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  • Investors Iraq News's Avatar
    Today, 04:05 AM
    Iran’s Foreign Minister Mohammad Javad Zarif said the fact that each year, 7 million Iraqis and Iranians visit each other’s country is a sign of the two neighboring countries’ close ties. Speaking at a meeting with Iraqi Parliament Speaker Mohammed Al-Halbousi in Baghdad on Monday, attended by the chairmen of the Iraqi parliamentary factions, Zarif hailed the relations between the two countries, the parliamentary ties in particular. The fact that seven million Iranians and Iraqis visit each other’s country each year is an outstanding sign of “the proximity of the two great nations,” Zarif said. Every year, a large number of Iranians visit Iraq for pilgrimage. Iranian pilgrims travel to Karbala, Najaf and Baghdad to pay homage to Shia Imams buried in Iraq. Iraqis visit the Iranian cities of Mashhad and Qom for pilgrimage. The Iraqi parliament speaker, for his part, referred to the two countries’ common interests and praised Iran’s role in helping the Iraqi people defeat the Daesh (ISIS or ISIL) terror group. Daesh militants made swift advances in much of northern and western Iraq over the summer of 2014, after capturing large swaths of northern Syria. However, a combination of concentrated attacks by the Iraqi military and the volunteer forces, who rushed to take arms after top Iraqi cleric Ayatollah Ali al-Sistani issued a fatwa calling for fight against the militants, blunted the edge of Daesh offensive. In November 2017, the self-proclaimed caliphate of Daesh collapsed after Syrian and Iraqi armed forces and their allies managed to recapture the terror group’s last strongholds in the two Arab countries. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • Investors Iraq News's Avatar
    Today, 04:05 AM
    By John Lee. The head of Iraqi Kurdistan’s Board of Tourism has reportedly said that tourism is expected to “approach” 15 percent of gross domestic product (GDP) by 2025. Mawlawi Jabar Wahab told Rudaw that this would be roughly double the sector’s current size. Visitor numbers are now beginning to climb once more, topping three million in 2018. More here. (Source: Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Wolverine's Avatar
    Yesterday, 09:46 PM
    502 replies | 26476 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 08:16 PM
    When Will the Iraqi Dinar Be Revalued? The revaluation of the Iraqi dinar is ready to be implemented by the country's Central Bank; however, the Parliamentary Economic and Investment Commission has decided to postpone the revaluation to 2019. The plan is to eliminate zeros from the value of the Iraqi currency, allowing the dinar to gain value on the global market. With the anticipation of the Iraqi dinar revaluation, millions of dinars have been bought all over the world by investors. Those investors hope that the revaluation of the dinar will increase the value of the currency, which would make all of their dinars worth significantly more than when they bought them. However, the revaluation continues to get postponed and is set for 2019 as the country faces more pressing political issues.
    183 replies | 35235 view(s)
  • calstar's Avatar
    Yesterday, 05:37 PM
    Hi James Thanks for the info! I have shares in AMAP.
    1 replies | 49 view(s)
  • James's Avatar
    Yesterday, 03:55 PM
    Modern Animal & Agricultural Production (AMAP) was not suspended from trading today (Jan. 14, 2019) because the company fulfilled ISX request to explain why the prices touched the higher limits on Jan. 8, Jan. 9, Jan. 10 and Jan. 13, 2019. The company disclosed that they started the legal procedures to own Soft Dairy Factory (Alban Al-Rfq) and the company also added that it started maintenance and adding new equipments in Halal Dairy Factory (Al-Halal) which will lead to increase production and quality of production. .19 to .33 cents in only eight trading days. Interesting... http://www.isx-iq.net/isxportal/portal/companyprofilecontainer.html?companyCode=AMAP
    1 replies | 49 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:57 PM
    Genel Energy has issued the following trading and operations update in advance of the Company’s full-year 2018 results, which are scheduled for release on 20 March 2019. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: “2018 was a very positive year for Genel, which saw us generate material free cash flow and further transform the balance sheet. An expected year-on-year increase in production means we are set to continue this performance in 2019, with low-cost assets forecast to generate over $100 million in free cash flow even if the oil price averages $45/bbl. “As we generate cash we will continue to invest in the business to maximise the value of our existing portfolio. We are also working hard to bring in new assets that are complementary to our cash generation story. We are focused on building a stronger company with sustainable and material cash flow and multiple growth opportunities from which to create significant shareholder value.