital Damascus for the first time since 2011. According to AFP, Iraq’s national carrier will operate a weekly service from Baghdad to Damascus starting on Saturday. (Source: AFP) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    Yesterday, 11:45 AM
    BatmaninIraq replied to a thread 10-18-2018 in Warka Bank News
    We should see an updates from AL WARKA very soon......
    14 replies | 3870 view(s)
  • Wolverine's Avatar
    Yesterday, 01:24 AM
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  • Wolverine's Avatar
    05-17-2019, 02:33 PM
    Gazprom Neft produces its two-millionth ton of oil in Kurdistan, Iraq 5/16/2019 MOSCOW -- Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth ton of oil since starting commercial production at its Sarqala field in the Kurdsitan Region of Iraq. Sarqala field in the Kurdsitan Region of Iraq First oil was obtained at the Garmian block, which includes the Sarqala field, in 2011. Commercial oil shipments commenced in 2015, with the commissioning of the Sarqala-1 well. The second production well was launched in 2018. A third well, with production capacity of 12,000 bopd, has now gone into operation at the field — the launch of which has seen total daily production volumes increase by 25%, reaching 35,000 bbl. Total cumulative production at the field now stands at two million tons, or more than 15 MMbbl of oil since the start of commercial production four years ago. Field infrastructure has seen considerable expansion throughout this asset’s development, with a new high- and low-pressure separation processing line constructed here, together with two 17,000-barrel-capacity reservoirs (tanks), and the reconstruction of the oil-tanker loading systems — this modernization providing transportation and storage capacity for significantly higher oil production. A reservoir-water utilization unit will be built at the Sarqala field this year, with throughput capacity of 5,000 bpd. Gazprom Neft Middle East B.V. CEO Sergei Petrov commented, “The production of the two-millionth ton of oil at Sarqala marks a significant point in developing this important and promising asset. We’ve made great strides in our four years’ working at the Garmian block, commissioning three wells and putting in place cutting-edge and highly developed infrastructure. In moving into a new phase in developing this field we already have detailed information on the geological characteristics of the region. This means we will, very shortly, be able to determine the direction of the further development of this asset in the Middle East.”
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  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company’s Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering year-on-year production growth, we have made portfolio additions that perfectly complement our existing asset base, and our cash position continues to strengthen. Genel is participating in 20 wells this year, the most of any IOC in the Kurdistan Region of Iraq (‘KRI’). Drilling on the Tawke and Peshkabir fields is ongoing, with activity ramping up as we progress through 2019. Year to date production from the Tawke PSC is currently c.126,800 bopd, with Peshkabir driving impressive growth compared to the prior year’s period. The drilling programme at Taq Taq has now delivered three successful wells, and year to date production is currently c.13,300 bopd, an increase from the 2018 average of 12,350 bopd. We are continuing to achieve successful results from the flanks of the field, and are drilling ahead at pace. Total Genel working interest production across all assets is 37,600 bopd, running slightly ahead of our expected 10% increase in year-on-year production. Even as we invest to deliver this production increase we continue to improve our cash position, generating almost $50 million in free cash flow in the first four months of the year. We expect to keep up this impressive run rate. Our current expectation is that we will generate well over $100 million in free cash flow over the course of 2019, prior to the payment of the dividend, even after increasing expenditure on our growth opportunities. The results at Peshkabir show the significant success that can be obtained from our low-cost, rapid return operations in the KRI. While investing to increase production from 12,000 bopd to 55,000 bopd over the course of the year, Genel still generated $50 million of free cash flow from the asset. This level of return is hard to match anywhere else in the world, and illustrates why we continue to look for further opportunities in the KRI. Put simply, the KRI is a very good place in which to operate. Payments have been made on a monthly basis for over three and a half years now, the political situation continues to improve – with Baghdad having made budget payments to the Kurdistan Regional Government for over a year – and the low-cost of operations helping to set a breakeven oil price at an asset level of $20/bbl. We are still looking to diversify the portfolio, but we will not ignore further opportunities in the KRI – and indeed continue to focus on these where our presence on the ground and regional expertise mean we can maximise their value potential for shareholders. In that context, as you are probably aware by now, we were delighted to add Sarta and Qara Dagh to the portfolio. They tick all of the boxes, as we partner with Chevron on assets that offer a mixture of near-term production and long-term growth potential. Sarta is expected to enter production in the middle of 2020, and we will develop the field utilising a similar strategy to the one that was so successful (and cash-generative) at Peshkabir. While we do not want to get ahead of ourselves there are