Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
The Board of EITI (Extractive Industries Transparency Initiative) has declared Iraq to be 'Compliant' with the EITI Standard. There are now 18 countries that are 'EITI Compliant'. EITI compliance means that the country has an effective process for annual disclosure and reconciliation of all revenues from its extractive sector. This allows citizens to see how […]
Iraqi Oil Minister Abdul Kareem al-Luaibi [Elaibi] talks about the extension of Abdalla El-Badri's tenure as secretary general of the Organization of Petroleum Exporting Countries (OPEC). He spoke with Bloomberg Television's Ryan Chilcote in Vienna: (Source: Bloomberg)
By John Lee. OPEC ministers have failed to agree on a new secretary general and have asked Abdalla el-Badri to stay in the post for another year. Four countries had been competing for the job -- Saudi Arabia, Iran, Iraq and Ecuador -- but Ecuador’s candidate, oil minister Wilson Pastor-Morris, announced last week that he […]
By John Lee. A British contractor has agreed to plead guilty to wire fraud conspiracy in a deal to supply vehicles to Iraqi police, according to Associated Press. APTx was to receive $5.7 million as a subcontractor in an August 2004 deal to procure 51 vehicles for the Iraqi Police Authority. The US Department of […]
The opening address to the 162nd Meeting of the OPEC Conference, by HE Abdul-Kareem Luaibi Bahedh, Minister of Oil of Iraq and President of the Conference: Excellencies, ladies and gentlemen, Welcome to Vienna for the 162nd Meeting of the OPEC Conference. I should like to extend a special welcome to His Excellency Dr Abdel Bari […]
The latest article from our Expert Blogger Mark DeWeaver gives a concise overview of the fall and rise of the Iraqi Stock Market (ISX) over the past 15 months, and of some of the factors driving (and not driving) it. For the average non-Iraqi retail investor, however, it is difficult to participate in this market, […]
By John Lee. WesternZagros Resources has announced that it and the operator, Talisman, are preparing to complete the Kurdamir-2 well after successfully finishing an additional cased-hole test in the Oligocene Formation (DST#7). The test was conducted over a 24 metres thick interval between depths of 2,528 metres and 2,552 metres. It achieved a stabilized flow […]
By John Lee. An article from Seeking Alpha speculates that Iraq could provide solid opportunities to oil field services firms like Baker Hughes, but points out that there are significant risks and issues that need to be addressed before international firms can participate wholeheartedly in this promising market. Baker Hughes has been making steady progress […]
By John Lee. Reuters reports that top oil trader Vitol has apologised to the Iraqi government for buying Kurdish oil that was exported via Turkey without Baghdad's permission. Iraqi Oil Minister Abdul-Kareem Luaibi [Elaibi] said on in Vienna: "In terms of Vitol, they have cancelled the Kurdish amount and they apologised officially ... As for […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has this morning adjusted its official selling prices for its Basra Light and Kirkuk crude grades for January. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour […]
By John Lee. Iraq’s refining capacity will increase from its current level of 600,000 bpd to 750,000 bpd next year, said Oil Ministry Undersecretary Ahmad al-Shamaa. But according to the report from Azzaman, the surge will still fall short of meeting the country’s domestic needs, with some of Iraq’s major refineries producing much less than […]
According to a report from NINA, Iraq's Minister of Oil, Abdul Kareem Luaibi [Elaibi], has announced that since Tuesday 4th December crude oil has been pumped through the "Strategic Pipeline", which runs North-South through Iraq. Iraq Business News has been unable to verify the report, which also did not specify the direction in which the […]
