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Kuwait Energy Optimistic on Iraq Investment

Kuwait Energy Optimistic on Iraq Investment

By Patrick Schmidt.

During an oil and gas conference in Norway, Chief Executive Officer of Kuwait Energy, Sara Akbar (pictured)  noted that recent events in Iraq do not sour her outlook for the petroleum industry in Iraq.

This statement follows the evacuation of oil engineers and workers from Iraq by select energy companies over the preceding weeks.

“Most of the developments in Iraq are on plan, especially in the south, where most of the international oil companies are still working, with field developments and exports going normal,” said Akbar.

She indicated that if given the chance she would be willing to invest more in Iraq.

(Source: Reuters)

Posted in Oil & Gas0 Comments

Can China Do More For Iraq?

Can China Do More For Iraq?

By John Lee.

China expert Simone Van Nieuwenhuizen has written an opinion piece for The Diplomata foreign affairs journal that covers events in Asia. She argues that it would be in China’s interests to do more for Iraq.

In the piece, Van Niewenhuizen notes that not only has China been threatened by the Islamic State of Iraq and the Levant (ISIL) but also supports a UN Resolution condemning terror groups in Iraq and Syria and imports a significant amount of Iraq’s oil.

But despite China’s involvement in investment and reconstruction in Iraq, the Asian giant has so far avoided any counter-terror commitments currently being pursued by both NATO and Russia, among other countries with interests in the Middle East.

Van Nieuwenhuizen argues this situation may soon change if China wishes to safeguard her MENA region interests. Read the full piece here.

(Source: The Diplomat)

 

Posted in Oil & Gas0 Comments

NATO Secretary General Makes Iraq Statement

NATO Secretary General Makes Iraq Statement

By John Lee.

The NATO Secretary General Anders Fogh Rasmussen has recently remarked that countries of the North Atlantic Treaty Organization (NATO) are ready to give Iraq further assistance if it is requested and supported by NATO member states.

Some NATO countries have already taken their own steps in Iraq, choosing variously to intervene on a humanitarian or military basis, or both. NATO involvement would represent a much more coordinated response.

NATO was last involved in Iraq during the American occupation, when a coalition of NATO countries assisted in the training of the new Iraqi army via the NATO Training Mission: Iraq.

Quoted in The Telegraph, Rasmussen noted that:

“Nato has a partnership with Iraq and if there is a request for further enhancement of that partnership, I think Nato allies would consider such a request constructively.The international community has a responsibility to stop the advance of the so-called Islamic state.”

(Source: The Telegraph)

Posted in Security0 Comments

Iraq Oil Exports Up for July

Iraq Oil Exports Up for July

By Patrick Schmidt.

According to a statement released by the Ministry of Oil, Iraq exported 75.7 million barrels of oil in July. This figure means that an average of 2.5 million barrels were exported per day and would mark a five percent increase in exports since July 2013.

Iraq earned $7.74 billion worth of revenue from oil sales in July alone.

The oil sold over the past month came from Basra province, as Iraq has not been able to export crude from its northern oil fields because of the advance of the Islamic State (IS).

(Source: Business Standard)

 

Posted in Oil & Gas0 Comments

City Master Planning in Iraq

City Master Planning in Iraq

By John Lee.

The Guardian has recently run a feature on Garsdale Design, a family business based in Yorkshire, England, who have been working on projects in Iraq since 2007.

The business is led by father and son team Eliot and Derrick, who have used cutting edge 3d modelling software to make plans for cities in southern Iraq, including Kut, Nasiriyah and Kufa.

The company mostly work remotely, but have also worked with a number of Iraqis over the years to transfer concepts such as “smart cities” to Iraq and ensure the continuation of planning when the company move on to other projects.

It is this close relationship with Iraqis that the company has built up that has given Eliot Hartley confidence in Iraq’s future. Hartley concluded the interview by noting,

“Especially now that a new government is being formed, our principal contacts believe that Iraq will stay together.Iraq has such a capacity to be a great nation and I hope the people I have met can be supported to achieve that.”