hydrocarbons throughout the structure in all of the typical KRI reservoirs, from the Tertiary down to the Triassic. We are focused on building an even stronger business with material growth potential, providing a clear and compelling investment case that offers the opportunity for a significant increase in shareholder value. As we prioritise that growth, we have also initiated a material and sustainable dividend, providing investors with a compelling mix of growth and returns. I am delighted that Bill Higgs is now sitting alongside me as CEO, and that Esa Ikaheimonen, our CFO, has also joined the Board. On a personal level, the transition that I was keen to oversee is now complete. As such I have decided that this will be my last AGM as Chairman of Genel, and I will leave the Company for new challenges once a suitable successor has been identified. When I joined the Board two years ago the share price was under 80p, production was declining, Genel had unpaid oil receivables of over $400 million and $142 million in net debt. Genel’s production and net cash position is now rising, the portfolio is positioned to provide material organic growth, and Genel now has the right team to deliver that growth. Management has a wealth of experience in the sector, experience that can also be utilised to make further value-accretive portfolio additions and optimise our growing cash pile to generate value for shareholders.” Genel will announce results for the six months ending 30 June 2019 on Tuesday 6 August 2019. (Source: Genel Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    By John Lee. General Dynamics Ordnance and Tactical Systems has been awarded a $92,400,000 modification (P00003) to Foreign Military Sales (Iraq) contract W15QKN-18-D0020 for 120mm munition high explosive with tracer tank ammunition cartridges. Work locations and funding will be determined with each order, with an estimated completion date of Oct. 16, 2022. According to Defense World, the ammunition will be used for Iraqi Army M1A1 Abrams tanks, such as the one pictured. (Sources: US Dept of Defense, Defense World) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-17-2019, 06:03 AM
    DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed to buy back USD 60 million in nominal value of DNO01 bonds (ISIN NO 0010740392) at 104.16 percent of par plus accrued interest and USD 10 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest. In addition to partial refinancing of the DNO01 and FAPE01 bonds, net proceeds from the new bond issue will be used for general corporate purposes. Danske Bank and Pareto Securities AS acted as joint lead managers and bookrunners with SpareBank 1 Markets AS as co-manager and bookrunner. (Source: DNO) (Picture: Bonds, from Alexskopje/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-17-2019, 03:52 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th May 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD622 (+4.3%) / $669 (+4.3%) (weekly change) (-5.7% and -5.7% YTD change, respectively). The number of week traded shares was 7.1 bn and the weekly trading volume was IQD2.6 bn ($2.1 mn). ISX Company Announcements Fallujah for Construction Materials (IFCM) will hold an AGM* on May. 29, 2019 to discuss and approve 2013, 2014, 2015 and 2016 annual financial results. The company has been suspended from trading since Jul. 6, 2015 by an ISC decision due to not disclosing 2013, 2014, 2015 and 2016 annual financial results. According to the Board of Insurance, Ahliya for Insurance (NAHF) will resume trading on Sunday (May. 19, 2019). Dar Al-Salam for Insurance (NDSA) completed its capital increase procedures from IQD5.0 bn to IQD7.0 bn through 40% rights issue. Babylon Hotel (HBAY) invited its shareholders on May. 14, 2019 to receive their cash dividend for the years between 1997 and 2001 as well as the year of 2016. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    05-16-2019, 10:54 PM
    Central Bank and the Association of Private Banks distribute generous amounts to the winners of «pioneers of Iraq» The Central Bank of Iraq and the Association of Iraqi Private Banks contributed to the success of the final ceremony of the competition "Pioneers of Iraq" held Wednesday evening at the Babylon Hotel in central Baghdad, while Tamkeen Fund, which is supported by private banks and exchange companies, awarded financial prizes of thousands of dollars to the nine contestants who won the three categories , For the purpose of the success of their projects and provide the appropriate environment in addition to the development through investment. "Pioneers of Iraq" is the first initiative of its kind to help young entrepreneurs and entrepreneurs in Iraq realize their dreams and develop their own projects. Winners in the first category "Upgrading the project" earned $ 20,000 for first place, second place for $ 10,000, and third for $ 5,000. In the second category, "community service", the first place holder received $ 10,000, second place $ 5,000, and third place $ 2,500. For the third category, I have an idea. The first place is $ 10,000, the second place is $ 5,000, and the third place is $ 2,500. Bassam Falah, president of Enovist Middle East, said in a speech at the ceremony, which was attended by "Economy News," that the company's main mission is to support entrepreneurs and emerging companies in the Middle East, "pointing out that" the pioneers of Iraq in the last nine months were able To reach most of the goals set by, in addition to providing support as much as possible to subscribers and winners. " He added that "the Central Bank and the Association of Iraqi private banks and the World Bank and Zain Iraq and the Iraqi media network, in addition to the sponsors of this