Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] (pictured) has announced the establishment of three new oil companies. The Dhi Qar Oil Company has been set up to put the extraction and production of oil from fields in Dhi Qar under their direct supervision of the people of the province. This […]
By John Lee. Iraq’s parliament approved the country’s 2015 budget on Thursday, based on a crude oil price of $56 a barrel. According to a report from the Wall Street Journal, the budget projects a deficit of $20 billion, compared with $40 billion in an earlier version. Iraq didn’t pass a budget for 2014. The […]
By John Lee. Shell has reportedly signed a deal with Iraq worth $11 billion (12.8 trillion Iraqi dinars) to build a petrochemicals plant in Basra. On Wednesday, Industry Minister Nasser al-Esawi [Nasser al-Issawi] told a press conference that the Nibras complex would make Iraq the largest petrochemical producer in the Middle East. The news comes […]
By John Lee. The tanker of oil from Iraqi Kurdistan, which had been waiting off the US coast for six months due to legal proceedings, is reported to have finally set sail on Tuesday. According to a report from BasNews, the United Kalavyrta [United Kalavrta] (pictured) is now headed for the Straits of Gibraltar, following […]
By John Lee. Shares in Afren plc have crashed by 67 percent by lunchtime on Tuesday, following an announcement from the company regarding its financing. The full text of the announcement follows: Afren plc ("Afren" or the "Company") provides an update regarding the review of its capital structure, liquidity and funding requirements announced on 20 […]
By Samar Rassam-Whitticombe, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. As we wave goodbye to 2014, I am reminded of all the superb achievements of the last 12 months. The ever-changing shifts in the international socio-political scene have […]
By Ayah Aman for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Iraqi Prime Minister Haider al-Abadi’s visit to Cairo on Jan. 11 included several political, military and economic agreements, and marked a new chapter in Egypt-Iraq relations. These agreements also contributed in […]
By John Lee. Finance Minister Hoshyar Zebari received on January 21, 2015, Mr. Hans Nijkamp, head of Shell in Iraq and the vice president of Shell Oil. During the meeting, they discussed the company's operations in the Majnoon and West Qurna 1 oil fields, and the South Gas Project, as well as the oil company […]
By Patrick Schmidt. The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices. Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices. The country aims to boost production with the Kurdistan […]
By John Lee. Gulf Keystone Petroleum (GKP) has appointed a new Chief Financial Officer. Sami Zouari (pictured), 42, joins the Company following careers in both the oil & gas industry and investment banking, where he also had a particular focus on the Energy and Commodities sectors in the Middle East and North Africa. Educated at […]
Shares in Genel Energy were down 3 percent on Wednesday morning following the company's trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]
By John Lee. Iraqi Oil Minister Adel Abdul Mahdi told a conference in Kuwait on Wednesday that oil prices are unlikely to fall further, following the drop of nearly 60 percent since June: "Our estimate is that the prices (of oil) have reached the bottom. It is very difficult to drop lower than this ... […]
