Genel Energy has announces its audited results for the year ended 31 December 2015, in which it declared its biggest-ever annual loss of $1.16 billion: Key figures 2015 revenue of $344 million, down 34% due to the fall in the oil price more than offsetting higher production volumes 2015 production of 84,900 bopd, an increase […]
Switzerland's ABB has won an order worth around $100 million from Mass Global Holding to deliver a gas-insulated switchgear (GIS) substation that will help integrate 3,000 megawatts (MW) of electricity generated by a combined cycle power plant, utilizing Iraq’s natural gas resources. The government is rebuilding the country, investing in national housing programs and has […]
Oryx Petroleum Corporation Limited and Zeg Oil and Gas Ltd have announced that they have entered into a definitive agreement whereby Zeg Oil has subscribed for and been issued 75.7 million common shares of the Corporation for consideration of $30 million. In addition, Oryx Petroleum intends to contract with an affiliate of Zeg Oil for […]
PECB has announced that it has signed a new partnership agreement with Erbil-based Citadel Engineering Company, to distribute PECB training courses in Iraq. This partnership will ensure that the respective companies will give their contribution based on their expertise in offering and organizing PECB courses. Eric Lachapelle, CEO of PECB, said: “PECB has built a […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Thousands of Iraqi security personnel launched an operation aimed at retaking areas north of Baghdad from the Islamic State jihadist group, officials said. An Iraqi army colonel said that more than 7,000 security personnel […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Thursday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, fighter, and […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 26 banks and 16 remittance companies took part in its currency auction on Thursday. A total of $86,600,000 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
The Iraqi authorities have signed a contract with Italy's Trevi construction company to consolidate the Mosul dam, reported the Italian Foreign Ministry. The contract was signed following intense negotiations between the company and the Iraqi authorities in Baghdad. Under the contract, the Trevi Group will carry out consolidation work on the dam, as agreed during […]
As part of its results statement for the twelve months to 31st December 2015, Qatar-based Ooredoo gave the following update for its Asiacell mobile telecom operation in Iraq: "Asiacell was impacted by the security situation in Iraq and aggressive pricing competition in the first half of the year. Consequently, revenue was down 22% to QAR […]
Twenty-eight technicians from Shell Iraq will call North East England home for the next 16 weeks as they complete a specialist training programme at Middlesbrough-based TTE Technical Training Group. The trainees, who will be accompanied by a supervisor from Shell, are a mix of electrical, instrumentation and process professionals, who are completing an upskilling course, […]
Associated Press reports that two former officers of an American defense contracting firm have pleaded guilty to criminal charges related to rebuilding projects in Iraq. Federal prosecutors say that Neal Kasper (66) and his wife, Tiffany White (49), were involved in a scheme to solicit and accept kickbacks in return for favourable treatment in awarding […]
Garda World Security Corporation, the world’s largest privately owned security and cash services provider, announced today that its International Protective Services business is now the first company in the world to hold the ISO 18788 security standard across its entire operations. This standard builds on a number of efforts that have emerged to govern private […]