(Source: The Guardian)

Posted in Public Works0 Comments

Iraq Stock Market Report

Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st August 2014).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at ID1,523 (+4.9%)/ $1,631 (5.3%) (weekly change) (-18.4% and -17.9% YTD change, respectively). The number of week traded shares was 27.9bn and the weekly trading volume was ID35.9bn ($29.5mn).

ScreenHunter_952 Aug. 24 13.55

 

ISX Company Announcements

  • Shares of Iraqi Agricultural Products (AIRP) will resume trading on Aug. 25, after they approved 2013 annual financial results, distributing 50% cash dividend (IQD0.50 per share) and elect new board members. The opening price will be IQD13.10 per share with +/- 10% limit for the first session.
  • New shares of Iraqi for Seed Production (AISP) from the capital increase to IQD5.1bn through 15% bonus issue will resume trading on Aug. 24, 2014. A cross transaction occurred on IQD3.5mn AISP shares on Aug. 19, 2014. This represents 0.1% of AISP capital.
  • Three cross transactions occurred on IQD6.2bn Iraqi Islamic Bank (BIIB) shares on  Aug. 17, 21 and 22. These transactions represent 2.4% of BIIB capital.
  • A cross transaction occurred on IQD1bn Babylon Bank (BBAY) shares on Aug. 21, 2014. This represents 0.4% of BBAY capital.
  • A cross transaction occurred on IQD602K Middle East for Prod. Fish (AMEF) shares on Aug. 21, 2014. This represents 0.2% of AMEF capital.
  • A cross transaction occurred on IQD7.4bn Dijlah & Furat Bank (BDFD) shares on Aug. 19, 2014. This represents 3.0% of BDFD capital.
  • A cross transaction occurred on IQD327mn Investment Bank of Iraq (BIBI) shares on Aug. 19, 2014. This represents 0.1% of BIBI capital.
  • A cross transaction occurred on IQD316mn Palestine Hotel (HPAL) shares on Aug. 19, 2014. This represents 7.1% of HPAL capital.
  • A cross transaction occurred on IQD134mn Ishtar Hotels (HISH) shares on Aug. 19, 2014. This represents 6.0% of HISH capital.
  • A cross transaction occurred on IQD3.8bn Ashur International Bank (BASH) shares on Aug. 17, 2014. This represents 1.5% of BASH capital.

 

Posted in Investment0 Comments

Iraqi National Museum Heralds Expansion

Iraqi National Museum Heralds Expansion

By John Lee.

No doubt in the hope of happier times ahead, Iraq’s National Museum has opened two new halls at a recent well attended ceremony.

Showcasing objects from a span of 7000 years of Mesopotamian history, a key feature of the new part of the museum was some 500 objects from the Hellenistic period, some 3 centuries before Christ.

Many artefacts in the museum have been painstakingly sought out and brought back to Iraq following devastating looting of the museum in 2003. UNESCO has been instrumental in this effort, and critical to the new exhibition was a series of statues from Hatra, and area south of Mosul.

The stunning and critically endangered Hatra site is perhaps best known (outside of archaeologist circles) as being the setting for the opening scene of cult ’70s horror film The Exorcist.

(Source: The Guardian) 

 

Posted in Leisure and Tourism0 Comments

Canada Pledges Support for “Brave” Iraqis

Canada Pledges Support for “Brave” Iraqis

By John Lee.

The Canadian government has confirmed that they have two cargo planes operational to assist in the transfer of arms and supplies to Iraqi Kurdish forces.

Canadian Foreign Minister John Baird (pictured) went as far as to endorse US air strikes against the “brutal” ISIS:

“Canada supports all efforts, including United States supply drops and air strikes, to protect civilians from ISIS terrorists. We continue to stand with those who support the Iraqi people, including the Kurdish Peshmerga soldiers who are bravely fighting this brutal terrorism.”

Canada has also pledged $5 million of humanitarian aid to help those displaced by the crisis.

(Source: Rudaw English)

Posted in Construction & Engineering, Security0 Comments

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