“ FINANCIAL PERFORMANCE $335 million of cash proceeds were received in 2018 ($263 million in 2017), an increase of 27%, of which $98 million was received in Q4 Free cash flow totalled $164 million in 2018 ($99 million in 2017), an increase of 66%, representing a free cash flow yield of 27% on the year-end share price Unrestricted cash balances at 31 December 2018 were $334 million ($162 million at 31 December 2017), with net cash at $37 million ($135 million net debt at 31 December 2017) Capital expenditure for 2018 totalled $95 million, of which $70 million was cost recoverable spend on producing assets 2018 OPERATING PERFORMANCE AND 2019 ACTIVITY OUTLOOK 2018 net production averaged 33,690 bopd, with Q4 averaging 36,920 bopd. Production and sales by asset during 2018 was as follows: Tawke PSC (Genel 25% working interest) Tawke PSC production averaged 113,020 bopd in 2018, with production from Peshkabir contributing 27,660 bopd to this figure Production in Q4 2018 averaged 127,220 bopd, of which Peshkabir contributed 50,130 bopd The Peshkabir-8 well completed in December 2018, and is currently producing just under 10,000 bopd. Results of the Peshkabir-9 well are expected shortly While further production wells are set to be drilled in 2019, Peshkabir activity in 2019 will focus on field management facilities and the utilisation of associated gas to enhance oil recovery at the Tawke field Taq Taq PSC (Genel 44% working interest and joint operator) Taq Taq field production averaged 12,350 bopd in 2018 Production in Q4 2018 averaged 11,640 bopd Drilling operations on the TT-32 well have now been completed, and test production is underway. The well is currently flowing at a rate of over 3,000 bopd, and still cleaning up, with further zones to be tested ahead of an expected stabilised production rate of c.2,000 bopd The rig has now moved to drill the horizontal sidetrack TT-20z well, which will drill the Shiranish in the western flank of the field with an aim to increasing productivity Three further wells are scheduled to be drilled in 2019, as Genel continues to target the flanks of the field with the aim of delivering a year-on-year production increase Bina Bawi and Miran (Genel 100% and operator) Field development plans for both Bina Bawi and Miran oil and gas are under discussion with the KRG, and may entail a phased development approach in order to reduce initial capital expenditure and achieve the earliest date for first gas. An extension to the conditions precedent is expected to be granted shortly Genel is reviewing the value of the Miran PSC carried in the Company accounts, and will update this as part of the year-end results process African exploration update Onshore Somaliland, seismic processing has now completed on the SL-10-B/13 block (Genel 75% working interest, operator) and analysis and interpretation is underway. Initial indications confirm the Company view that the block has hydrocarbon potential. Genel continues to develop a prospect inventory and assess next steps ahead of a farm-out process and potentially spudding a well in 2020. On the Odewayne block further seismic processing is being considered in order to complete the Company’s understanding of the prospectivity of the block On the Sidi Moussa block offshore Morocco (Genel*75% working interest, operator), the acquisition of a c.3,500 km2*multi-azimuth broadband 3D*seismic survey completed in November. PSTM and PSDM processing will continue through 2019. Genel has no additional work commitments relating to the licence. A decision will be made on whether to drill a well, and the appropriate equity level, once processing has progressed sufficiently 2019 GUIDANCE Genel expects to generate material free cash flow in 2019 Genel generates positive free cash flow at and above an oil price of $20/bbl In light of the Company’s balance sheet strength and ongoing material cash generation, management is appraising the most effective model for balanced capital allocation in order to take advantage of growth opportunities, make value accretive additions to the portfolio, and pave the way to returning capital to shareholders at the appropriate time Combined net production from the Tawke and Taq Taq PSCs during 2019 is expected to be close to Q4 2018 levels Capital expenditure net to Genel is forecast to be c.$115 million, with the majority being cost-recoverable spend on current producing assets. Capex includes: Tawke and Taq Taq net to Genel of c.$100 million Bina Bawi and Miran maintenance capex of c.$10 million, with the potential for this figure to be updated should there be positive developments on Bina Bawi commercial discussions African exploration cost of under $5 million, largely comprising processing costs relating to Moroccan seismic Opex: c.$30 million G&A: c.$20 million The Company continues to actively pursue growth and appraise opportunities to make value-accretive additions to the portfolio (Source: Genel Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:57 PM
    By John Lee. France has reportedly agreed to lend Iraq 1 billion euros to help in the reconstruction efforts. According to Reuters, Foreign Minister Jean-Yves Le Drian announced the agreement to reporters following a meeting on Monday with his Iraqi counterpart Mohammed al-Hakim in Baghdad. The cost of reconstruction in Iraq is estimated at $88 billion, of which around $30 billion was pledged at a donor conference early last year. (Sources: Reuters, AP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:57 PM
    By John Lee. Business leaders in Jordan have reportedly welcomed increased access to Iraq’s $88.2-billion reconstruction efforts. According to a report from Jordan*Tmes, a recent agreement to grant Jordanian construction contractors equal status to their Iraqi peers was described as “a God-sent miracle” by engineer and board member of the Jordan Construction Contractors Association (JCCA) Abdel Haleem Bustanji. “It has only been two days since we signed the agreement, but I already received calls about the necessary papers. Contractors are thrilled to be working again,” he added. Prime Minister Adil Abd Al-Mahdi received King Abdullah II of Jordan in Baghdad on Monday, to discuss improving relations between the two countries. More here. (Sources: Jordan*Tmes, Media office of the Prime Minister) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 26 view(s)
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