By John Lee. The former head of the South Oil Company (SOC), Fayadh Hassan Nima [Niama], has been named to replace Ahmad Shamaa [Ahmed al-Shamma] (pictured) as Deputy Oil Minister. Shamma, whose responsibilities included downstream activities and overseeing the Basra Gas Company -- the joint venture between Shell, Mitsubishi and the South Gas Company -- […]
By John Lee. As part of its operational update yesterday, Petroceltic gave an update on its operations in Iraqi Kurdistan: An active exploration and development programme is scheduled for 2013 with a capital expenditure budget of US$150 million. Exploration drilling and seismic acquisition accounts for approximately 43 percent of the budget with the balance committed […]
By John Lee. Sameer Salman Al Taei has been named as the new head of the state-run North Oil Company (NOC), which oversees oil fields in northern Iraq. Formerly head of the oil fields department in the NOC, Al Taei replaces Hamid Al Saedi, who has been director general since 2010. (Source: The National)
By Mark DeWeaver. On December 13 the ISX amended the Iraq Depository Center (IDC) bylaws to prohibit investors from owning the same names in accounts at different brokers. The new rule, which went into effect on January 7, requires anyone holding stocks in the same company through different brokerage accounts to transfer all of their […]
By John Lee. Abu Dhabi's Invest AD plans to buy into the Asiacell IPO (initial public offering), making it the top holding in its Iraq fund. Sherif Salem (pictured), the manager of the Invest AD Iraq Opportunity Fund, and one of our Expert Bloggers on Iraq Business News, said: "Asiacell is going to be one […]
By John Lee. Iraq has signed a cultural and scientific co-operation agreement with Spain, reports Al Shorfa. Ministry of Culture spokesperson Abdel Qader al-Saadi told the news agency that a high-ranking Iraqi delegation visiting Spain signed the agreement, under which Iraqi professors and researchers will be sent to Spain to acquire experience. Spain also will provide […]
By John Lee. A US Army major has pleaded guilty to accepting gratuities from contractors while working in Iraq. Court documents say that Ulysses S. Hicks (40) was a U.S. Army captain serving as a pay agent for money used to buy miscellaneous items and supplies from local vendors. From about March 2007 to October 2008, […]
Tuz Khurmatu, a town of low-rise buildings, palm trees and some 110,000 residents, is in a swathe of territory Kurdistan wants to incorporate in its autonomous region over Baghdad's strong objections. For the people of Tuz Khurmatu, simmering tensions between Baghdad and Kurdistan cause fear and are also bad for business: (Source: AFP)
By John Lee. Shares in Asiacell, the first of Iraq's mobile phone operators to list on the stock exchange, are now open for subscription. According to a statement from the company: • Investors are now invited to complete and submit their application forms to subscribe • 67.503 billion shares, representing 25% of Asiacell's share capital, […]
By John Lee. Twenty-two of Iraq’s 30 private banks made a combined profit of $366 million (427 billion Iraqi dinars) during the first nine months of the year, according to a study released by the Association of Private Banks in Iraq. Al-Hayat newspaper says this is a 90 percent increase in profits over the same […]
Iraq is still considered Jordan's best market for exports ahead of Saudi Arabia, India and the United States, according to the Amman Chamber of Industry (ACI). According to ACI statistical report, Jordanian exports to Iraq by the end of November of last year reached JD813 million, accounting by 22 per cent of the Chamber's exports. […]
Iraq’s holy city of Karbala is hosting a religious ritual described as one of the largest in the country, reports Iran's PressTV, which says that more than nine million Shias from Iraq and other countries have poured into the city to commemorate Arbaeen. Arbaeen marks the 40th day after the martyrdom anniversary of Imam Hussein […]
