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Basra Protests Build as Sub-standard Services Persist

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.

Basra protests build in Iraq as sub-standard services persist

In an exclusive interview with Al-Monitor, Iraqi Minister of Electricity Luay al-Khatteeb talked about the situation of Iraq’s electricity sector amid tense US-Iran relations.

He discussed the waiver timeline that Washington granted Baghdad to keep buying Iranian gas and mentioned his fear that some parties are politicizing the electricity sector in Iraq.

Click here to read the full story.

Posted in Construction & Engineering In Iraq, Iraq Public Works News, Politics, Security 0 Comments

US Secretary of State, Mike Pompeo

US Grants Iraq Waiver to Buy Iranian Electricity

By John Lee.

The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather.

The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel Abdul Mahdi.

The State Dept said it is continuing to work with Iraq to end its dependence on Iranian natural gas and electricity.

(Sources: Bloomberg, The National)

Posted in Iraq Industry & Trade News, Politics Comments Off on US Grants Iraq Waiver to Buy Iranian Electricity

Iranian Ambassador to Iraq Iraj Masjedi (Tasnim)

“Invaluable Steps” to Cement Ties with Iraq

Iran Has Taken Invaluable Steps to Cement Ties with Iraq: Envoy

Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad.

“We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi cities of Sulaymaniyah and Karbala.

“The embassy of the Islamic Republic of Iran in Baghdad, as well as the affiliated organizations and consulates and other governmental agencies of Iran in Iraq, have taken invaluable strides and actions at various political, economic and security levels to strengthen relations between the two countries in recent years,” the diplomat noted.

Masjedi further pointed to historical, cultural and ideological commonalities of the two countries and said closer ties in all fields are in line with the interests of both Iran and Iraq.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Heading a high-ranking delegation, Iranian Foreign Minister Mohammad Javad Zarif recently paid an official visit to Iraq to boost ties with the Arab country in the sanctions era.

US President Donald Trump’s administration announced plans in March to extend a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

(Source: Tasnim, under Creative Commons licence)

Posted in Investment, Iraq Industry & Trade News, Iraq Oil & Gas News, Politics, Security Comments Off on “Invaluable Steps” to Cement Ties with Iraq

ScreenHunter 4245

US “will continue Exemptions” for Iranian Power Imports

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.

Iraq electricity minister: US will continue exemptions for Iranian electricity imports

In an exclusive interview with Al-Monitor, Iraqi Minister of Electricity Luay al-Khatteeb talked about the situation of Iraq’s electricity sector amid tense US-Iran relations.

He discussed the waiver timeline that Washington granted Baghdad to keep buying Iranian gas and mentioned his fear that some parties are politicizing the electricity sector in Iraq.

Click here to read the full story.

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Adil Abd Al-Mahdi receives Mike Pompeo 080519

Doubts over US Waiver for Iraq to buy Iranian Power

By John Lee.

Contrary to recent reports that the US had granted a waiver to Iraq to allow it to continue buying power from Iran, a State Department spokeswoman reportedly said on Wednesday that this was not the case.

Reuters quotes Morgan Ortagus as telling reporters that Secretary of State Mike Pompeo has not made a decision on this issue.

(Source: Reuters)

Posted in Iraq Industry & Trade News, Iraq Oil & Gas News, Politics Comments Off on Doubts over US Waiver for Iraq to buy Iranian Power

Iran to Iraq gas pipeline (Shana)

Iraq gets Reprieve to continue Buying Iranian Gas

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.

US grants Iraq reprieve to continue buying Iranian gas

The United States has decided to grant Iraq a third 90-day sanctions waiver so it can continue to purchase gas from its sole provider, Iran, giving Baghdad some much-needed breathing room.

On May 22 in Baghdad, Joey Hood, US chargé d’affaires in Iraq, stressed to reporters that the waivers will not continue indefinitely, so the United States is working with Iraq to reduce its dependence on Iran.

Click here to read the full story.

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US charge d’affaires Joey Hood (Tasnim)

US “Grants Iraq Waiver to Buy Iranian Energy”

Washington has exempted Baghdad from some of its unilateral sanctions against Tehran, allowing Iraq to continue importing energy from Iran, according to the US envoy to Baghdad.

Baghdad can now buy energy from Iran, US charge d’affaires Joey Hood told reporters on Wednesday, Iran’s Press TV reported.

The waiver will allow Iraq to continue buying gas and electricity from Iran.

The administration of US President Donald Trump said in March it was extending a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

The US envoy did not explain whether he was referring to the same waiver Washington gave Baghdad in March or he was declaring the issuance of new exemptions.

