By John Lee. The Government of Iraq has reportedly renewed its one-year $960,000 PR contract with Podesta Group to "promote a better understanding with the US of its priorities and concerns". The work, which runs through 2014, is designed to “further the purposes of the Strategic Framework Agreement” and facilitate a dialog with the American […]
It is surely significant for global oil supplies that within the past two weeks, two of the largest Iraqi oil fields have started production: Lukoil commenced pumping at West Qurna 2 at the end of March, while Shell exported its first crude from Majnoon this week. As a result, oil production is set to rise […]
By John Lee. Czech aviation company Aero Vodochody has reportedly agreed to sell 12 L-159 subsonic fighter jets to Iraq, but the package must still be approved by the governments of both countries. Martin Danko, the broker for the deal, refused to reveal the price. According to Associated Press, Iraq had initially agreed to buy […]
By John Lee. Bloomberg reports that GlaxoSmithKline (GSK) is investigating allegations of improper conduct in Iraq. The company said: “These allegations relate to a small number of individuals. However, we are investigating whether there has been any improper conduct. We have zero tolerance for unethical or illegal behavior.” The Wall Street Journal reported that Glaxo […]
By John Lee. The United Kingdom Budget announced on 19th March included a tripling of Chevening places in developing countries for the 2015-16 academic year. Chevening Scholarships are the Foreign and Commonwealth Office’s flagship global scholarship programme aimed at future leaders, influencers and decision-makers. An FCO spokesperson said: "Chevening Scholarships are an important element in […]
By John Lee. North America Western Asia Holdings (NAWAH), U.S. Steel Tubular Products, a subsidiary of United States Steel Corporation, and MRC Global Inc. have announced an alliance to bring critical oil well equipment into the natural resources-rich region of southern Iraq. The consortium will serve an international lineup of leading oil and gas companies […]
By John Lee. Gulf Keystone Petroleum (GKP) announced today that it has priced a debt offering of US$250 million. The privately placed debt securities, offered in accordance with Reg S/144A to institutional investors in Europe, the US and Asia, consists of three-year senior unsecured notes carrying a coupon of 13% per annum and freely tradeable […]
By John Lee. Yum! Brands has announced the opening of the first Pizza Hut in Iraq with franchise partner, Al Kout Food Company. The new restaurant in the popular Majidi Mall in Erbil features "a full casual dine-in experience for Iraqi consumers with a vibrant, youthful design and seating for 120 people. The menu is […]
On the eve of the anniversary of the fall of Saddam Hussein’s regime on April 9, 2003, the U.S. Embassy advises U.S. citizens to restrict movements around Baghdad, including travel through Baghdad International Airport. U.S. government and Embassy-affiliated personnel are restricting their use of the Baghdad International Airport through April 12. Beyond this date, American […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. A car bomb set off by a suicide attacker at a checkpoint in the city of Tuz Khurmatu in Iraq killed four policemen, while attacks were also carried out in Baiji and Tikrit in […]
Shell announced today that the Majnoon oilfield it operates in partnership with South Oil Company (SOC), Petronas and Missan Oil in Southern Iraq has successfully exported its first shipment of crude oil to Shell trading, a significant milestone for the oilfield. The achievement comes as production at the Majnoon oilfield has reached a current average […]
By John Lee. The Telegraph reports that an encouraging update on its fund-raising plans provided some much needed cheer for Gulf Keystone Petroleum (GKP) on the stock market. The Kurdistan-focused oil producer had slumped in recent weeks, amid speculation that the company’s key bond sale was running into trouble. The company announced last month that […]
