Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Prime Minister Haider al-Abaid has called for an investigation into allegations of bribery in the Iraqi oil industry. Iraq's ambassador to the United States, Lukman Faily, has also said that al-Abadi will personally chair a new committee to review all major contracts issued by government ministries. The moves follow reports from the […]
By John Lee. The Prime Minister's nominee for the post of oil minister in his new 'technocrat cabinet' has reportedly withdrawn his candidacy, apparently because he had not been formally proposed by the main Kurdish groups. Nizar Saleem Numan, a 65-year-old Kurdish petroleum geologist, who is the dean of the college of planning at the University […]
The Kurdistan Regional Government (KRG) has published its monthly crude oil export report for March 2016. The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month. The KRG exported 10,148,487 […]
By Rami Khrais for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Do gas condensate exports represent new beginning for Iraq's hydrocarbon industry? Iraq exported its first shipment of gas condensate on March 20, from the port at Khor al-Zubair to Fujairah in […]
By John Lee. An investigation by Fairfax Media -- publisher of The Age and The Sydney Morning Herald newspapers -- and The Huffington Post, claims that Monaco-based Unaoil has been involved in widespread bribery and corruption in the oil industry, including in Iraq, Iran and Libya. Following examination of tens of thousands of emails, the report says that Unaoil […]
The Ministry of Oil has confirmed that the gas recently exported from Iraq was what it described as "condensed liquids (C5) or 'natural gasoline,'" a by-product from the associated gas investment extracts used for the industrial purposes, and “not the dry gas which is used for the power generation”. Hamid Y. Salih, the deputy minister […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said he is "suspending his participation" in cabinet meetings, until parliament votes on his resignation, which he offered last summer. He has also cancelled all appointments and activities relating to his position as Minister, saying that his decision was aimed at "confronting […]
By John Lee. Iran has reportedly signed an agreement with France's Total to develop the South Azadegan oil field, which is shares with Iraq. Iranian Oil Minister Bijan Zangeneh (pictured) is quoted as saying that both parties have agreed to keep the details of agreement confidential, adding that the French firm is now "studying its […]
Siemens has signed a Memorandum of Understanding (MoU) with the Federal Government of the Republic of Iraq to strengthen the collaboration with the Ministry of Energy as well as Ministry of Oil & Gas for modernizing the energy infrastructure and the Oil & Gas sector. In the presence of the Prime Minister of Iraq, Mr. […]
By John Lee. Platts reports that Iraq's oil ministry has received a bid from a Jordanian-Chinese consortium to build and operate a 1-million-bpd crude oil export pipeline to the Red Sea port of Aqaba. Jordan's Mass Group Holding, along with a consortium of Chinese companies, submitted a service fee proposal to Iraq's oil ministry for […]
By John Lee. The Chairman and former CEO of Genel Energy is reportedly planning to set up an investment fund to buy distressed oil and gas assets. The Sunday Times reports that Tony Hayward (pictured) has held talks in recent weeks with potential backers including private equity firms and sovereign wealth funds in the Middle East. […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met with Mr. Kamal Kharrazi, the Head of the Foreign Relations Strategic Council in the office Mr. Ali Khamenei, the Supreme Leader of the Iran. At the meeting on Tuesday they discussed development of relations in the energy sector. (Source: Iraqi Ministry of […]
