Tag Archive | "Basra"

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

Attock Cement gets Green Light

By John Lee.

Pakistan’s Econo­mic Coordination Commit­tee (ECC) has approved a proposal to allow Attock Cement Pakistan Limited (ACPL) to transfer $24 million (29 trillion Iraqi dinars) to Iraq for the construction of a cement grinding unit in Basra.

The investment will starting this month, with the company intending to hire 50 percent of its labour force from outside Iraq, create employment opportunities for Pakistanis.

ACPL is a public limited company, listed on the Karachi Stock Exchange, and is part of the Pharaon Group.

(Source: Pakistan Ministry of Finance)

(Cement image via Shutterstock)

Posted in Construction & EngineeringComments (4)

Basra Approves $216m Power Projects

By John Lee.

Basra governorate has reportedly approved 60 new power projects valued at a total of $218 million (255 billion Iraqi dinars) within its 2015 budget.

The projects were given the green light at an emergency meeting of the governing council  on Monday, and were fewer than desired because of budget constraints.

Emirates 24|7 quotes a Basra official as saying that the governorate, Iraq’s wealthiest province, approved a budget of about 4.3 trillion dinars (3.6 billion dollars) for 2015, but was allocated only 1.3 trillion dinars (1.11 billion dollars) by Baghdad due to lower oil prices and soaring military spending.

(Source: Emirates 24|7)

(Electricity image via Shutterstock)

Posted in Construction & Engineering, Public WorksComments (6)

Japan Agrees Loan for Power Plant Refit

By John Lee.

The Japan International Cooperation Agency (JICA) has agreed a loan for the rehabilitation of the fourth unit at the Al Hartha Thermal Power Plant in Basra; the amount of the loan as not been disclosed.

The plant was originally constructed by a Japanese company in the late 1970s, and consists of four 200MW units designed to reach a total output of 800 MW.

utilities-me.com reports that the control system of unit 1 was destroyed by a fire in 2010 while units 2 and 3 were damaged during the First Gulf War and have out of operation since then.

The first unit was back up and running in 2010 while the second and third units were scheduled to be rehabilitated by the end of last year.

Germany’s Siemens won the contract for the work on the first three units.

(Source: utilities-me.com)

Posted in Construction & EngineeringComments (0)

Iraq to Boost Oil Storage

By John Lee.

Iraq’s Deputy Oil Minister, Fayadh Al-Nema [Fayyad Al-Nima], has opened three new oil storage tanks near Basra, to help cope with the export bottlenecks caused by bad weather and to accommodate rising production.

The new facility will bring crude-storage capacity from 9.5 million to 10.5 million barrels.

The minister told reports that another four to five million barrels capacity will be added by the end of this year.

(Sources: Reuters, Bloomberg)

(Oil tanks image via Shutterstock)

Posted in Oil & GasComments (7)

Shares in APR Rise on Basra Contract

By John Lee.

Shares in APR Energy were up 3 percent on Wednesday morning after the company announced that it has signed a contract renewal for its power generation contract in Iraq, taking the term through the end of 2015.

The power plant has been in operation since 2012 and comprises six GE TM2500 mobile gas turbines capable of generating more than 120MW of electricity. APR Energy acquired the plant in 2013 as part of its acquisition of GE’s power rental business.

Located in Basra, the gas-fired power plant provides reliable base load power and grid stability to the population of the Basra province, as well as supporting oil and gas, petrochemical and agricultural industries.

Commenting on the contract renewal, APR Energy’s Managing Director for Europe, Middle East and Africa, Ranjit Singh said:

Our fast-track solution is providing Basra residents and industries with reliable power, helping to fill critical needs and supporting economic and social stability. Mobile turbine technology helps stabilise the grid, uses approximately a third of the space required by a mobile reciprocating engine site and requires only a small team to operate and maintain.

“This renewal reflects our customer’s ongoing demand for electricity, as well as our proven ability to deliver large-scale power quickly, reliably and consistently.

Laurence Anderson (pictured), APR Energy Chief Executive Officer added:

I’m very pleased to have renewed this significant contract in Iraq, which follows on the heels of our 135MW contract extension and expansion in Indonesia.

“Our focus following the acquisition of the GE power rental business has been to renew the former GE contracts under more favourable terms or else relocate the assets to higher-value opportunities, and this renewal is very much aligned with that strategy.

(Sources: APR Energy, Yahoo!)

Posted in Construction & Engineering, Public WorksComments (4)

Basra Gateway Terminal Up and Running

By John Lee.

Basra Gateway Terminal (BGT) announced on Thursday that its operations at the Port of Umm Qasr are now fully operational.

BGT chief executive Phillip Marsham said in a statement:

We are attracting plenty of interest from container lines and have enjoyed a good pace of cargo buildup since we opened the doors after full takeover in November 2014 …

“Our focus is on performance, employing purpose-built container handling gear and rolling out state-of-the-art IT systems that include value-added links for customers.

“STS crane performance is now peaking at over 30 moves per hour and considerable attention is being focused on training staff, improving terminal security and creating a strong health and safety environment.

The Loadstar reports that BGT, a subsidiary of International Container Terminal Services, Inc. (ICTSI), plans to upgrade the existing facilities at Berth 20 and construct an entirely new container/multipurpose facility, with the first phase consisting of a 250-meter berth and 20 hectares of backup land.

Piling for the new quay is also underway, which will give the new facility a 600-meter berth and 55-hectare backup area.

BGT is a subsidiary of ICTSI, an international operator of common-user container terminals serving the global container shipping industry. ICTSI is the largest port operator in the Philippines and has a portfolio of 29 container terminal operations in 21 countries across six continents.

(Source: The Loadstar)

Posted in TransportationComments Off

Budget Deficit Scuppers Gulf Cup Plans

By John Lee.

Kuwait will host the 23rd soccer Gulf Cup in early 2016, after Iraq declined to host the tournament due to a deficit in the State budget.

According to Arab News, Iraq will instead bid to host the 24th edition of the Cup.

Iraq had been due to host the event in Basra.

(Source: Arab News)

(Football image via Shutterstock)

Posted in Leisure and TourismComments (1)

Shell Signs $11bn Petrochemical Deal

By John Lee.

Shell has reportedly signed a deal with Iraq worth $11 billion (12.8 trillion Iraqi dinars) to build a petrochemicals plant in Basra.

On Wednesday, Industry Minister Nasser al-Esawi [Nasser al-Issawi] told a press conference that the Nibras complex would make Iraq the largest petrochemical producer in the Middle East.

The news comes two weeks after Shell announced that it will not proceed with the proposed Al Karaana petrochemicals project in Qatar.

The Nibras project is expected to come on line within five to six years.

(Source: Reuters)

Posted in Construction & Engineering, Industry & Trade, Oil & GasComments (10)

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