By John Lee. In its interim financial and operational results for the period ended 30th June 2014, Dragon Oil gave the following update on its operations in Iraq: In Iraq, the consortium of Dragon Oil (30%) and Kuwait Energy Corporation (70% and operator) is drilling an exploration well. The well is targeting two prospective reservoirs, […]
By Patrick M Schmidt. Despite the ongoing violence in the north of Iraq, the southern half of the country has remained relatively peaceful over the past few months, especially in the southern city of Basra. Crude output for southern oilfields remains at about 3.15 million barrels of oil per day. The Iraqi government estimates that […]
By John Lee. Axeon Specialty Products said on Friday that it received a cargo of crude oil from of Kurdistan's Shaikan oilfield in June, despite the Iraqi government's attempts to block independent exports of crude by the Kurdistan Regional Government (KRG). The oil was delivered to the company's refinery in Paulsboro, New Jersey (pictured). A […]
By Patrick M Schmidt. Information leaked from an American official suggests that American air support may have been offered to Kurdish forces. Specialized training and armaments from America for Kurdish security forces would accompany air support. European nations have also stepped forward with other offers of military aid. An offer has also been made to […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Tuesday. A total of $245,813,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Iraq has exported 75.8 million barrels of crude oil in July Shipments averaged 2.442 million bpd, bringing in revenues of $7.8 billion at an average price of $102.8 per barrel. (Source: Ministry of Oil)
By John Lee. Royal Jordanian (RJ) has announced the resumption of its service to Iraq, after suspending it for 24 hours for security concerns. As of Sunday, RJ resumed its regular operation to Baghdad, Erbil and Basra, while it is expecting to resume flights to Suleimaniyah soon. RJ operates regular flights to five Iraqi cities; […]
By John Lee. After renewed consultation with the relevant national security authorities, the Lufthansa Group has decided to resume flights to Erbil in northern Iraq from Monday. Erbil lies well outside the direct crisis zone in Iraq, and flights to and from the city will be routed to avoid overflying the zone. Lufthansa flies twice-weekly […]
By Patrick M Schmidt. Over the weekend, the Islamic State of Iraq and the Levant (ISIL, ISIS) mounted a major offensive near the city of Mosul. The offensive marked a number of defeats for Kurdish security forces who have mostly been noted for their successes in battling the insurgents. Both Iraqi and Kurdish sources agree […]
From CNN. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. ISIS has taken control of Iraq's largest hydroelectric dam, which provides power to Mosul. CNN's Nic Robertson reports:
By John Lee. The Central Bank of Iraq (CBI) has reported that 15 banks took part in its currency auction on Monday. A total of $251,787,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. A 51-year-old American has been charged in federal court with defrauding the co-founders and investors of a company out of approximately $175,000, relating to proposed investments in Iraq. Prosecutors in Connecticut assert that Joseph T. Morris claimed to have extensive military and business experience in Iraq, and was the company’s in-country manager […]
