By Tom Walker, Director, Assaye Risk COUNTRY OVERVIEW Iraq has once again been gripped by severe violence this week with hundreds killed in multiple bombings and shootings, which have predominantly, and somewhat unsurprisingly, targeted Baghdad and the northern Provinces. Thursday 25 July saw at least 28 people were killed in bombings and shootings across Iraq. […]
Amidst all the news of increased violence in Iraq, this week has seen many positive news stories, including a $700-million contract win for Daewoo at the Akkas gas field, and the shares of two oil explorers rebounding strongly. But staying on energy matters, we cannot escape the continuing problem of reduced oil exports. Sabotage of […]
By John Lee. Shares in Kurdistan-focused Genel Energy finished Wednesday up over 2 percent, as CEO Tony Hayward said there is "a lot to look forward to" in terms of oil and natural gas production from the Kurdish region of Iraq. The shares are trading at levels not seen since early 2011. The text of […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi Ministry of Oil affirmed that Baghdad’s share in oil production will not be part of the OPEC specified quotas for 2014. The ministry said it was likely for Iraq […]
By John Lee. According to a report from World Bulletin, a new 750-megawatt (MW) power plant in Mosul city is planned to be completed and operating by September 2013. Build and run by Turkey's Calik Energy [Calik Enerji], it will be Iraq's fourth-largest power station; the company's other plant at al-Khairat in Karbala is the […]
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By John Lee. OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday. Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million […]
On July 29, the United Nations Secretary-General Ban Ki-moon expressed alarm about the deterioration of the security situation in Iraq. "The Sectretary-General condemns, in the strongest terms, the acts of terrorism and the heightened sectarian violence, which are aimed at ripping apart the country's social fabric," Ban's spokesperson said in a statement. "The killing of […]
By John Lee. The government of Iraq wants to purchase nearly $2-billion worth military equipment from the United States. The Defense Security Cooperation Agency (DSCA) notified the US Congress of the following intended deals: 50 M1135 Stryker Nuclear, Biological, and Chemical Reconnaissance Vehicles (pictured) and associated equipment, parts, training and logistical support for an estimated […]
By John Lee. Sony has recently unveiled its extensive plan for expansion in Iraq. Along with its official business partner, Modern Electronics Iraq (MEI) Sony will look to transform the Iraqi consumers’ experience through launching its entire line-up of latest technology products, introducing experiential Sony-branded stores and setting up authorised service centres in Iraq. The […]
By John Lee. Ukraine's Minister of Economic Development and Trade, Ihor Prasolov (pictured), has told his Iraqi counterpart Khairallah Hassan Babeker [Khayri-allah Babakir, Dr Khairallah Hassan Babiker] that Ukraine is interested in increasing exports of metallurgical products to Iraq. At their meeting they also discussed the further engagement of Ukrainian machine-building companies in Iraqi projects, […]
By John Lee. Daewoo Engineering and Construction has won a $709-million contract to upgrade the Akkas gas field in Anbar province, near the Syrian border, the Iraqi cabinet secretary announced. The South Korean company will provide engineering, procurement, construction and commissioning of a central processing facility in the field. Construction of the new facility is […]
