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Has Warka Bank Collapsed?

Speculation is rife that Iraq’s Warka Bank has collapsed, but its managing director said that it has not collapsed but has faced problems due to a recent decision of the Iraqi government to withdraw over $1.6 billion from the bank. Our resident blogger on economic issues, Mark DeWeaver, recently reported on the mysteries of Warka’s rights issue. […]

More Lukoil Tenders for West Qurna 2

Lukoil and partners, Statoil and the Iraqi state, have issued four new tenders for construction and energy projects at Iraq’s West Qurna 2 oilfield, according to reports from Reuters. The tenders are for the construction of: an oil export pipeline; a tank farm at Tuba; a power distribution station and an associated gas processing plant; […]

Gulf Keystone Jumps on Rumours of Move to Main Market

Britain’s Sunday Telegraph understands that the Iraq-focused oil explorer Gulf Keystone (LSE: GKP) intends to move its listing from London’s junior ‘AIM’ market to the main London Stock Exchange (LSE). With a market capitalisation of over £700m ($1.1bn) it has grown much larger than the market’s usual members. A move to the LSE’s Official List, […]

Ankara Sides with Baghdad over Kurdish Energy

The new deal between Iraq’s central government and Turkey on the Ceyhan pipeline reportedly blocks the export of oil and gas from Kurdistan without Baghdad’s approval. Both AKnews and Azzaman report that Turkey’s Energy Minister, Taner Yildiz, has agreed not to transport Kurdish oil and gas unless Baghdad agrees. Speaking to AKnews, Ali Hussein Balo, […]

15-Year Ceyhan Pipeline Contract Signed

The Iraqi Oil Minister renewed a contract with Turkey to transport crude oil through the Turkish port of Ceyhan for 15 years, at volumes of more than one million barrels per day (bpd). The deal is expected to strengthen economic relations between Baghdad and Ankara. AKnews reports that Oil Minister Hussain al-Shahristani said in Baghdad […]

New ‘Sheraton’ Hotel Opens in Basra

The new Sheraton Hotel in Basra was formally opened on Saturday, with a large gathering in attendance. But as we recently reported, the company in charge of building the hotel has run into problems with the tourism board in Basra because the project was not completed on time. The general supervisor of Summar Company, Sara […]

Details of New Iraq/Syria Pipelines

An initial agreement between Iraq and Syria to build a pipeline to the Mediterranean envisions one crude pipeline with a capacity of 1.5 million barrels per day and another with a capacity of 1.25m bpd, an Iraqi government spokesman said yesterday. Ali Al Dabbagh said that the larger of the two pipelines would carry heavier […]

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Gas Auction Delayed, But How Many Companies Interested?

Rumours of a delay in Iraq’s gas auction have proved to be true, with companies being given an additional three weeks to consider their response to the new contract terms. Both AKnews and MEED report that the new deadline for submissions is extended from 1st October to 20th October. AKnews suggests that as many as […]

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DSCEI Sales more than $3m in August

The Diyala State Company For Electrical Industries had sales of more than 4.12 billion dinars ($3.4 million) during August, according to a statement from the Industry Ministry. “The company has supplied the electricity distribution departments in Missan, Anbar and Diala with 308 generators to improve the performance of their networks,” said the statement received by […]

Sterling Energy Plunges 40% on Kurdistan Update

Shares in Sterling Energy (LSE: SEY), the AIM-listed oil & gas company with interests Iraqi Kurdistan, fell 40% in early trading this morning following an update on its activities at Sangaw North: Sangaw North #1 Exploration Well The exploration well has been drilled to an intermediate depth of 2,395m and open-hole wire-line log data acquired […]

Russia’s Rosneft Sets Sights on Iraq

Rosneft, reportedly Russia’s biggest oil producer, is discussing projects in Iraq, its newly appointed president said on Friday. “We are discussing,” Eduard Khudainatov told reporters on at the Sochi economic forum, without going into further details. The company is planning for continued growth, and intends to hire of world-class specialists; it is expected to announce […]