Gas imports from Iran generate as much as 45 percent of Iraq’s 14,000 megawatts of electricity consumed daily. Iran transmits another 1,000 megawatts directly, making itself an indispensable energy source for its Arab neighbor.

Iraq and Iran share a 1,400-kilometer-long border. For their run-of-the-mill maintenance, Iraqis depend on Iranian companies for many things from food to machinery, electricity, natural gas, fruits and vegetables.

(Source: Tasnim, under Creative Commons licence)

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Energy tops agenda of Turkish FM’s meetings in Iraq

By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Energy tops agenda of Turkish FM’s meetings in Iraq

Turkey’s Foreign Minister Mevlut Cavusoglu met with Iraqi Kurdish leaders recently on the last leg of an ambitious visit to Iraq, in which the Turkish diplomat unveiled plans to reopen consulates in Mosul and Basra and to establish new ones in Kirkuk and Najaf.

Cavusoglu also announced that Turkish President Recep Tayyip Erdogan would pay a formal visit to Iraq before the year’s end.

The timing of the two-day tour, which took Cavusoglu from Baghdad to Basra and finally Erbil, prompted speculation that Turkey was turning to its oil-rich neighbor for help after the US administration announced it was ending waivers that allowed a clutch of countries including Turkey to continue buying oil from Iran effective May 2.

Click here to read the full story.

Posted in Construction & Engineering In Iraq Comments Off on Energy tops agenda of Turkish FM’s meetings in Iraq

Iran Iraq oil swap (Shana)

Iran “ready to Expand Gas, Power Trade with Iraq”

President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran.

“The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not only for the two countries but also for other countries in the region,” Rouhani said after a meeting with visiting Iraqi Prime Minister Adel Abdul Mahdi, in remarks carried by state television.

In March, the United States granted Iraq a 90-day waiver exempting it from sanctions to buy energy from Iran, the latest extension allowing Baghdad to keep purchasing electricity from its neighbour.

“We hope that our plans to expand trade volume to $20 billion will be realised within the news few months or years,” Rouhani said. Iranian media reports have put the current level of trade at about $12 billion.

Rouhani expressed hope that work on building a railway linking the two countries, would begin within the next few months.

The railway project was part of deals reached during Rouhani’s March visit to Baghdad, meant to underline that Tehran still plays a dominant role in Iraq despite US efforts to isolate Iran.

Iran and Iraq fought a devastating 1980-88 war but the 2003 US-led invasion of Iraq that ousted Saddam Hussein prompted a long Sunni Islamist insurgency during which Iran’s regional sway rose at the expense of the United States.

Iraq on Saturday closed its Sheeb border crossing with Iran to travellers and trade until further notice, Iraqi security sources said, as flooding continues to submerge villages in southwestern Iran.

US President Donald Trump reimposed sanctions on Iran’s energy exports in November, citing its nuclear programme and meddling in the Middle East, but has granted waivers to several buyers to meet consumer energy needs.

Iraq relies heavily on Iranian gas to feed its power stations, importing roughly 1.5 billion standard cubic feet per day via pipelines in the south and east.

(Source: Middle East Monitor)

(Picture credit: Shana)

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Miran (Genel Energy)

More details of Genel Energy Dividend

Genel Energy has announced that, at the bondholder meeting held today, the Company’s proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed.

With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per share, a total distribution of $27.9 million.

As previously stated, given the strong free cash flow forecast of the business even after investment in growth opportunities, the Company intends to pay a minimum dividend of $40 million per annum. This will be split between an interim and final dividend, to be paid one-third/two-thirds. The final dividend reflects this split and will be subject to shareholder approval at the AGM on 16 May 2019.

Genel intends to announce an interim dividend of 5¢ per share as part of the 2019 half-year results, which are scheduled for 6 August 2019.

Bill Higgs, Chief Executive of Genel, said:

“Genel has highly cash generative assets and material growth opportunities in the portfolio. Even after drilling 20 wells in 2019 and progressing the exciting opportunities at Sarta and Qara Dagh, we still expect to generate over $100 million in free cash flow. We will continue to focus on delivering on our strategy as we begin the distribution of a material and sustainable dividend, and aim to provide investors with a compelling mix of growth and returns.”

FINAL DIVIDEND PAYMENT TIMETABLE

  • Annual General Meeting: 16 May 2019
  • Ex-dividend date: 23 May 2019
  • Record Date: 24 May 2019
  • Payment Date: 24 June 2019

(Source: Genel Energy)

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