The US State Department has made a determination approving a possible Foreign Military Sale to Iraq for AGM-114K/N/R Hellfire missiles and associated equipment, parts, training and logistical support for an estimated cost of $700 million (816 billion Iraqi dinars). The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale on […]
The KRG Minister of Natural Resources, Ashti Hawrami (pictured), commented today (Wednesday) on the Iraqi federal government’s petition to a US court to seize crude oil produced in the Kurdistan Region. “The KRG’s lawyers sent a letter to a court in Texas to explain the misrepresentations of the Iraqi federal government. The Iraqi federal government […]
By Patrick M Schmidt. Despite a ruling yesterday that allowed United States Marshals to seize Kurdish oil onboard the United Kalavrvta, a federal judge overturned their own decision. Given the distance of the tanker from American shores, the United States Marshals could not have legally seized the cargo. The judge instead suggested that the dispute […]
By John Lee. As port of its operating and unaudited financial results for the second quarter of 2014, Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has given the following update on its operations in Iraqi Kurdistan: "In the Topkhana Block, testing continues on the T-2 well and is expected to be complete in the coming days. "In […]
By Patrick M Schmidt. The Kurdistan Regional Government (KRG) has announced that they will pursue a new energy contract with Iran. It is expected that this contract will be similar to the current one with Turkey. Sherko Jawdat, Head of the Industry and Energy Committee, said, “strong oil and economic relations with Iran are part […]
By Patrick M Schmidt. The Iraqi Ministry of Oil has successfully obtained the documentation needed to seize oil from the United Kalavrvta and place it under the protection of the United States Marshals. The value of the ship’s payload is approximately $100 million dollars (1.2 billion Iraqi dinars). The oil onboard had been “illegal” piped […]
By Patrick M Schmidt. The United Nations Security Council has released as statement following concerns about radical groups in Iraq and Syria using captured oil fields as a means to generate revenue for their organizations. The statement read “that any oilfields and related infrastructure controlled by terrorist organizations could generate material income for terrorists, which […]
In an interview wtih Al-Monitor's Mehmet Cetingulec, Turkey’s Minister of Economy Nihat Zeybekci said said the Islamic State (IS) is now contacting individual Turkish businessmen to call them back to Iraq: Al-Monitor: The Islamic State is blocking Turkey’s exports to southern Iraq. Are you doing anything to overcome this? Zeybekci: Of our exports, 70% is […]
By John Lee. A former contractor has been extradited from Iraq after six years on the run, making him the first person to be returned to the United States under the U.S.-Iraq extradition treaty of 1936. Metin Atilan, 54, who has dual U.S. and Turkish citizenship, pleaded not guilty to fraud and conspiracy charges on […]
By Mushreq Abbas for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The position of president in Iraq has always been described as an honorific one without privileges, which does not allow its occupant to affect the political course of events. However, this description does not stem […]
By Patrick M Schmidt. On Sunday, the United States Coast Guard granted permission for the Kurdish oil tanker, United Kalavrvta, to offload its payload of crude oil from Kurdistan Regional Government (KRG) controlled oilfields in northern Iraq. The State Department further indicated that they would not prevent tanker from offloading at port in Galveston, Texas […]
By Patrick M Schmidt. On Saturday, Iraqi security forces reported that ISIS militants had taken control of a portion of the Baiji [Bayji, Beiji] oil refinery. Since then, security forces have driven the militants off of the oil refinery’s premises and are now searching the area for any remaining militants. Over the past month, Baiji […]
