Iraq Business News brings you the latest information on developments and opportunities in the construction & engineering industries in Iraq.
By John Lee. Zubair oilfield has reportedly reached a production level of 500,000 barrels of crude oil per day (bpd). According to Business Korea, Kogas made the announcement on Thursday, adding that its "second-stage goal" is 700,000 bpd. The project is being developed by Eni (32.81%), Kogas (18.75%), Maysan Oil Company (25%), and South Oil […]
By John Lee. Genel Energy has confirmed that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with Dubai-based OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility ('CPF'). OILSERV has been contracted for the facility through a lease agreement. The commissioning […]
Iraq’s Rehabilitation Continues: Find out More at Basra Megaprojects Conference The summer months have seen Iraq continue with its quota-busting production run. According to figures from S&P Global Platts, the country added another 10,000 barrels per day in July, taking output to 4.78 million bpd, leaving it 270,000 bpd over its OPEC compliance target, due […]
By John Lee. South Korea's Daewoo Engineering & Construction has won a US$70.35 million order to build entrance roads for the new Al Faw Grand Port in Basra. Under the deal with the General Company for Ports of Iraq (GCPI), Daewoo will complete the 14.5 kilometer-long road by May 2021. Earlier this year, the company […]
By John Lee. Attock Cement Pakistan Limited (ACPL) has said that commercial production at its new 0.9 Mta cement grinding unit in Basra started on Sunday. The company, which makes the Falcon brand of cements, is a member company of Pharaon Commercial Investment Group. (Sources: Pakistan Stock Exchange, Cemnet)
By John Lee. The British Museum has handed over of an important collection of 156 cuneiform tablets to the Government of Iraq. This is the largest such group to be seized in the UK and returned to Iraq. They are Mesopotamian texts written on clay in cuneiform script and were incorrectly declared on entry to […]
TechnipFMC plc (NYSE: FTI) (Paris: FTI) has announced that its Board of Directors has unanimously approved its plan to separate into two industry-leading, independent, publicly traded companies: RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy […]
By John Lee. A US military contractor has won a judgment estimated at $140 million against Iraq to reimburse it for unpaid invoices relating to work done for the Iraqi Ministry of Defense. Dale Stoffel, the President of Wye Oak Technology, was killed in mysterious circumstances fifteen years ago while attempting to recover the debt. […]
Government of Iraq contributes $33m for stabilization activities in historic agreement The Government of Iraq has today signed an historic agreement with the United Nations Development Program (UNDP), committing USD 33 million for stabilization activities across the country. Administered through UNDP’s Funding Facility for Stabilization (FFS), the contribution will be used to rehabilitate essential infrastructure […]
By John Lee. The Iraqi Ministry of Finance has reportedly approved the expenditure of $60 million for rehabilitation of Kufa Cement Plant in Najaf. More here. (Source: Thompson Reuters Projects News)
By John Lee. Al-Fanar Media has published a report entitled "Corruption Sidetracks Projects Intended to Make Baghdad a ‘Capital of Arab Culture”". The article was first published in Arabic on the pan-Arab news site Daraj, with support from Arab Reporters for Investigative Journalism (ARIJ). Click here to read the full report in English. (Source: Al-Fanar […]
By John Lee. Scottish-based engineering firm Wood Group plc has said that its operations in Iraq will see increased activity. In its half-year results for the six months ended 30 June 2019, the company said: "Growth in 2019 will be led by Operations Solutions, where we expect increased activity in Iraq with customers including Basra […]
