Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. In its final results for the 52 week period ended 1 January 2016, released today, Weir Group announced that services revenues were more resilient with growth in Iraq partially offsetting declines in the North Sea and the Caspian. The company also said that is had acquired a service facility in southern Iraq. Keith […]
By John Lee. Petrofac announced its final results for the year ended 31 December 2015 on Wednesday. As part of its update, it said it has completed "the second of three trains on the Badra project in Iraq and the third train is expected to be completed shortly". (Source: Petrofac)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil Concludes Shaky Deal for Missan Refinery with Satarem The Ministry of Oil has decided to go ahead with the Missan Refinery deal with the legally bankrupt small Swiss […]
Genel Energy has announced that Jim Leng has indicated his intention to retire from the Board of Genel at the AGM in April 2016. Jim Leng has served over five years at Genel as Non-Executive Director, Senior Independent Director and as Chairman of the Remuneration Committee. Following his appointment in December 2015 as Non-Executive Chairman […]
Gulf Keystone Petroleum (GKP) announced today that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the company. Further to the KRG's Ministry of Natural Resources ("MNR") press release of 1 February 2016, this payment is being made on the basis of the Company's monthly […]
By John Lee. The International Atomic Energy Agency (IAEA) has told Reuters of a theft a radioactive source in Zubair. The industrial radiography device is described Ir-192 in a shielding container, which is classified as a Category 2 radioactive substance, meaning that if not managed properly it could be fatal to someone exposed for a […]
The KRG's Ministry of Natural Resources has published an updated Oil Production, Export and Consumption Report for 2015. The report provides a comprehensive overview of activity in the Kurdistan Region’s oil and gas sector in 2015, including the revenues derived from oil exports. The first edition of the report was prepared in November 2015, which […]
By John Lee. Prime Minister Haider al-Abadi (pictured) has reportedly offered to pay the salaries of the KRG’s employees if it ceases its independent oil exports. Facing a financial crisis due to low oil prices, the KRG announced recently that its employees will be paid only partial salaries until further notice, and that unpaid wages […]
By John Lee. Iraq is talking wtih Egyptian investors with a view to building two new industrial cities. Shafaaq News reports that Iraqi industry and minerals minister Mohammed Al Daraji (pictured) discussed the plan at talks in Egypt earlier this week. The agency also quoted Abdul Aziz Saifuddin, chairman of the Cairo-based Arab Industrialisation Organisation, […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. IEITI New Annual Report 2013: Again, Modest Progress but More Improvement Still Needed The Iraq Extractive Industry Transparency Initiative (IEITI) succeeded in launching its fifth annual Report 2013 on 10th December 2015, […]
By Dr. Kamal Field Al Basri and Mr. Mudher Sebahi, of the Iraqi Institute for Economic Reform (IIER). This article questions whether the government’s attempt to reform the economy is going to be successful. To achieve that end, it discusses why some countries that used identical polices are successful in reforming their economy while others […]
Prime Minister Dr. Haider Al-Abadi met business leaders and representatives of German companies in Berlin on Friday morning and welcomed the participation of German companies and investors in the building and reconstruction of Iraq and the development of its economy and the revitalisation of industry, agriculture, housing and other investment opportunities available in most of […]