project, the group Mas and the group of Qaywan and the station and Karim," noting that "Without the support and care of everyone for this project, we can not achieve anything." "Such initiatives are the best solution to the problem of youth unemployment, and the shift to technical work with its different dimensions in all countries of the world, including Iraq, is now going to complete its government work, perhaps the need for more," Prime Minister Mahdi al-Alaq's adviser said. Of the workforce is a loss of efforts in this promising country, which is rich in natural and human resources significantly. " "Such initiatives are the most successful solution for our youth and the future of our country," he said, praising "all the supporting efforts and support for this great work and the organizers of this project." The successful work begins with a successful idea. It is an advanced step away from the practical side and going to the beginning of these acts. " In turn, the Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq said in his speech during the ceremony, "We are today in front of a group of winners, but we follow this great program we see a wide mobility among young people, creating a lot of opportunities to know and know the way to blow up the young energies in the country "He pointed out that" the souls of Iraq is increasing annually by more than one million individuals, and the forces that enter the labor market annually more than 800 thousand people, and most of them do not find jobs, while at the same time 80% of the oil revenues on which the country depends on going Out to embrace the economies of other countries, Iraq is being funded through Stirad all, therefore we need to be in front of an image adjustment and re-installed the way in which we employ these financial resources with the availability of human resources and energies available in order to advance the country and occupy manpower and create great opportunities. " "This issue requires two important issues. First, there should be a national and popular stance that we reconsider the imports of Iraq and provide the real opportunities for the private sector to benefit from these resources, which have become occupied by the economies of other countries and Iraq has become a market for disposal," he said, "This requires a broad program and a large plan that is going through stages so that we can harness these resources to be a source and operator of the private sector." "The other side to move this situation is the need to support youth initiatives and enable them to take advantage of and benefit from their potential, and we all believe in the capabilities of Iraqi youth if the conditions are available," he said, adding that " To reduce efforts and even financial resources for employment, and the Central Bank of Iraq with such examples initiatives through Tamkeen Fund, which sponsors and supports a lot of environmental initiatives, health, social and professional. "The economic situation in Iraq continues to improve, which requires the creation of employment opportunities for the Iraqi youth, which constitutes the majority of Iraqi society, and initiatives of this kind come to encourage the creation of jobs in the private sector, And move the Iraqi economy to another stage away from dependence on oil as a major resource for the economy. "Entrepreneurs in Iraq face many obstacles, so the World Bank worked with the Iraqi government to overcome them by facilitating the business environment," Salem said. "The need to facilitate the process of registering companies and facilitate the process of borrowing and lending to small and medium- Because we found that the problem of getting financing is one of the biggest problems facing entrepreneurs. " "The World Bank aims to develop support for entrepreneurs and young people through the establishment of the platform of the Iraqi digital ecosystem that we will establish during the next few days," she said. She thanked the Central Bank, the Association of Iraqi Private Banks, . For his part, said the Executive Director of the Association of Iraqi private banks Ali Tarek on behalf of its President Wadih al-Hanal, "Entrepreneurship is very important, because it strongly affects the economy of the country and create creativity, competition and innovation," calling that "these programs for young people in colleges, Before they graduate, because we note that most of these projects and platforms are directed to graduate students, but these opportunities must be available before graduation, in order to use the years of study to educate and teach students these projects to be fully aware of what they will face after graduation and work on these projects. "The initiative of the Central Bank to finance small and medium enterprises was very important in the amount of trillion Iraqi dinars, but banks should direct part of this money to small and emerging projects," calling for "to stimulate these projects to register in a systematic and legal." "The Tamkeen Fund, which was launched by the Central Bank with funding from private banks and exchange companies, has the greatest role in the success of this program, as well as thanks to the organizers and supporters of it," he said, calling for "supporting such projects and delivering similar projects to the Council of Ministers and sitting at one table In order to support them and overcome the obstacles that stand in their way and provide the right environment to start their work. " "Pioneers of Iraq" is a three-part competition designed to invite participants to present their creative ideas or entrepreneurial plans to qualify for the opportunity to win money and in-kind prizes that will help transform their dreams into reality.
