Gulf Keystone Petroleum (AIM: GKP), the oil and gas exploration and production company operating in the Kurdistan Region of Iraq, has announced its results for the year ended 31 December 2010. HIGHLIGHTS Financial Summary · Loss after tax $26.0 million (2009: $96.3 million) · Loss per share 4.17 cents (2009: 22.80 cents) · Cash, cash equivalents […]
The Ministry of Labor and Social Affairs has said it will require foreign companies operating in Iraq to ensure that local Iraqis make up at least 50% of their work force, in a bid to reduce unemployment in the country. Official figures indicate that Iraq has more than 25% unemployment with unofficial statistics indicating up […]
Diyala Province Administration has approved an offer from an Egyptian company to build a new steel and stainless steel mill in the province. The local administration informed the Egyptian company to send a delegation to the province in order to study the details of the project. (Source: AlSumaria TV)
A major project for the reconstruction and rehabilitation of west Baghdad’s al-Sadr City will employ between 75,000 and 100,000 people during its implementation period, and another 50,000, Baghdad’s Mayor, Sabir al-Issawi said on Wednesday. According to the report from Aswat al-Iraq news agency, Issawi stressed that the project would comprise the construction of several multi-storey […]
The media and relation officer for Dohuk Municipality said 771 families in the province will be paid for giving up their lands for Dohuk International Airport. Ismael Mustafa told AKnews the families in Semele district, who have been living in the area for the past 15 years, each will be paid 22 million Iraqi Dinars […]
The biggest rubbish processing plant in the Middle East was opened on Wednesday in Baghdad by a Turkish company, according to the Municipality of Baghdad. Deputy Baghdad Mayor Naeem al-Kaabi on Wednesday opened the al-Sadr waste processing plant in al-Habibiya region, making it the largest in the Middle East. It was designed by a Turkish […]
Shares in ShaMaran Petroleum rose slightly on Friday following the release of the company's final resutls for the year ended December 31st, 2010. The Company reported a net loss of $1.0 million (2009: net income of $2.9 million). Cash balance was $58.7 million as at December 31, 2010 (2009: $63.6 million). Please click here to […]
Groundstar Resources has announced the following update on the drilling progress of the Qara Dagh - 1 exploration well in Kurdistan, Iraq. Since the last update on January 14, 2011, the well has drilled to 3,558 meters measured depth ("MD"). Over the past several days, a 7 inch liner has been set and cemented at […]
Iraq's proven oil reserves total around 173 billion barrels, Deputy Prime Minister Hussain al-Shahristani (pictured) said on Wednesday, according to a report from Dow Jones Newswires. Only 143 billion barrels of these reserves have been fully audited, he said. Another 30 billion barrels located in the Kurdish region of Iraq are considered proven but haven't […]
Iraq's Electricity Ministry said on Wednesday it had shortlisted two private Kurdish-owned companies to build and operate a power plant costing up to $1 billion in Iraq's southern Basra province, Reuters reports. The companies concerned are the Jordan-based Mass Global Investment Co and Arbil-based Kar Group. A winner will be selected at the end of […]
Adnan Al Janabi, the chairman of Iraq's Oil and Energy Committee has said an agreement is likely to be reached in the second half of 2011with Kurdistan on revenues from crude oil exports, Reuters has reported. "The Kurdish authorities requested it for June or July but I think we will miss it. I expect it […]
According to a report from The National, lawyers for Kuwait Airways have vowed to seize international assets owned by the Iraqi government following a recent court ruling in its long-running dispute with Iraqi Airways. A UK court ruling has granted Kuwait Airways the right to file proceedings against the Iraqi government and ministries of transport […]
