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Shares in APR Rise on Basra Contract

Shares in APR Rise on Basra Contract

By John Lee.

Shares in APR Energy were up 3 percent on Wednesday morning after the company announced that it has signed a contract renewal for its power generation contract in Iraq, taking the term through the end of 2015.

The power plant has been in operation since 2012 and comprises six GE TM2500 mobile gas turbines capable of generating more than 120MW of electricity. APR Energy acquired the plant in 2013 as part of its acquisition of GE’s power rental business.

Located in Basra, the gas-fired power plant provides reliable base load power and grid stability to the population of the Basra province, as well as supporting oil and gas, petrochemical and agricultural industries.

Commenting on the contract renewal, APR Energy’s Managing Director for Europe, Middle East and Africa, Ranjit Singh said:

Our fast-track solution is providing Basra residents and industries with reliable power, helping to fill critical needs and supporting economic and social stability. Mobile turbine technology helps stabilise the grid, uses approximately a third of the space required by a mobile reciprocating engine site and requires only a small team to operate and maintain.

“This renewal reflects our customer’s ongoing demand for electricity, as well as our proven ability to deliver large-scale power quickly, reliably and consistently.

Laurence Anderson (pictured), APR Energy Chief Executive Officer added:

I’m very pleased to have renewed this significant contract in Iraq, which follows on the heels of our 135MW contract extension and expansion in Indonesia.

“Our focus following the acquisition of the GE power rental business has been to renew the former GE contracts under more favourable terms or else relocate the assets to higher-value opportunities, and this renewal is very much aligned with that strategy.

(Sources: APR Energy, Yahoo!)

Posted in Construction & Engineering, Public Works4 Comments

Basra Gateway Terminal Up and Running

Basra Gateway Terminal Up and Running

By John Lee.

Basra Gateway Terminal (BGT) announced on Thursday that its operations at the Port of Umm Qasr are now fully operational.

BGT chief executive Phillip Marsham said in a statement:

We are attracting plenty of interest from container lines and have enjoyed a good pace of cargo buildup since we opened the doors after full takeover in November 2014 …

“Our focus is on performance, employing purpose-built container handling gear and rolling out state-of-the-art IT systems that include value-added links for customers.

“STS crane performance is now peaking at over 30 moves per hour and considerable attention is being focused on training staff, improving terminal security and creating a strong health and safety environment.

The Loadstar reports that BGT, a subsidiary of International Container Terminal Services, Inc. (ICTSI), plans to upgrade the existing facilities at Berth 20 and construct an entirely new container/multipurpose facility, with the first phase consisting of a 250-meter berth and 20 hectares of backup land.

Piling for the new quay is also underway, which will give the new facility a 600-meter berth and 55-hectare backup area.

BGT is a subsidiary of ICTSI, an international operator of common-user container terminals serving the global container shipping industry. ICTSI is the largest port operator in the Philippines and has a portfolio of 29 container terminal operations in 21 countries across six continents.

(Source: The Loadstar)

Posted in Transportation0 Comments

Turkey Sends Power-Generation Ship to Basra

Turkey Sends Power-Generation Ship to Basra

By John Lee.

Turkey is to send a power-generation ship to Basra to help alleviate its electricity shortages.

The announcement was made by Turkish Energy Minister, Taner Yildiz, on Sunday during the 17th Turkey-Iraq Joint Economic Commission meeting in Baghdad.

According to Worldbulletin, the ship will add 410 megawatts to the existing capacity of 250 MW in the city.

Turkey-based Karadeniz Holding is a major player in the power ship market.

(Source: Worldbulletin)

Posted in Industry & Trade, Public Works2 Comments

Basra Officials Dine with IBBC Members

Basra Officials Dine with IBBC Members

His Excellency the Governor of Basra, Dr Majid Al-Nasrawi, together with representatives of the Basra Provincial Council, Mr Aqeel Al Khalidi, Mr Hayder Al Saadi, Mr Jabbar Al Saadi, and Mr Munther, joined the Chairman of the Iraq Britain Business Council (IBBC), Baroness Emma Nicholson, in a dinner at the new Shams Hotel on the 14th January 2015.

The IBBC event was attended by a significant number of members as well as representatives of the Foreign and Commonwealth Office. There were discussions on the security situation in Basra and the possibility of easing the current visa restrictions, among other subjects.

The IBBC wants to thank the Basra Governor, the Provincial Council and all our members and friends for making our first dinner of 2015 such a successful event.

(Source: IBBC)

Posted in Industry & Trade, Oil & Gas0 Comments

A Basra Lunch, with Locally Sourced Truffles?

A Basra Lunch, with Locally Sourced Truffles?

By John Lee.

