KRG pays Genel under Receivable Settlement Agreement

Genel Energy plc has announced that it has received an override payment of $7.05 million from the Kurdistan Regional Government (KRG). The payment represents 4.5% of Tawke gross field revenues for the month of November 2017, as per the terms of the Receivable Settlement Agreement.  Taken together with the monthly entitlement payments for Taq Taq […]

Tribal Disputes Flare in over Water Scarcity

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  Tribal disputes flare in southern Iraq over water scarcity Iraqi Prime Minister Haider al-Abadi gave instructions on Feb. 11 to stop the encroachment upon water quotas and increase the […]

New Career Opportunities in Iraq

By John Lee. The United Nations has advertised new positions in Iraq: Future Forward Project Coordinator, Heartland Alliance for Human Needs A Field Coordinator, Première Urgence Internationale (PUI) Chief of Section, Supply Chain Management, UNAMI Senior Political Affairs Officer, UNAMI Program Manager, Relief International Human Settlements Officer, UN-Habitat – United Nations Human Settlements Programme Female […]

New Career Opportunities in Iraqi Kurdistan

By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Future Forward Project Manager, Heartland Alliance for Human Needs Project Officer (Communications with Communities), IOM – International Organization for Migration A Deputy Head of Mission, Première Urgence Internationale (PUI) A Deputy Health Coordinator in Erbil, Première Urgence Internationale (PUI) MEAL Coordinator, Première […]

Details of Defeat-ISIS Strikes in Syria, Iraq

Combined Joint Task Force Operation Inherent Resolve and its partners continued to strike Islamic State of Iraq and Syria targets in designated parts of Syria and Iraq between Feb. 9-15, conducting 43 strikes consisting of 63 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported today. Strikes in Syria Yesterday in Syria, coalition military […]

$30bn Pledged to Iraq – Time to Act!

Following the Kuwait International Conference for the Reconstruction of Iraq earlier this week, Iraq has so far received pledges of financing totalling around $30 billion to help with rebuilding the country after the devastating war against the Islamic State group. While this is well short of the $88 billion in funding estimated to be needed, […]

Iraq to Increase Oil Capacity by 40%

By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has said Iraq plans to increase its crude oil production capacity from 5 million bpd at present to 7 million bpd by 2022. According to a report from Reuters, he added that Iraq needs $4 billion for new investments in its downstream oil industry, […]

US EXIM agrees $3bn Iraq Financing

On Tuesday, the Export-Import Bank of the United States (EXIM) entered into a memorandum of understanding (MOU) with Iraq’s Ministry of Finance aimed at rebuilding Iraq and enhancing trade and economic cooperation between the two countries. EXIM’s Acting Vice Chairman Scott Schloegel signed the MOU today with Iraq’s Deputy Finance Minister Dr. Maher Hammad Johan […]

Saudi Arabia to re-open Consulate in Basra

By John Lee. Saudi Arabia will reportedly re-open its consulate in Basra within two weeks. Al Arabiya says that the consulate closed in 1990 during the second Gulf war. (Source: Al Arabiya) (Picture: Iraqi Prime Minister Haider Al-Abadi meeting Salman bin Abdulaziz Al Saud, King of Saudi Arabia, 19th June 2017)

Ex-Minister sentenced to 21 years for “Corruption”

An Iraqi court on February 12 sentenced former trade minister Abdul Falah al-Sudani to 21 years in prison on corruption charges. Sudani was involved in a corruption scandal connected to the country’s massive food rations programme. He was given three sentences, two for “negligence” with a 14-year jail term and a third for “misconduct” with […]

World Bank’s Commitment to Iraq Reaches $4.7bn

The World Bank Group and the Government of Iraq signed two projects today totaling US$510 million to help the Iraqi people by improving living conditions, enhancing water supplies, and creating jobs. The two projects along with the ongoing US$750 million Emergency Operation for Development program and other planned commitments, will increase the World Bank’s total […]

Genel Updates on Oil Reserves

By John Lee. Genel Energy has announced the completion of competent person’s reports (‘CPRs’) relating to the oil reserves and resources at Taq Taq, Bina Bawi, and Miran. McDaniel and Associates have updated the CPR relating to the Taq Taq field (Genel 44% working interest, joint operator). RPS Energy Consultants Ltd. (‘RPS’), as part of […]