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  • Investors Iraq News's Avatar
    05-16-2019, 03:57 AM
    By John Lee. The Iraqi Cabinet held its regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Adil Abd Al-Mahdi. The Cabinet discussed and reviewed a number of infrastructure projects, and approved a scheme to develop land close to Baghdad International Airport. (Source: Govt of Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-16-2019, 03:57 AM
    Five One Labs is pleased to announce IGNITE, our very first entrepreneurship program focusing on achieving product market fit. This program will help you better understand the market you are competing in and how you can create the most value for your customers. We are now recruiting tech-entrepreneurs from communities all around Iraq to participate in this month long program. If you are passionate about a tech-focused startup idea and want to learn the skills to turn it into a business, this program is right for you! Apply by May 21 at 11:59pm to be considered. More details here. (Source: 51 Labs) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-16-2019, 03:57 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Senior Project Assistant (Security Governance and Liaison), IOM – International Organization for Migration Shelter & Settlement Focal point, IOM – International Organization for Migration Project Assistant, IOM – International Organization for Migration Senior Project Assistant, IOM – International Organization for Migration Political Affairs Officer , UNAMI Senior Country Officer, The World Bank (Source: UN) (Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-16-2019, 03:57 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Reintegration Assistant, IOM – International Organization for Migration Project Assistant, IOM – International Organization for Migration Finance Officer, IOM – International Organization for Migration Information Management Associate (Graphic Designer), UNAMI – United Nations Assistance Mission for Iraq National Professional Officer, WHO – World Health Organization National Professional Officer (National Coordinator), WHO – World Health Organization Storekeeper, WHO – World Health Organization (Source: UN) (Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-16-2019, 03:57 AM
    From the U.S. Embassy in Iraq: The U.S. State Department has ordered the departure of non-emergency U.S. Government employees from Iraq, both at the U.S. Embassy in Baghdad and the U.S. Consulate in Erbil. Normal visa services at both posts will be temporarily suspended. The U.S. government has limited ability to provide emergency services to U.S. citizens in Iraq. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-15-2019, 04:14 AM
    An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a ceiling set on the contract between the two neighbors. He noted that the exports will be rising as the hot season is looming with a surge in Iraq’s electricity consumption, adding that the daily export is expected to hit 40 million cubic meters. Baghdad and Basra are the main export destinations of Iranian natural gas, the official added. On a gas deal with Turkey, Montazer Torbati said Tehran and Ankara are planned to enter negotiations to extend the gas export contract during the last five years of the deal, adding that serious talks to renew the contract will kick off next year. In June 2017, Iran started to export natural gas to Iraq after years of negotiations and settlement of financial problems. Tehran and Baghdad had signed a deal on the exports of natural gas from the giant South Pars Gas Field in 2013. Under the deal, the Iranian gas is delivered to Sadr, Baghdad and al-Mansouryah power plants in Iraq through a 270-kilometer pipeline. Last month, Iraq’s Ministry of Electricity said the Arab country’s gas imports from Iran are planned to rise by 13 percent by January 2020. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-15-2019, 04:14 AM
    TTE Technical Institute has secured a new project with international energy and water company TAQA to provide technical training to Middle East based technicians. A group of 13 technicians from TAQA’s Atrush Block oil production facility in the Kurdistan region of Iraq are spending three months in the UK at TTE’s fully-equipped training centre in Middlesbrough to develop practical engineering competencies to achieve internationally-recognised qualifications. The project is also supporting TAQA’s development of women technicians in the Kurdistan region with one member of the group a female process technician. Within the group are three technicians working towards Level Performing Engineering Operations (PEO) Level 2 in mechanical engineering and three technicians aiming to achieve the PEO Electrical & Instrumentation Level 2 standard. The seven remaining technicians are working towards the Process Industry Operations Level 2 qualification. Once completed, all of the qualifications allow for continual development to achieve Level 3. Working with TTE’s internationally-experienced trainers, the technicians will utilise the training centre’s industry-standard facilities and equipment undertaking a programme of practical, hands-on modules and assessments. TTE has an established reputation for providing on-site skills and competency assessments for international companies such as TAQA, which is headquartered in Abu Dhabi operating in 11 countries across four continents. This is one of the first significant contracts TTE has secured since it became a Technical Institute earlier this year.