By John Lee. According to a report from Reuters, commodities giant Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil. Industry sources told the news agency that investors are exercising caution despite the 12 percent bond yield, and that Glencore has received investor commitments for […]
Tag Archives | Glencore
New Oil Bidding Round Postponed to Mid-2017
By John Lee. The Ministry of Oil is to postpone a bidding round for 12 small- and medium-sized oil fields, following criticism of the plans by experts including IBN Expert Blogger Ahmed Mousa Jiyad. In a statement, the Ministry’s Petroleum Contracts and Licensing Directorate (PCLD) said: “Following to the previous Ministry of Oil Announcement dated […]
Tags: Abu Khema field, Ahmed Mousa Jiyad, Aumara, China, Crescent Petroleum, Dema field, Dragon Oil, Dujaila field, Edison, featured, Glencore, Gulfsands, Indonesia, Inpex, Italy, Itochu, Japan, Japex, JOGMEC, JX Holdings, Kifl field, Kumait field, Kuwait, Kuwait Energy, Maysan, Mergan field, Missan, Mitsui, Mubadala Oil, Noor field, PCLD, Pertamina, Petroleum Contracts and Licensing Directorate, PetroVietnam, PTTEP, Rachi field, Romania, Romgaz, Rosneft, Russia, Sindebad field, Switzerland, tenders, Thailand, Umara field, Umm Qasr, Umm Qasr field, United Arab Emirates (UAE), United Kingdom, Vietnam, West Kifl field, Zhenhua Oil
Jiyad: Min of Oil should Withdraw Plan to Offer 12 New Oilfields
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil should withdraw its plan to offer 12 new oilfields. In a rather surprise move, the Ministry of Oil (MoO) announced its “intention” to offer 12 medium and small […]
Tags: Abu Khema field, Ahmed Mousa Jiyad, Aumara, China, Common Seawater Supply Facility (CSSF), Crescent Petroleum, Dema field, Dragon Oil, Dujaila field, Edison, featured, Glencore, Gulfsands, Indonesia, Inpex, Italy, Itochu, Japan, Japex, JOGMEC, JX Holdings, Kifl field, Kumait field, Kuwait, Kuwait Energy, Maysan, Mergan field, Missan, Mitsui, Mubadala Oil, Nassiriya Integrated Project, Noor field, oil contracts, Pertamina, PetroVietnam, PTTEP, Rachi field, Romania, Romgaz, Rosneft, Russia, Sindebad field, Switzerland, tenders, Thailand, Umara field, Umm Qasr, Umm Qasr field, United Arab Emirates (UAE), United Kingdom, Vietnam, West Kifl field, Zhenhua Oil
New Oil Development Opportunities in Iraq
By John Lee. Iraq’s Ministry of Oil has requested proposals from international oil companies interestsed in developing a number of small- and medium-sized oil fields. The fields concerned are: Sindebad (Basra governorate); Umm Qasr [Um Qaser] (Basra governorate); Rachi (Basra governorate); Abu Khema (Basra governorate); Kumait (Missan governorate); Noor (Missan governorate); Umara (Missan governorate); Dema […]
Tags: Abu Khema field, Aumara, China, Crescent Petroleum, Dema field, Dragon Oil, Dujaila field, Edison, featured, Glencore, Gulfsands, Indonesia, Inpex, Italy, Itochu, Japan, Japex, JOGMEC, JX Holdings, Kifl field, Kumait field, Kuwait, Kuwait Energy, Maysan, Mergan field, Missan, Mitsui, Mubadala Oil, Noor field, Pertamina, PetroVietnam, PTTEP, Rachi field, Romania, Romgaz, Rosneft, Russia, Sindebad field, Switzerland, tenders, Thailand, Umara field, Umm Qasr, Umm Qasr field, United Arab Emirates (UAE), United Kingdom, Vietnam, West Kifl field, Zhenhua Oil
Glencore seeking to Increase Oil Trading with Iraq
By John Lee. Reuters reports that Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year. Alex Beard, the company’s global head of oil, told the Reuters Commodities Summit that Glencore would be seeking to trade more crude from […]
Glencore “Pre-Pays $300m” for Kurdish Oil
By John Lee. Anglo–Swiss commodity trader Glencore has reportedly paid Iraqi Kurdistan $300 million as an advance for oil shipments. Anonymous sources told Reuters that the company made a prepayment in recent days, and will start receiving crude from mid-year. The Kurdistan Regional Government (KRG) said on Monday it had received $100 million in February […]
Iraq Finalises Gasoil Term Contract
By John Lee. Vitol and Glencore have finalised term contracts to sell over 1.5 million tonnes of gasoil to Iraq’s State Oil Marketing Organisation (SOMO), reports Reuters. Vitol will supply four cargoes of 500 ppm sulphur gasoil, along with three cargoes from Glencore, through 2014 at a premium of $7.37 a barrel over Middle East quotes […]
Ex-Glencore, Sino-Forest Director to Chair GKP
Gulf Keystone Petroleum has announced the appointment of Simon Murray C.B.E., aged 73, to the Board of Gulf Keystone as Independent Non-Executive Chairman and Senior Independent Director of the Company. Mr Murray will also be appointed Chairman of the Company’s Remuneration Committee at its next meeting. This appointment represents a significant step forward for the […]
Is Sima a Front for Trafigura in Iraq?
By John Lee. Four industry sources have told Reuters that Swiss oil trader Trafigura is still indirectly supplying gasoline to Iraq through another firm, despite being banned from participating in tenders for 2013 after buying oil from Iraqi Kurdistan. Baghdad’s State Oil Marketing Organization (SOMO) finalised a deal in November to buy 1.56 million tonnes […]
Tags: BP, Glencore, KRG, Kurdistan News, oil contracts, Sima, SOMO, State Oil Marketing Organization, Trafigura, Vitol
Iraq Buys Australian and Canadian Wheat
By John Lee. The Iraqi Grain Board has bought 300,000 metric tons of wheat for delivery in March and April. Dow Jones reports that 250,000 tons were bought from Australia, while the remaining 50,000 tons was of Canadian origin. The Canadian wheat, along with 100,000 tons of wheat from Australia, was purchased from Glencore International. Australia’s […]
Iraq Buys 350,000 Tons of Wheat
By John Lee. Iraq’s state grains board has purchased a total of 350,000 tons of wheat from Australia, Russia and Canada in a tender for a nominal 50,000 tons which closed last week: 200,000 tons of Australian wheat purchased from Glencore at $404.89 cif; 50,000 tons of Russian wheat, also from Glencore, at $399 a tonne […]
Iraq Buys 300,000 Tons Canadian Wheat
Dow Jones reports that the Iraqi Grain Board bought 300,000 metric tons of Canadian wheat from a tender which closed on 13th March 13. The head of the board, Hassan Ismail Ibrahim, told the agency that: 100,000 tons were bought from Jordan-registered Jresat at $361/ton cost and freight; 100,000 tons from Glencore International at $356/ton […]