Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed the day up more than 5 percent on Wednesday, after the Kurdistan-focused oil producer provided an operational and corporate update to the markets. Jón Ferrier, Gulf Keystone's Chief Executive Officer, said: "I am pleased to report that throughout 2020, Gulf Keystone successfully managed the challenging […]
By John Lee. The Iraqi Ministry of Oil has doubled capacity at its Salahuddin-2 refinery, part of the Baiji complex, from 70,000 barrels per day (bpd) to 140,000 bpd. Speaking at the opening ceremony on Monday, Oil Minister Ihsan Abdul Jabbar Ismail said he plans to restore capacity at the plant to the 280,000 bpd level […]
By John Lee. Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year's supply of oil. Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but […]
By John Lee. The Indian Oil Corporation (IOC) has reportedly loaded its first cargo of Iraq's new "Basra Medium" crude grade. According to the Financial Post, the ship is expected to arrive at Chennai port for IOC's subsidiary Chennai Petroleum Corp (CPCL) around 14th January. More here. (Source: Financial Post)
ShaMaran Petroleum has announced that the January 2021 interest payment due on its 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) has been timely made to all Bondholders. In addition, ShaMaran said the Atrush field total cumulative crude oil production has exceeded 40 million barrels. The Atrush field is located 85 km northwest of […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly said that Jordan is negotiating with Iraq to resume purchases of crude oil. Shafaq News Agency quotes the company's Director, Alaa al-Yasiri, as saying that Iraq exported no crude oil to Jordan in December due to the expiration of the old contract. More here. […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced the appointment of Jon Harris as Chief Executive Officer (CEO). Mr Harris has over 30 years' experience in the oil and gas industry and joins GKP from SASOL Limited, an integrated energy and chemicals company based in South Africa where he was Executive Vice President, Upstream. […]
By John Lee. Iran's Minister of Energy has said that a euro account is to be opened in Baghdad so that Iraq can pay its debts to Iran for electricity and natural gas purchases. IRNA reports that Reza Ardakanian added that the same account can be used for Iraq's debts to Iranian private sector companies. […]
By John Lee. The Prime Minister of the Kurdistan Regional Government (KRG), Masrour Barzani, has nominated Dr. Kamal Atroshi to the post of Minister of Natural Resources, a position which includes responsibility for the oil and gas portfolio. A statement from KRG spokesperson Dr. Jotiar Adil said, "It is our hope that the Kurdistan Parliament […]
By John Lee. Iraq's Ministry of Oil has announced initial oil exports for December of 88,211,750 barrels, giving an average for the month of 2.846 million barrels per day (bpd), up from the 2.709 million bpd exported in November. These exports from the oilfields in central and southern Iraq amounted to approximately 85,195,608 barrels, while […]
By John Lee. The National Iranian Gas Company (NIGC) has reportedly cut supplies of gas to Iraq due to Iraq's arrears of more than $6 billion. According to Reuters, Iran's Energy Minister is scheduled to visit Baghdad on Tuesday to discuss the matter. More here and here. (Sources: Shana, Reuters)
By John Lee. The Iraqi Cabinet has approved a refinery project with a capacity of 100,000 barrels per day in Dhi Qar province. A Cabinet Spokesperson said the project will be implemented by three investment companies, but did not name them. (Source: Govt of Iraq)
