By John Lee. Baghdad and Erbil have reached an agreement resolving the long-running dispute over oil exports and budget payments. Finance Minister Hoshyar Zebari said that 550,000 barrels per day (bpd) of oil would be sent to the Iraqi oil ministry. In return, the Kurds will receive their 17% share of the national budget. The […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has reportedly abandoned plans to sell two grades of crude oil from its southern Gulf terminals next year. Platts reports that SOMO informed customers last week that "due to logistical issues" a single type of crude will continue to be marketed in 2015, but with two […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi security forces and Shiite militias were battling IS group militants in Balad, 80km north of Baghdad, in an effort to push the jihadists back:
By John Lee. The Central Bank of Iraq (CBI) has reported that 13 banks took part in its currency auction on Tuesday. A total of $149,353,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Dragon Oil said on Monday that it was backing out of plans to make an offer of 230 pence a share for Irish operator Petroceltic, which has interests in Iraqi Kurdistan. Shares in Petroceltic closed down 35 percent at 112.45 pence on Monday, 50 percent below their recent peak. Chief Executive Brian […]
By John Lee. Total and Marathon Oil have confirmed a discovery of light oil and gas with condensates at the Harir Block, 60 kilometers from the city of Erbil. The Jisik-1 discovery well was drilled to a depth of 4,511 meters and encountered light oil and gas with condensates intervals in Jurassic and Triassic carbonate reservoirs. […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced that, further to the recent statement by the Ministry of Natural Resources (MNR) of the Kurdistan Regional Government (KRG) regarding payment to producers for crude oil exports, an initial payment of USD 15 million (17.5 billion Iraqi dinars) gross has been made to the company. Gulf […]
The Head of Trade and Economic Section of Republic of Bulgaria in Erbil, Mr. Dimitar Ougrinov, today met with the KRG Head of Department of Foreign Relations, Minister Falah Mustafa to discuss bilateral ties and the latest developments. Mr. Ougrinov announced that Bulgaria places great importance on enhancing relations with the Kurdistan Region and stated […]
According to casualty figures released today by UNAMI, a total of 1,232 Iraqis were killed and another 2,434 were wounded in acts of terrorism and violence in November 2014. The number of civilians killed was 936 (including 61 civilian police), while the number of civilians injured was 1,826 (including 71 civilian police). A further 296 […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 20 banks took part in its currency auction on Monday. A total of $127,123,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. The US State Department has approved a possible Foreign Military Sale to Iraq for C-130E/J sustainment and associated equipment, parts, training and logistical support for an estimated cost of $800 million. The Government of Iraq has requested a possible sale for a five-year sustainment package for the C-130E/J fleet that includes operational, […]
