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Survey Results – State of Iraq 2014

Survey Results – State of Iraq 2014

Throughout August 2014, Iraq Business News polled readers for their opinions on the state of Iraq.

As expected, the results indicate a more challenging environment in the country over the preceding year.

But while the sample size and methodology do not allow us to claim statistical significance, the results tend to show a long-term commitment to Iraq as a place to do business – less than half of respondents expect to reduce their exposure to Iraq in the coming year, with 36 percent expecting to invest more.

It is important to note that this poll was taken before the successful appointment of the new cabinet, and before the escalation of airstrikes against the Islamic State, and so may be more a reflection of past concerns than of current hopes for the future.

As “a picture is worth a thousand words”, we’ve put our results in a helpful infographic format that we hope you will find useful – please click here to view.

(Flag image via Shutterstock)

Posted in Blog, Industry & Trade, Oil & Gas, Security0 Comments

N. Ireland Man Fined for Iraq Scam

N. Ireland Man Fined for Iraq Scam

By John Lee.

A Northern-Irish businessman, who was jailed for stealing more than £500,000 in fraudulent VAT repayments, has been ordered to repay £113,472 or serve a further three years in prison.

The man had claimed to be building water purification plants in Basra and Mosul, but didn’t have the funds to pay for the goods and services required to build the plants.

According to a report from Londonderry Sentinel, he told suppliers he needed invoices in advance to get letters of credit from the Iraqi Government to fund this multi-million dollar contract, and used the invoices as part of a false VAT refund claim totalling £567,420.17.

(Source: Londonderry Sentinel)

(Fraud image via Shutterstock)

Posted in Security0 Comments

$240m Iraq Desalination Contract

$240m Iraq Desalination Contract

By John Lee.

A consortium has been awarded a $240-million engineering, procurement, and construction (EPC) order from Iraq’s Ministry of Municipalities and Public Works to build pretreatment facilities at a desalination plant in Basra.

Japan’s Hitachi and Veolia Environnement of France have won $100 million of the total, with Egyptian engineering firm ArabCo getting the rest for civil engineering, construction, and on- site installation work.

Construction is scheduled to begin in immediately, with completion scheduled for April 2017.

The pretreatment facilities include surrounding river water intake facilities and water transport networks, for which he Japanese government has provided loan assistance.

According to WaterWorld, the contract is an addition to an earlier EPC and five-year operation and maintenance deal, won by the Franco-Japanese consortium, for the Basra plant.

The Basra reverse osmosis (RO) desalination plant will be the largest facility of its kind in Iraq, capable of supplying drinking water at 199,000 m3/d.

(Sources: Desalination & Water Reuse, WaterWorld)

Posted in Construction & Engineering, Public Works0 Comments

UN Launches $2.2bn Appeal for Iraq

UN Launches $2.2bn Appeal for Iraq

The United Nations has launched a US$2.2 billion appeal to address the protection and humanitarian needs of 5.2 million people in conflict-affected Iraq.

“The needs of the Iraqi people are immense,” Neill Wright, acting Humanitarian Coordinator for Iraq, said in Baghdad. “It’s imperative we step up our efforts.”

The third revision of the Strategic Response Plan (SRP) of the UN and NGO humanitarian community aims to continue its support of the Government of Iraq in effectively addressing the humanitarian and protection needs of 5.2 million Iraqis across the country through 2015.

Included in this are 1.8 million displaced since January 2014, 1.5 million within communities hosting many of the displaced, and 1.7 million living in conflict areas outside Government control.

An estimated 2.8 million people are in need of food assistance and approximately 800,000 people are in urgent need of emergency shelter assistance.

Throughout Iraq, 1.26 million people are in need of some form of winterisation assistance. The provision of winterisation packages, warm clothes, shoes, health services and food are all critical requirements.

The multi-sectorial plan was produced by more than 45 humanitarian organizations, including UN agencies, international and national NGOs operating in Iraq, and covers the provision of assistance in non-food items/shelter, protection, health, food, water sanitation and hygiene (WASH), education, and logistics until the end of December 2015.

To date, more than $600 million has been contributed to the 2014 -2015 Iraq SRP, including a major contribution by the Kingdom of Saudi Arabia in July. The remaining $1.6 billion needed is required for activities over the next 15 months, but early contributions are essential with the onset of winter.

“Although much has been done, much more is needed in the coming weeks to prevent additional, unnecessary suffering for many Iraqis,” Wright said. “This effort requires all of us – the UN, non-governmental organisations, civil society and the private sector – to work together. All of us have a role to play.”

(Source: UN)

Posted in Education & Training, Healthcare, SecurityComments Off

Business Still Being done in Iraq

Business Still Being done in Iraq

Despite media reports to the contrary, business is still being done in Iraq, and Iraq Business News is the place to learn about it.

Some random examples from the past week include further progress and stage payments to Hanwha for the construction of the Bismaya New City housing development, a $278-million drilling contract for Halliburton at West Qurna-1, and opening of a Latvian-based lingerie store in Najaf.

And for future deals, check out the new opportunities in our Tenders section — it’s all free of charge to readers of Iraq Business News.

(Flag image via Shutterstock)

Posted in Blog0 Comments

Innospec Wins Iraq Legal Case

Innospec Wins Iraq Legal Case

By John Lee.

Innospec has announced the successful conclusion of a lawsuit brought against the company by Jalal Bezee Mejel Al-Gaood & Partner and Future Agencies Company Limited in connection with alleged loss of profits in Iraq.

The matter had been filed in the High Court of Justice in the United Kingdom, and the judge dismissed the Claimants’ case in its entirety, subject to the right of appeal.

The judgment also allows Innospec to bring a claim for reimbursement of its legal expenses. Innospec previously disclosed, in its SEC filings, that the stated claim inclusive of costs and expenses, was for up to $42.3 million.

Patrick S. Williams, President and CEO of Innospec, said:

From the outset, we stated that the allegations in this claim were entirely without merit and that we would rigorously defend our position.

“We have done so, and have been proven right. It is clear that this case should never have come in front of the courts, and therefore we will be applying for reimbursement of substantial costs.”

“Since 2010, we have been working hard to rebuild Innospec into a growing specialty chemical company backed by a first class compliance program. The successful conclusion of this case and the termination of our monitorship regarding legacy issues, are a watershed for Innospec.

“We can finally move on from these matters and devote our undivided attention to the continued growth of Innospec.

(Source: NASDAQ.com)

Posted in Industry & Trade0 Comments

Latvian Lingerie Maker Opens Iraq Store

Latvian Lingerie Maker Opens Iraq Store

By John Lee.

Latvian lingerie manufacturer New Rosme has reportedly opened its first store in Iraq, located in the city of Najaf.

A spokesperson for the company said:

“Although Najaf is one of the most religious cities in Iraq, where publicly exposing a woman’s beauty is forbidden more than in any other part of the country, the store is very popular”.

According to a report from Baltic Course, the company is considering opening other stores in Iraq.

The company is owned by the Swedish holding company Swegmark Invest AB.

(Source: Baltic Course)

Posted in Industry & Trade0 Comments

Iraq Approves $278m Halliburton Deal

Iraq Approves $278m Halliburton Deal

By John Lee.

The Iraqi cabinet has approved a drilling deal with Halliburton value at $278.5 million (324 billion Iraqi dinars).

Reuters reports that under the 30-month contract, Halliburton will drill 30 oil wells in the 8.7-billion-barrel West Qurna-I field, operated by U.S. major ExxonMobil.

Production at the field is currently running at around 360,000 bpd due to problems with low levels of water injection.

(Source: Reuters)

Posted in Oil & Gas0 Comments

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