* Marking its 30th year in operation, becoming TTE Technical Institute supports its strategy to increase the export of its services to international markets. Technical Institutes are globally-acknowledged as centres of vocational training, providing learners with skills, competencies and qualifications to enter or advance a career in industry, which is in keeping with TTE’s existing, comprehensive provision. Contracts such as this also support the training of young people in the North East of England. As a charitable, not-for-profit social enterprise, TTE gift-aids the surplus revenues generated from its commercial training to support the funding of training for apprentices and young learners from schools and colleges in the North East. Steve Grant, Managing Director of the TTE Technical Institute, said: “We are very proud to establish this new relationship with such a globally-recognised company as TAQA to support the development of its workforce.* This is the another group we have welcomed to TTE from Kurdistan, further extending the reach of the organisation into international markets. “Exporting our expertise to areas of the world such as West Africa, the Middle East and Asia plays an important role in the training of young people in the North East through the gift-aiding of commercial surpluses into our charity. Increasing our presence in key international markets and securing important projects with companies such as TAQA will generate more opportunities for local young people.” (Source: TTE) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-15-2019, 04:14 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 National Iranian Oil Company (NIOC)*decided May 4*to open an*economic representative office in Iraq. The decision was made during a meeting bringing together executives at Iraq’s Oil Ministry and Iranian oil industry equipment producers, on the sidelines of the Iran*Oil Show 2019. Ramin Gholampour Dezfouli, NIOC’s director for support, construction and goods supply,*said only Iranian companies*approved by the NIOC will be able to partake in Iraqi Oil Ministry*projects. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-15-2019, 04:14 AM
    By John Lee. Oman is reportedly planning to reopen its embassy in Baghdad. Not exact date for the reopening has been announced. (Source: Muscat Daily, Middle East Monitor) (Picture: Yusuf bin Alawi bin Abdullah, Omani Minister for Foreign Affairs) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-14-2019, 06:05 AM
    By Padraig O’Hannelly. For much of Iraq’s recent history, the trend has been for educated and talented Iraqis to leave the country, and for Iraq to use its oil revenues to import the expertise it needs. But that’s changing; to at least some extent, the Iraqi diaspora is returning, innovative home-grown Iraqi businesses are being created, and some are even exporting their goods and services abroad. One prime example is Arab Payment Services (APS), which I visited on a recent trip to Baghdad. Founded by Ziad Khalaf in 2013, the company now employs 100 people, many of them Iraqis who have returned from overseas with new skills and experience. The company provides a range of banking-related services, including ATMs, point-of-sale (POS) devices, and payment processing. In this business, proper security is essential. General Manager Haider Alobaidi, who has been with the company from the start, explained: “Our processes all comply with international standards, such as PCI DSS — our reputation depends on flawless execution, so there is no room for error.” In a country so reliant on cash, is there really a need for such a business? “Most definitely“, says Roger Abhoud, Advisor to the Chairman: “The demographics are all in our favour. Forty million people, 83 percent of them without bank accounts, increasing by one million people each year — more and more of those people want access to the sorts of services that we can provide, and that trend can only continue. It’s a huge opportunity!” His vision doesn’t end there. APS has just opened an office in Dubai, and plans to expand internationally. This is a new and positive phenomenon for Iraq, and one that will provide welcome opportunities in the years ahead. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-14-2019, 06:05 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is looking to strengthen its economy after decades of war, sanctions, sectarian division and the rise of the Islamic State of Iraq and the Levant (ISIL or ISIS). It has achieved some progress in recent years thanks to its oil industry; Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and oil provides roughly 85 percent of the government’s revenue. As the country enters a period of relative calm, Iraq’s oil minister, Thamer Ghadhban, says the government is working to expand its oil industries and improve infrastructure, which includes building more refineries and investing in southern gas fields and export routes. Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-14-2019, 03:53 AM
    By John Lee. Kuwait will reportedly fund the reconstruction of a major border crossing with Iraq. According to Anadolu Agency, Iraq’s Border Crossing Authority said a memorandum of understanding (MoU) has been signed between the two countries to prepare the infrastructure for the crossing at Safwan. (Source: Anadolu Agency) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-14-2019, 03:53 AM
