By John Lee. Iraq needs up to $1 trillion over the next 10 years to rebuild its crumbling infrastructure and battered economy, the head of the National Investment Commission (NIC), Sami al-Araji (pictured), said at the Baghdad International Fair. "We are talking about the reconstruction of Iraq, a minimum requirement of money ... is about […]
By John Lee. The Iraqi Government has reportedly told Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, to abandon oil deals in Kurdistan or face losing the lucrative Badra oilfield contract. The field, which is estimated to have reserves of 100 million barrels, is being developed by Gazprom (30%), Korea’s KOGAS (22.5%), […]
By John Lee. The board of the Export-Import Bank of the United States (Ex-Im Bank) voted to guarantee a JPMorgan Chase loan totaling $35 million to Devco International LLC (Devco) of Tulsa, Okla., for the design and construction of a sulfur purification plant in Mosul, Iraq. Ex-Im Bank's financing will support approximately 380 U.S. jobs, […]
By John Lee. Sinan al-Shabibi (pictured), the former head Iraq's Central Bank who was removed for suspected mismanagement and currency manipulation, has dismissed the charges against him as baseless and trumped up. Speaking to AFP, he said authorities had compromised the bank's independence to access its reserves, adding that the government had been "spoiled" by […]
By John Lee. Shares in Gulf Keystone closed up 5.5% on Thursday following the announcement that it has struck oil at the Sheikh Adi block in Iraqi Kurdistan. The notification of the discovery follows the completion of a well testing programme of the Sheikh Adi-2 exploration well on the block, located immediately to the west […]
By John Lee. Petrofac has won a further inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq with its joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC). The US$229 million contract was awarded by BP Iraq NV (BP), via the Rumaila Operating Organisation (ROO), following a competitive tender. The […]
By John Lee. In its third quarter results, Austria energy company OMV had the following comments on its operations in Iraqi Kurdistan: Clean EBIT increased by 28% to EUR 617 million, mainly due to higher sales volumes in Libya and favorable FX effects which more than offset the lower oil price and higher exploration expenses […]
By John Lee. Dubai Chamber of Commerce and Industry is to set up representative office in Iraqi Kurdistan next yea, the chamber's chairman has announced. Abdul Rahman Saif Al Ghurair said: "The new office will help boost the presence of Dubai businesses in the Northern region of Iraq as the country was the second largest […]
The news of Barack Obama's re-election as US President did not quite bring the world to a stop on Wednesday. But in the heart of Baghdad, there were plenty of ordinary Iraqis willing to take a minute out of their day to express an opinion on it: (Source: AFP)
By John Lee. The Special Representative of the Secretary-General (SRSG) for Iraq, Mr. Martin Kobler, has concluded a two-day visit to Basra, where he met with the Governor, Dr. Khalaf Abdul-Samad, and with the Director of the Basra office of the Independent High Electoral Commission (IHEC), Mr. Hazim Joda. “This has been a very fruitful […]
By Padraig O'Hannelly. On the day Iraq announced that Exxon Mobil wants to abandon its business in southern Iraq in favour of potentially more profitable contracts in Iraqi Kurdistan, the Oil Ministry has cancelled a major exploration deal with Turkey's TPAO. The reasons were described as "non-technical", with the decision coming from the cabinet; the […]
By John Lee. The Iraqi cabinet has expelled Turkey's state-owned Turkiye Petrolleri AO (TPAO) from the consortium that was granted the rights to explore energy block 9, and has asked Kuwait Energy to take over the shareholding. Abdul Mahdi Al Ameedi, director of the oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD), said: "For reasons […]
