Iraq has intensified efforts to resolve its debt problems with neighboring Kuwait, in order to end the international restrictions imposed on the country following the invasion of Kuwait two decades ago, said Iraq’s deputy foreign minister. Iraq was placed under United Nations’ Chapter 7 status in 1991 after Saddam Hussein invaded Kuwait. Speaking to AKnews, […]
Iraq expects to increase daily crude production by about 13 percent next year, an Oil Ministry official said. “We expect an increase of about 300,000 barrels per day,” Abdul Mahdy al-Ameedi, deputy director general at Iraq’s Petroleum Contracts and Licensing Directorate (PCLD), said in a telephone interview with Bloomberg. “This includes about 60,000 barrels per […]
China's CNPC and its partners plan to start drilling new wells next month in Iraq's Halfaya oilfield as part of a plan to boost output to 70,000 barrels per day in 2011, a CNPC executive said on Tuesday, as reported by Reuters. CNPC has a 37.5 percent interest in the consortium with French oil major […]
Range Hospitality, a dynamic, progressive and innovative institution focused on hospitality and real estate, has launched the Al Rawdatain Gardens development in Iraq's pilgrimage centre, Karbala, to cater to the significant shortage of accommodation. Approximately 18 million pilgrims visit Karbala during the peak seasons every year. With a current shortage of accommodation in the city, […]
MAG (pronounced "Mag") – Mines Advisory Group – is a neutral and impartial humanitarian organisation that clears the remnants of conflict for the benefit of communities worldwide. Summary of outputs: MAG teams released 632,966 m2 of land through a combination of electronic, hand mechanical, MDD clearance and area reduction as well as minefield cancellation; MAG […]
Reuters, quoting a top Russian official, says Russia's largest oil producer Rosneft will invest $630 million in a joint project with UAE firm Crescent Petroleum to drill for gas in the Middle East. In May, Rosneft's Chairman Igor Sechin, who is also Russia's Deputy Prime Minister, said Russia was keen for projects to drill for […]
Following our recent reporting of Petrofac's (LSE: PFC) new business in Iraq's Majnoon oilfield, the company issued its half-year results this morning (Monday). While the only reference to Iraqi business in the results was the following statement: "In Iraq, we have commenced early stage engineering work for an International Oil Company which is expected to […]
Shares in oil rig manufacturer Lamprell (LSE: LAM) were up 3% in early trading on Monday following the announcement of its half-year earnings, but gave up those gains in the afternoon to close down 1.3% at 260.4p. The company identified Iraq as a key target over the coming years. In his Chairman's Statement, Jonathan Silver […]
The Nabucco pipeline project has taken another step forward. At their latest Steering Committee meeting in Ankara, the shareholders agreed on a modification of the feeder line concept. Two feeder lines were confirmed and the respective engineering works were ordered but due to the current political situation, Nabucco Gas Pipeline International is not planning a […]
By Ahmad Saleh, IraqiXchange. Kindi Veterinary Vaccines (ISX: IKLV) surprises investors and announces after tax net profit of 378 mil IQD for 2009, up tenfold from the previous year. On August 18th it published its annual results and returned to trading after being suspended from the Iraq Stock Exchange earlier this month for not disclosing […]
Iraq's Oil Ministry hopes to resume supply through the Kirkuk-Ceyhan pipeline by Thursday, after a rupture halted the flow of crude, a spokesman said on Sunday. Pumping was halted early on Saturday; the cause of the rupture was not immediately clear but an official at Iraq's North Oil Co said on Sunday that it was […]
A survey of more than 300 senior executives by the Economist Intelligence Unit (EIU) found that foreign investors are still put off by violence in Iraq, but most companies believe the security situation will improve, despite the withdrawal of international troops. The EIU surveyed 367 senior executives from 52 countries about their perceptions of investment […]