    By Padraig O’Hannelly. Our friend and former contributor Robert Tollast has been touring Iraq’s religious and archeological sites. Writing in Middle East Eye, he says: “Iraq still gives visitors a sense of having a private viewing of some of the world’s wonders, such as the 4,000-year-old ruins of Babylon, and the awe-inspiring Holy Shrines of Hussein and Ali with their intricate mirrored ceilings and breathtaking tile work.” His full article can be read here. (Picture Credit: Middle East Eye / Charlotte Mayhew) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-13-2019, 05:18 PM
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  • Investors Iraq News's Avatar
    05-13-2019, 04:01 AM
    Iraq, one of the world’s biggest energy producers, can address its current electricity shortfall and growing power needs through immediate action to relieve pressure on the system, according to an in-depth report published Thursday by the International Energy Agency. It also provides a medium-term strategy that makes the best use of the country’s abundant oil and natural gas resources and solar potential. Despite the extraordinary challenges of war in recent years, Iraq has made impressive gains, nearly doubling the country’s oil production over the past decade. But the turmoil has also undermined the country’s ability to maintain and invest in its power infrastructure. The new IEA report, Iraq’s Energy Sector: A Roadmap to a Brighter Future, maps out immediate practical actions and medium-term measures to tackle the most pressing problems in Iraq’s electricity sector. The analysis finds Iraq has huge potential to cut its electricity network losses, which are among the highest in the world. Reducing these losses by half would help dramatically improve the efficiency of grid supply, effectively increasing available capacity by one-third. The report also takes a detailed look at the country’s oil and gas sector. It projects that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, accounting for the third-largest increase globally over the period, and soon becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia. The report also notes that more gas can be captured and put to use in efficient power plants. Today, 16 billion cubic meters of gas are flared each year, more than enough to replace Iraq’s current imports. Dr Fatih Birol, the IEA’s Executive Director met, with Iraqi President Barham Salih on Wednesday in Baghdad, and presented the study’s findings and recommendations. He then met with Prime Minister Adil Abdul-Mahdi to discuss ways forward for the electricity sector, including making best use of Iraq’s significant natural gas and solar resources. On Thursday, Dr Birol will discuss the report at a press conference with Thamir Ghadhban, the Deputy Prime Minister for Energy and Minister of Oil, and Luay Al-Khatteeb, the Minister of Electricity. The IEA has worked closely with the Iraqi Ministries of Oil and Electricity to produce the report, and would like to thank the ministers and their staff for their cooperation with this study. “Operating under extremely challenging circumstances, Iraq has done a remarkable job expanding its oil industry,” said Dr Birol. “Today’s urgent issue is to address the national power sector as the summer heatwave approaches by improving grid maintenance, boosting electricity production with larger mobile generators, and incentivising upgrades of power plants. The IEA is pleased to recommend immediate practical actions for the benefit of the entire Iraqi people, and provide a roadmap for a sustainable power system in the medium term.” Iraq’s electricity demand is set to double between now and 2030, and its shortfall in electricity supply will widen, as the country’s population grows by more than 1 million people each year. Without changes to the current structure of electricity supply and improvements to the network, domestic generation, imports and neighbourhood generation would need to double by 2030, for a total supply of over 250 TWh. However, there are many opportunities to improve on this outcome through measures such as investing in transmission and distribution to cut network losses. Promoting the more efficient use of electricity, including by introducing more progressive tariffs, would play an important role in ensuring that the growth in demand during the summer peak does not continue to outpace supply. Iraq also needs to take advantage of its abundant renewable energy potential. *The analysis shows that expanding the share of solar PV and wind to 30% of electricity supply by 2030 would bring benefits both to the Iraqi consumer, in the form of reduced electricity bills, and to the environment. Reducing network losses and moving towards an electricity mix where renewables play a more prominent role would free up 9*billion cubic meters of gas for other uses in 2030, plus 450 kb/d of oil for export. “In addition to oil, Iraq is blessed with some of the richest solar and gas resources in the world but it is yet to take advantage of them,” Dr Birol said. “Turning that potential into fuel for its own economy and for export would help bring about a more sustainable, reliable and affordable energy future.” The report is the second in-depth study of Iraq’s energy sector following the publication of the Iraq Energy Outlook in 2012. Download the report here. (Source: IEA) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-13-2019, 04:01 AM
    By John Lee. According to Miriam Malek, writing for S&P Global Platts, Iraq is again becoming a viable destination for energy investment after the final defeat of Islamic State and the election of a new government revived interest in the region’s second-largest oil producer. The US, Qatar, Saudi Arabia and Iran are now vying for a share in the spoils. Click here to read the full article. (Source: S&P Global Platts) Source: Iraq-BusinessNews.com. Post your commentary below.
