By John Lee. LUKoil President Vagit Alekperov had a meeting with Iraq’s Prime Minister, Haider al-Abadi, and the country’s Minister of Oil, Adel Abdul Mahdi, in Baghdad on March 22. The discussion focused on progress in the development of West Qurna-2 and the future of the field development. “Our company sticks to its plans to […]
Gazprom Neft is to conduct a 2D seismic survey on the south-eastern section of the Halabja block. The technical equipment and personnel required for the survey are currently being transferred from the south-western section, where the company has already successfully completed a survey spanning 225 linear km. 2D seismic surveys covering approximately 870 linear km […]
By John Lee. Germania has suspended air services to Erbil, which has come under increasing threat from Islamic State (IS, ISIS, ISIL) terrorists. Germany's Federal Ministry for Transport (Bundesministerium für Verkehr und digitale Infrastruktur - BMVI) has prohibited all flights by German airlines to Erbil until 30th March 2015 (inclusive). Lufthansa, Austrian Airlines, Emirates, Etihad […]
By John Lee. President Obama will host Iraqi Prime Minister Haider al-Abadi at the White House on Tuesday, April 14. According to a statement from the United States' Embassy in Baghdad, the Prime Minister’s visit underscores the strategic partnership between the United States and Iraq and the strong U.S. commitment to political and military cooperation […]
By Ali Hashem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Even to those who have hunted him and followed his every move, Islamic State (IS) Caliph Abu Bakr al-Baghdadi remains a mystery. “Before anything I want to understand why he became like […]
By John Lee. Kuwait Energy and Egyptian General Petroleum Corporation (EGPC), the national oil company of Egypt, have jointly announced the signing of an agreement whereby EGPC has farmed in a 10 percent participating interest in the Block 9 license. The Block 9 field is located in the Basra Governorate, in Southern Iraq. The signing […]
By John Lee. The French Consul General has reportedly said the French companies are interested in investing in Wassit Wasit] on a deferred payment basis. The Governor of Wassit province, Malik Khalaf, told AIN that during a visit to the province the Consul General discussed infrastructure projects including the building of roads and bridges, the […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st March 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,215 (+14.8%) / $1,275 (14.8%) (weekly change) ) (-12.8% and -14.0% YTD change, respectively). The number of week […]
By John Lee. The director general of the Heavy Engineering Equipment State Company (HEESCO) has held a meeting with a delegation from the Turkish companies ENKA and Gimtas. Mr. Deiaa Gumar said the two companies recognised the capabilities of HEESCO in making equipment for oil refining, production and transportation, and were keen to cooperate with […]
Kurdistan Region Prime Minister, Nechirvan Barzani, has received Mr. Levon Sargsyan, Ambassador-at-large and Special Envoy of the Armenian Government, and Mr. Karin Gregorian, Ambassador of Armenia to Iraq. Mr. Sargasyan conveyed the greetings of the President and Prime Minister of Armenia to Prime Minister Barzani and stressed his country’s desire to build solid ties with […]
By John Lee. Reuters cites sources as saying that Basra Heavy crude, with an API gravity of 24 degrees, will be sold from May. It will be allocated to companies with technical service contracts, such as Lukoil , Petronas, CNPC, CNOOC, BP, ExxonMobil and Shell. The State Oil Marketing Organization (SOMO) had previously abandoned plans […]
By John Lee. India's oil ministry has instructed state refiners Indian Oil Corp and Hindustan Petroleum Corp (HPCL) to buy eight million barrels of Basra crude oil for delivery in May and June. The country is looking to build up its strategic petroleum reserve (SPR) at the current low market prices. A source told Reuters […]