As long term observers of events in Iraq, the team at Iraq Business News thought we might have seen just about every unexpected story from a nation that continues to surprise.

We’d heard of the popularity of the Japanese comic character Hello Kitty in Iraq or the trend among some young Iraqis for playing online war-games with levels actually set in Iraq, such as Battlefield 3.

But we were still perplexed to see a genuine story about Basra residents who were sourcing truffles from the desert, despite the risk of unexploded ordinance and land mines, mainly leftover from the Iran-Iraq war. This has been happening for some time near Rumaila.

Odd as it may seem to an outsider, “desert truffles” are in fact as much a delicacy in the Middle East as they would be on the table of a Michelin starred restaurant in Europe.

The recent report on this in The Nation notes these truffles are sold in the markets in Basra, and as more hotels are built in the province, they may already be on the plates of visiting diners.

(Source: The Nation)

 

Posted in Employment8 Comments

Dragon Oil Make Second Basra Discovery

Dragon Oil Make Second Basra Discovery

By John Lee.

Dublin registered Dragon Oil have announced a second oil discovery at the Block 9 exploration well, ‘Faihaa-1′.

This is good news for the consortium who have a 30% stake in the well along with the operator, Kuwait Energy who have a 70% stake in the block, located in the northern part of Basra province, southern Iraq.

The firm’s first discovery at Block 9 occurred in September last year, 2700 metres into the Mishrif formation. The second target was the Yamama formation, at 4000 metres. Dragon Oil signed their oil services contract for the site in January 2013.

(Source: Dragonoil.com)

Posted in Oil & Gas8 Comments

Basra “Moving Towards Independence”

Basra “Moving Towards Independence”

By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Since the establishment of modern Iraq in 1921, its provinces have had different positions toward decentralization as a result of the country’s ethnic and cultural diversity.

In addition, economic resources have varied widely from one region to another. At the end of 2014, Iraqis were once again discussing the possibilities of decentralization.

Perhaps the oldest demand for decentralization was raised even before the establishment of modern Iraq, when a prestigious group of men presented a petition signed by 4,500 people to the British High Commissioner in June 1921 demanding the administrative independence of Basra province.

The rationale behind the petition was based on the economic and social characteristics of Basra, such as its having a seaport and economic vibrancy. Iraqi politicians and British decision-makers never welcomed the petition, despite constant demands until 1928 that they consider it.

Other federalism or disassociation plans, such as for the Kurds and Assyrians, were also tamped down by the strengthening of the Iraqi state. The central government in Baghdad, however, failed to please certain segments of the society with its management of the country, so demands for disassociation continued until the Baathist regime was overthrown in 2003.

The idea of regional federal governments within a united Iraq was suggested during negotiations between the political blocs while drafting the current constitution, which defines Iraq’s republic as a federal state. According to Article 117, “This constitution, upon coming into force, shall recognize the region of Kurdistan, along with its existing authorities, as a federal region,” and according to Article 120, “Each region shall adopt a constitution of its own that defines the structure of powers of the region, its authorities, and the mechanisms for exercising such authorities, provided that it does not contradict this constitution.”

Posted in Oil & Gas, Politics, Security8 Comments

Basra joins Revenue Sharing Talks

Basra joins Revenue Sharing Talks

By John Lee. 

According to a 2009 revision of Iraq’s Provincial Powers Act (also known as Law 21) the province of Basra is supposed to be receiving an extra $5 dollars of oil revenue per barrel produced in the province.

If this was the case, the province could be receiving an income equivalent to that of some small countries.

To date however, this has not been the case for both political and economic reasons and currently the province receives much less than its entitlement. This is of critical importance, because the province produces most of Iraq’s oil.

This situation might be about to change. The current governor, Majid al-Nasrawi, had his position strongly contested by former PM Maliki, who opposed decentralising power from Baghdad.

Now Maliki is on the sidelines and the Ministry of Oil is headed by the Islamic Supreme Council of Iraq member Abdel Adel Mehdi, of the same party of the Basra governor. Given that Maliki is now longer in the seat of power, we might expect more power to be devolved to provinces like Basra.

Abdel Mehdi hinted a new arrangement could be on the horizon, noting recently that the government were looking for “fairer ways to share revenue with the provinces” to include Basra and not just the Kurdish provinces.

Certainly, the political alignment of Basra and the Oil Ministry through ISCI, a party which pursued a strong federalist agenda in the 2009 election could see some interesting developments. If the current Baghdad-Arbil deal holds, we might expect a new deal for the southern provinces.

In the long term, such federalised arrangements could lead to greater security in Iraq as a whole, since the war torn provinces of Anbar and Ninewa also have oil and gas reserves, although not on the scale of the KRI and the south.

(Source: Various publications)

 

 

 

Posted in Oil & Gas11 Comments

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