Russia’s LUKoil has said it has cut its oil production plan in Iraq by almost a third, in line with the local government’s plans to increase the lifetime of its oilfields, reports Al Arabiya. Andrei Kuzyayev, head of LUKoil Overseas, told Russian state TV channel Rossiya-24 that LUKoil is now looking for peak production at […]
DNO International has announced that its long-serving Managing Director, Helge Eide (pictured), is stepping down effective 31 December 2012. "After almost 17 years at DNO International, including the past 13 years as Managing Director, it was time to make way for a new generation of leadership," said Eide. He noted that he originally considered leaving […]
Minister Falah Mustafa Bakir, the Head of the Department of Foreign Relations, on Sunday hosted a meeting with the diplomatic corps and other foreign representatives to reflect on and discuss key events in 2012. Minister Bakir reflected on the growing diplomatic presence in Kurdistan as a testament of its successful outreach policy with the international […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th December 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,615 / $1,747 (-1.8%) (weekly change). The number of week traded shares was 16.4bn and the weekly trading volume was ID25.3bn ($21.1mn). Note: ISX will […]
By Seerwan Jafar. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s 2013 budget amounts to US$118 billion. But the figures don’t add up. Doing the sums results in one conclusion: unless something is done differently, Iraq […]
A new report from Deloitte, entitled "Mergers and Acquisitions in the Oil and Gas Industry -- Current upstream M&A issues and transaction considerations", looks at the factors affecting investment in Iraq: "Iraqi production, which has now passed the 3 million barrel per day level, is benefiting from foreign investors with the expertise to exploit these […]
According to a report from SciDev.Net, the Iraqi government plans to spend more than $9 billion over the next five years to rebuild its scientific research infrastructure and bolster science and technology education. Ali Al-Adeeb, the country's minister of higher education and scientific research, said the plans involve establishing 12 universities and 28 research centres, […]
The third meeting of the U.S.-Iraq Joint Coordination Committee for Cultural and Educational Cooperation took place in Baghdad on December 17, 2012, underscoring the deep and broad collaboration between the Government of the United States and the Government of Iraq in support of a strong Iraqi education system, the preservation of Iraq’s rich cultural heritage, […]
By John Lee. WesternZagros Resources has announced the appointment of Mr. William (Bill) Jack to the position of General Manager Kurdistan, to be resident in Iraqi Kurdistan, effective February 1, 2013. This appointment follows the decision by Mr. Ian McIntosh, Vice President, Kurdistan Business Unit, to retire in January 2013 after three years of valuable […]
Advertising Feature Iraq Energy Institute (IEI) has just concluded its first Iraq Energy Forum (IEF) which was held in Al Rasheed hotel at the heart of Baghdad for the period 11-13 December 2012. The successful three-days major event was organized in cooperation with the Council of Representatives with attendance exceeding 220 delegates representing parliamentarians, diplomats, […]
Advertising Feature The 3rd Basra International Oil & Gas, organized by Expotim International Fair Organizations INC and Pyramids International Group, ended on the 9th of December, after hosting a record number of exhibitors and visitors. The largest oil & gas show in Iraq opened its gate to 18,000 visitors from over 35 countries in 2012, […]
By John Lee. Iraq ranks in 11th place worldwide for the amount of money flowing out via crime, corruption and tax evasion over the past ten years, according to Global Financial Integrity (GFI), a Washington-based research and advocacy organization. Illicit outflows of cash averaged $10.6 billion per year. Data for Iraq was not available in […]