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    05-13-2019, 04:01 AM
    By Ahmed Tabaqchali, for 1001 Iraqi Thoughts. Iraq’s new entrepreneurial generation of civil activists’ sense of civic duty flourished during the trauma brought by the ISIS takeover of a third of the country in 2014, and has continued to grow since then as reviewed in a recent report. The report into “A New Generation of Activists Circumvents Iraq’s Political Paralysis” also looked into the origins and the determination of these civil activists to “develop solutions to policy problems that the political class has been unable to address”. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-13-2019, 04:01 AM
    The U.S. Embassy in Baghdad hasd advised all U.S. citizens of heightened tensions in Iraq and the requirement to remain vigilant. Actions to Take: Do not travel to Iraq Avoid places known as U.S. citizen gathering points. Keep a low profile Be aware of your surroundings Assistance: U.S. Embassy Baghdad Al-Kindi Street, International Zone, Baghdad Telephone (during business hours) From Iraq: *0760-030-3000; From the United States:* 301-985-8841 U.S. Citizen Emergency After-Hours Telephone (ask for the duty officer) From Iraq:* 0760-030-3000; From the United States:* 301-985-8841 E-mail:*BaghdadACS@state.gov Website:*https://iq.usembassy.gov/ U.S. Consulate General Erbil 413 Ishtar, Ankawa Erbil, Iraq Telephone (during business hours) From Iraq: *0760-030-3227; From the United States: *240-264-3467 extension 4554 U.S. Citizen Emergency After-Hours Telephone (ask for the duty officer) From Iraq: *066-211-4554; From the United States: *240-264-3467 E-mail:*ErbilACS@state.gov Website:*https://iq.usembassy.gov/embassy-consulates/erbil/ State Department – Consular Affairs 888-407-4747 or 202-501-4444 Iraq Country Information Iraq Travel Advisory Enroll in the Smart Traveler Enrollment Program(STEP) to receive security updates. Follow us on Twitter and Facebook. (Source: US Embassy) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-12-2019, 04:15 AM
    IOM Iraq’s Enterprise Development Fund (EDF) encourages rapid, large-scale private sector job creation and economic recovery through tailored support to Small and Medium Enterprises (SMEs). The EDF is a financing mechanism that provides SMEs with financial capital to contribute to their recovery and/or expansion. To assess the capacity of the market to absorb medium-sized grants, the EDF market assessment was rolled out in Kirkuk, Fallujah, and Mosul in November 2018. The assessment was led by IOM Iraq’s Return and Recovery Unit (RRU) and contributes to the necessary groundwork to introduce the EDF in any location. Please see below*the assessments for three governorates: Fallujah, Anbar governorate Kirkuk, Kirkuk governorate Mosul, Ninewa governorate (Source: IOM) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    05-12-2019, 04:15 AM
    By John Lee. The China Petroleum Engineering and Construction Corporation (CPECC) has been awarded a contract to recover natural gas from the Halfaya oilfield. Planned production is put at 300 million standard cubic feet of gas per day, according to a statement from Iraq’s Ministry of Oil. (Source: Ministry of Oil) Source: Iraq-BusinessNews.com. Post your commentary below.
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