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Petrofac Wins New Iraq Business Oryx Updates on Demir Dagh Will Iraq’s Shiites Secede? Video: Syrian Kurds face Uncertain Future
 
Petrofac Wins New Iraq Business

Petrofac Wins New Iraq Business

By John Lee. Petrofac has secured a second contract extension from South Oil Company (SOC) for support on its Iraq Crude Oil Expansion Project. The 12-month extension, worth around US$106 million, comes into effect in December and brings the total value of the contract to more than US$300 million since it was first awarded in […]

Oryx Updates on Demir Dagh

Oryx Updates on Demir Dagh

By John Lee. Oryx Petroleum has announced an appraisal drilling update for the Demir Dagh field in the Hawler license area in the Kurdistan Region of Iraq, including test results for the Demir Dagh-7 and Demir Dagh-8 appraisal wells (“DD-7” and “DD-8”, respectively). Oryx Petroleum is the operator and has a 65% participating and working […]

Will Iraq’s Shiites Secede?

Will Iraq’s Shiites Secede?

The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. After the Rise of ISIS, Will Iraq’s Shiites Secede? As Iraqi Shiites celebrate the […]

Video: Syrian Kurds face Uncertain Future

Video: Syrian Kurds face Uncertain Future

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Syrian Kurds are continuing to stream into Kurdish areas of northern Iraq, as the Islamic State of Iraq and the Levant (ISIL) continues its offensive across much of Syria. Hundreds of Syrian Kurds […]

Video: Christians Seek Refuge in Erbil

Video: Christians Seek Refuge in Erbil

28 October 2014

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Many Christian families have fled ISIL seeking refuge in other areas in Iraq. Erbil shelters many internally displaced people, including an unfinished mall which...

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Currency Auction Results, 28th Oct

Currency Auction Results, 28th Oct

28 October 2014

By John Lee. The Central Bank of Iraq (CBI) has reported that 19 banks took part in its currency auction on Tuesday. A total of $259,043,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of...

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Weekly Security Update, 21 – 27 October 2014

Weekly Security Update, 21 – 27 October 2014

28 October 2014

By Anne-Laure Barbosa at Edinburgh International On 25 October, Prime Minister Haider al-Abadi visited the newly-liberated town of Jurf al-Sakhar, south of Baghdad, taking advantage of a rare opportunity to consolidate the legitimacy of the Iraqi government in their fight against ISIS. These...

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Iran Water, Electricity Projects Worth over $1.3bn

Iran Water, Electricity Projects Worth over $1.3bn

27 October 2014

By John Lee. Iranian companies are reported to be implementing water and electricity projects in Iraq worth over $1.3 billion (1.5 trillion Iraqi dinars). According to an article from Trend, an Iranian Energy Ministry official said Iranian companies were currently working on 31 projects in...

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Posted in Construction & Engineering, Public Works0 Comments

More Chinese Trains Delivered

More Chinese Trains Delivered

27 October 2014

By John Lee. Iraq has received a second shipment of two new trains from China. Of the ten units ordered, this brings the total delivered to four, with the balance to be delivered by the end of the year. The total value of the contract is $138 million (161 billion Iraqi dinars). Chairman...

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Iraqi Economy to Shrink in 2014

Iraqi Economy to Shrink in 2014

27 October 2014

By John Lee. A new report from the International Monetary Fund says that Iraq's economy is expected to shrink by 2.7 percent this year as a result of the security crisis in the country. This follows a 4.2 percent growth in GDP in 2013 and 10.3 percent the previous year, and would be the first...

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Posted in Industry & Trade, Oil & Gas0 Comments

BurgerFuel Suspends Iraq Operations

BurgerFuel Suspends Iraq Operations

27 October 2014

By John Lee. New Zealand-owned fast food outlet BurgerFuel has reportedly suspended its operations in Iraq. The company had only one store, in the Kurdish city of Sulaymaniyah, and before the insurgency it had given its partners approval to re-locate to Baghdad, with a re-opening planned for...

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Posted in Industry & Trade, Leisure and Tourism, Security0 Comments

Currency Auction Results, 27th Oct

Currency Auction Results, 27th Oct

27 October 2014

By John Lee. The Central Bank of Iraq (CBI) has reported that 21 banks took part in its currency auction on Monday. A total of $258,579,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of...

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Survey Results – State of Iraq 2014

Survey Results – State of Iraq 2014

24 October 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...

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Posted in Blog, Industry & Trade, Oil & Gas, Security1 Comment

Oil Exports Up Despite Unrest

Oil Exports Up Despite Unrest

24 October 2014

By John Lee. Reuters reports that oil exports from Iraq's southern terminals are "close to a record high" in October. Kurdish shipments are also reported to be increasing, despite the continuing unrest in the country. Exports from the southern terminals have averaged 2.55 million bpd for...

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Karbala, Najaf Plan Rail Link

Karbala, Najaf Plan Rail Link

24 October 2014

By John Lee. The provincial councils of Karbala [Karbala] and Najaf have agreed to connect the two cities by rail. According to a report from Aswat Al Iraq, it is expected that Chinese or South Korean companies will implement the project. The intention is to facilitate the transport between...

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Posted in Construction & Engineering, Transportation0 Comments

Lukoil to Increase Output at West Qurna-2

Lukoil to Increase Output at West Qurna-2

24 October 2014

By Patrick M Schmidt. The Dubai-based division of the Russian oil company, Lukoil announced revise production figures for the West Qurna-2 fields. The company began production in March 2014 with an output of approximately 120,000 barrels of oil per day. Current production levels are now at...

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N. Ireland Man Fined for Iraq Scam

N. Ireland Man Fined for Iraq Scam

24 October 2014

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...

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$240m Iraq Desalination Contract

$240m Iraq Desalination Contract

23 October 2014

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...

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Posted in Construction & Engineering, Public Works0 Comments

UN Launches $2.2bn Appeal for Iraq

UN Launches $2.2bn Appeal for Iraq

23 October 2014

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...

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Posted in Education & Training, Healthcare, SecurityComments Off

Defense Minister Outlines Priorities

Defense Minister Outlines Priorities

23 October 2014

By Patrick M Schmidt. After a conversation with American Defense Secretary Hagel, the new, Iraqi Minister of Defense Khaled al-Obeidi (pictured) reaffirmed his commitment to reform the Iraqi security forces in the face of the ongoing threat from the Islamic State (IS). He told Hagel that he...

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