Shares in ShaMaran Petroleum rose slightly on Friday following the release of the company's final resutls for the year ended December 31st, 2010. The Company reported a net loss of $1.0 million (2009: net income of $2.9 million). Cash balance was $58.7 million as at December 31, 2010 (2009: $63.6 million). Please click here to […]
Groundstar Resources has announced the following update on the drilling progress of the Qara Dagh - 1 exploration well in Kurdistan, Iraq. Since the last update on January 14, 2011, the well has drilled to 3,558 meters measured depth ("MD"). Over the past several days, a 7 inch liner has been set and cemented at […]
Iraq's proven oil reserves total around 173 billion barrels, Deputy Prime Minister Hussain al-Shahristani (pictured) said on Wednesday, according to a report from Dow Jones Newswires. Only 143 billion barrels of these reserves have been fully audited, he said. Another 30 billion barrels located in the Kurdish region of Iraq are considered proven but haven't […]
Iraq's Electricity Ministry said on Wednesday it had shortlisted two private Kurdish-owned companies to build and operate a power plant costing up to $1 billion in Iraq's southern Basra province, Reuters reports. The companies concerned are the Jordan-based Mass Global Investment Co and Arbil-based Kar Group. A winner will be selected at the end of […]
Adnan Al Janabi, the chairman of Iraq's Oil and Energy Committee has said an agreement is likely to be reached in the second half of 2011with Kurdistan on revenues from crude oil exports, Reuters has reported. "The Kurdish authorities requested it for June or July but I think we will miss it. I expect it […]
According to a report from The National, lawyers for Kuwait Airways have vowed to seize international assets owned by the Iraqi government following a recent court ruling in its long-running dispute with Iraqi Airways. A UK court ruling has granted Kuwait Airways the right to file proceedings against the Iraqi government and ministries of transport […]
Swiss-Belhotel International is pleased to announce the signing of a management agreement with Sardar Investments Pty. Ltd, a part of Sardar Group, for the management of a 4 star international hotel in Erbil. Erbil, a historical city (6000 BC) and the capital of Iraqi Kurdistan, is home to a large number of international companies, government […]
An advertisement for Trust Petro Serve in this week’s IBN Newsletter, sent out this morning, was linked to the wrong web site in error. Anyone wishing to contact Trust Petro Serve may reach them at: www.trustpetroserve.com, or email Mark O’Hanlon at [email protected], telephone number: +44 1892 704 165 We apologise for any confusion.
As we go to press, and after many rumours and false reports, Iraq's parliament has still not agreed on the key ministries of defense, interior and national security, more than three months after the creation of Nouri al-Maliki's government. Our expert blogger John Drake reports that the number of attacks in Iraq has been rising […]
Overview The past week has seen a slight drop in the number of violent attacks taking place in Iraq. Incidents were concentrated in Baghdad and in the districts west of the capital in Anbar province. Mosul also experienced a significant proportion of attacks, while even Sulaymaniyah in Kurdistan saw incidents of unrest and reported cross-border […]
A posting on the ISX website last week has revealed new details about a suit filed against Warka Bank by AsiaCell. Apparently the mobile phone operator has been unable to withdraw IQD 29.3 billion in deposits and is suing for the return of these funds under the bankruptcy provisions of the Commercial Code. (English and […]
The Mayoralty of Baghdad signed on Tuesday two contracts with two companies to set up two malls in the capital at a cost of $54 million. “The mayoralty of Baghdad has signed a deal with the Dar al-Sabah company to build a mall in the al-Harithiya district at a cost of $42 million [50 billion […]
