Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By Ahmed Mousa Jiyad. The Minister of Oil, Mr. Adil Abdul Mahdi, made a recent statement through which he highlighted three interrelated important issues: the first is that Iraq “lost $14,448,146,000” since 2011 up to the end of 2014 as “compensation” payment to IOCs; the second he referred to article 12.5 of the long term […]
By John Lee. Oil exports from Iraq increased in March to 2.980 million barrels per day (bpd), up from to 2.597 million bpd in February. Exports from the Gulf terminals reached 2.712 million bpd, while exports by pipeline from the north amounted to 268,000 bpd. Iraq exported a total of 92.401 million barrels over month, […]
By John Lee. Gulf Keystone's former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company. Murray said he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended […]
By John Lee. A Greek shipping company has reportedly agreed to settle with Baghdad over its role in the export of crude oil from Iraqi Kurdistan, which Baghdad regards as illegal. Last September, the federal government in Baghdad filed a $300-million lawsuit against Marine Management Services (MMS), and subsequently banned three of its oil tankers from […]
The Iraq Britain Business Council (IBBC) Spring Conference 2015 will be held at the Mansion House on the 1st June and the Royal Overseas League on the 2nd June. Baroness Nicholson of Winterbourne, IBBC Executive Chairman and UK Trade Envoy for Iraq, the Executive Committee and Council Members, will welcome distinguished speakers such as H.E. […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed the day down 9.9 percent, following the announcement that the company has successfully raised $40.7 million through a conditional placing of shares at a price of 32 pence per share, a 21 percent discount to the previous market close. The shares were placed through Mirabaud […]
By John Lee. The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country. BasNews quotes him as saying that the Iraqi Oil Ministry has met with the Finance Ministry and Central […]
By John Lee. Turkish Energy Minister Taner Yildiz (pictured) said on Thursday that oil shipments from Iraq via Turkey now amount to 47 million barrels since the beginning of last. He told a news conference that 57 tankers have loaded Iraqi crude at Ceyhan, bringing revenues of $3 billion (3.6 trillion Iraqi dinars). (Source: Reuters)
By John Lee. UK-based Copperchase has won a $6 million (7.2 billion Iraqi dinar) contract with Hyundai Engineering & Construction to build a new security fence at Karbala oil refinery. The company used a £200,000 loan from the Tees Valley Catalyst Fund loan, which is managed by FW Capital, to secure the performance bond it […]
By John Lee. Genel Energy has announced that it has priced an issue of U.S. $230 million in senior unsecured bonds due 14 May 2019 on the same commercial terms as the existing GENEL01 PRO U.S. $500 million bond. The Bonds were issued at a market price in line with the trading level of GENEL01 […]
By John Lee. Analysts expect Dublin-based Petroceltic International to incur a write-off of just under €114 million ($125 million; 146 billion Iraqi dinars) as a result of abandoning its operations in Iraqi Kurdistan. According to a report from the Irish Independent, it is also expected to take a cash cost hit of about €6.4 million ($7 […]
By Amberin Zaman for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. As the battle grinds on against the Islamic State — also known as IS, ISIL and Daesh — there is growing concern about the mounting influence of Iran and Shiite militias known […]
