Tag Archive | "Basra"

The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News

Transworld Group, NAWAH Partner on Ports


Dubai-headquartered companies Transworld Group and NAWAH [North America Western Asia Holdings] have announced that the two firms have entered into a formal agreement to service Iraq’s growing demand for imports, linking their considerable shipping, logistics, marine services and port capabilities.

As part of their agreement, Transworld Group and NAWAH Port Management, NAWAH’s port operations business unit, will team up to increase the flow of essential goods coming from the broader Middle East, Indian subcontinent, Far East and Southeast Asia into the historic Port of Basra with seamless linkage to commercial centers throughout Iraq.

Ritesh S. Ramakrishnan, Transworld Group’s director of strategy and business planning, said:

“Iraq stands at such an important moment of time – historically and commercially – and we are keen to play a part in this phase of growth.

“The sheer scale and magnitude of development occurring today in Iraq, along with a growing middle class, requires logistical flows of epic proportions.

“Aligning with NAWAH provides Transworld Group with first-class logistics solutions and unrivaled port operations in Basra and one of the most reliable door-to-door capabilities in Iraq.”

Nicholas Kunesh, NAWAH Port Management’s president and CEO, said:

“Together with Transworld Group’s four decades of shipping experience and NAWAH’s in-depth knowledge and operational capabilities within Iraq, we are confident that we will redefine logistics in the Middle East.

“Through our combined expertise, market reach, state-of-the-art technology and customer-focused shipping and logistics services, we will enable Basra to continue its accelerated march to becoming a key strategic trading center in the Middle East, bridging East and West.”

Transworld Group and NAWAH have already initiated joint cargo movement from Jebel Ali Port to NPM’s Port of Basra terminal with containers from Transworld Group’s Balaji Shipping Lines transiting via NPM’s feeder vessel service into southern Iraq. Containerized and refrigerated cargo volume is forecasted to grow substantially in the next six months.

(Source: Transworld)

Posted in Construction & Engineering, TransportationComments (0)

Petrofac Wins $500m Rumaila Contract


By John Lee.

Petrofac has also been awarded a major contract in Iraq to provide general construction management services to BP Iraq NV (BP) on the Rumaila field near Basra.

Petrofac will provide management and personnel to manage brownfield modifications to assist BP – and its partners in the Rumaila Operations Organisation (ROO), China National Petroleum Company (CNPC) and South Oil Company (SOC) – in executing its strategy to rapidly and safely increase production from what is one of the world’s largest fields.

The contract, which runs for three years, with an option for further extension of two years, has a potential value of up to $500 million.

Petrofac will provide the overall management and co-ordination of multiple construction projects, including construction management and supervision of work undertaken by third party contractors on the field, 32 km from the Kuwaiti border.

Mani Rajapathy, Senior Vice President, MENA/CIS, said:

“The award builds on an established track record for Petrofac in Iraq, in particular at Rumaila, dating back to 2011. We look forward to sharing in the continued success of the regeneration of Rumaila.”

(Source: Petrofac)

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Basra Oil Wealth to Build Iraq


By John Lee.

Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] has reportedly promised to make Basra the economic capital of Iraq, but added that there are many obstacles to be solved in achieving this.

During a visit to oil and gas installations in southern Iraq, the Minister pointed out the importance of the South Oil Company (SOC) to Iraqi revenues, and said that there would be an increase in oil production levels that would benefit all the people of Iraq.

These are not just promises,” he said, “our aim is to build Iraq.

(Source: UPI, Aswat al Iraq, Ministry of Oil)

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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)

 

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KOGAS in $4.9 Billion Project


By Patrick Schmidt.

On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project.

The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair field, while other stakeholders include Italy’s ENI and US firm Occidental Petroleum.

Zubair remains one of the key oil fields in the south of Iraq, located far from the violence in the centre and north of the country. A spokesman from KOGAS noted,

“The turmoil in Iraq is occurring in northwestern Iraq, which is located a considerable distance from the Zubair field, so it has not disrupted our output.’’

(Source: Reuters)

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Shell wants Pier and Petrochemical Factory


By John Lee.

Shell has had discussions with Iraqi Ports Administration regarding the possibility of acquiring a piece of land at the Umm Qasr terminal to build a pier and petrochemical factory.

According to Aswat Al Iraq, talks between the two sides were held to discuss the project which shall be administered by the company on a joint operation basis.

Earlier, Iraqi Ports Administration announced the development of Umm Qasr terminal and providing the other side of the bank for investment to build 13 piers.

(Source: Aswat Al Iraq)

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NPM Approved for Food Imports


By John Lee.

Nawah Port Management (NPM) has reportedly won approval from the Iraqi government to import food cargo at its Basra port container terminal.

Nicholas Kunesh, NPM’s president and CEO, said:

This is an important moment for Basra and Iraq writ large. Given Iraq’s growing disposable income, particularly within the expanding middle class, demand is increasing to consume more types of food and at greater quantities.

“Therefore, the need for efficient, reliable movement of food into the country is becoming more and more paramount. Today’s announcement by the Iraq government clearly recognizes that necessity as well.”

Hayder Abood Abdul Abaas, a leading local Basra merchant and owner of Iraqi Basra Company, commented:

With the Port of Basra added to the list of approved Iraqi entry points for food, the challenges faced by the vast majority of us importing and selling everything from fruit juice to chicken will be greatly reduced.

“We’ve already seen a difference in getting general and containerized cargo moved into Basra through the Port of Basra.”

NPM is a business unit of North America Western Asia Holdings (NAWAH).

(Source: TradeArabia)

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Iranian Gas to Supply Basra


By John Lee.

Gas from the South Pars field in Iran could be supplying power stations in the province of Basra within a year, reports UPI.

A pipeline currently under construction will run from Asaluyeh to Iraq’s southern city of 2 million people, and may later extend to Syria, depending on conditions “after the war” according to Iranian deputy oil minister Ali Majedi.

The 56 inch pipeline is part of a wider deal to supply power stations across Iraq which was finalized last year and will be 270km in length when fully constructed.

(Source: UPI)

 

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