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By John Lee.

Turkmenistan and Iran have signed a contract for the purchase and sale of natural gas in the amount of up to 10 billion cubic meters of gas per year, which will be supplied from Turkmenistan to Iraq through Iran under a swap scheme.

The agreement was signed following negotiations between Turkmenistan and Iran this week in Ashgabat, during which a wide range of issues related to the further development of cooperation between Turkmenistan and the Islamic Republic of Iran in the gas industry were discussed.

Currently, the Turkmen and Iranian sides are actively working together to implement the agreements previously reached at the highest state level on the development of gas cooperation.  Thus, to expand the gas transportation infrastructure, Iranian companies will carry out work on the construction of a new gas pipeline with a length of 125 kilometers and three gas compressor stations on the territory of Turkmenistan, which are necessary to supply additional volumes of gas to Iran.

In addition to existing capacities, it is planned to increase the volume of gas supplied to Iran along the Dovletabad-Sarakhs-Hangeran routes and through the Chaloyuk gas measuring station to 40 billion cubic meters per year.

The positive experience of joint activities in the field of supplies of Turkmen gas to Iran and through its territory to third countries serves as a solid basis for increasing the potential of bilateral partnership in this area, Turkmenistan's Foreign Ministry notes.

(Source: Turkmenistan Ministry of Oil and Gas)

By John Lee.

US President Joe Biden has announced his intent to nominate Tracey Ann Jacobson (pictured) as Ambassador to Iraq.

If approved by the Senate, Ms Jacobson will take over the role from Alina L. Romanowski, who has served in the post since June 2022.

In a statement from The White House, Tracey Jacobson is described as, "a career member of the Senior Foreign Service, class of Career Minister, most recently served as Charge d'Affaires ad interim at the U.S. Embassy in Addis Ababa, Ethiopia."

It continues:

"Over the course of her distinguished career, she has been a U.S. Ambassador on three occasions - to Tajikistan, Turkmenistan, and Kosovo, and the Deputy Chief of Mission at the U.S. Embassy in Riga, Latvia. In addition to senior leadership roles overseas, Jacobson served as the Principal Deputy Assistant Secretary in the State Department's Bureau of International Organization Affairs and as the National Foreign Affairs Training Center's (FSI) Dean of the School of Professional and Area Studies and then as the Deputy Director. At the National Security Council, Jacobson was the Deputy Executive Secretary and Senior Director for Administration.

"Jacobson earned her B.A. degree from Johns Hopkins University and her M.A. degree from the School of Advanced International Studies, also at Johns Hopkins. She is the recipient of multiple awards from the State Department, two Presidential Rank Awards, and the Order for Peace, Democracy and Humanism "Ibrahim Rugova" (Kosovo)."

(Source: The White House)

By John Lee.

Turkmenistan will supply Iraq with 9 billion cubic meters of natural gas per year for five years, according to a deal agreed in Ashgabat on Wednesday.

The gas will be transported via Iran in what state-run Turkmengaz describes as a swap scheme.

Iraq's Ministry of Electricity confirms the meeting, but makes no mention of volumes or duration.

Full statement from Turkmengaz:

"On Wednesday in Ashgabat, representatives of the State Concern Türkmengaz met with the delegation of the Republic of Iraq led by the Minister of Electricity Ziad Ali Fadel.

"During the meeting, the parties discussed issues related to the organization of supplies of Turkmen natural gas to Iraq under the SWAP scheme through the territory of the neighboring Islamic Republic of Iran.

"The legal, commercial, financial, and organizational conditions for future joint activities in the gas industry were also discussed in detail. As a result of the negotiations, a Protocol was signed on the main commercial terms of the agreement on the sale, purchase and sale of Turkmen natural gas to the Republic of Iraq. According to the protocol, for a period of 5 years, 9 billion cubic meters of Turkmen natural gas will be transported annually through Iran to Iraq under the SWAP scheme.

"Earlier, in October of this year, a Memorandum of Understanding was signed between the State Concern "Turkmengas" and the Ministry of Electricity of the Republic of Iraq. Thus, Turkmenistan, which has huge reserves of natural gas, is consistently pursuing a policy of diversifying the supply of "blue" fuel to world markets. Turkmenistan's international proposals in the energy sector are being practically implemented in a number of large energy projects, including gas pipelines Turkmenistan-China, Turkmenistan-Iran, Turkmenistan-Afghanistan-Pakistan-India, high-voltage power transmission lines from Turkmenistan to Iran and Afghanistan.

"Currently, among its promising partners, Ashgabat is considering a number of states from the Far, Middle and Middle East, South and Southeast Asia, which are showing great interest in effective interaction with Turkmenistan in the energy sector. Among them is the Republic of Iraq. It is important that over many years of cooperation with foreign states and companies, Turkmenistan has established itself as a responsible and reliable partner, carrying out joint activities based on the principles of mutual trust, respect, good neighborliness and openness."

(Source: Türkmengaz)

By John Lee.

During a meeting with Turkmenistan's Minister of State for Gas Affairs, Iraq's Deputy Prime Minister for Energy and Minister of Oil expressed the desire to enhance bilateral cooperation in the oil and energy sectors.

They discussed expanding mutual collaboration in these fields, highlighting the potential both countries possess. Emphasis was placed on cooperation in supplying gas to power stations, with the signing of a memorandum of understanding seen as a significant step to bolster opportunities for cooperation. Iraqi companies were invited to participate in promising investment opportunities presented by the Ministry.

Turkmenistan's Minister of State for Gas Affairs, Mr. Maxat Babaiev, expressed his satisfaction with the bilateral cooperation between the two countries and considered the gas supply memorandum as the beginning of increased bilateral cooperation prospects.

Iraq's Minister of Electricity, Mr. Ziad Ali Fadel, mentioned that the memorandum of understanding with Turkmenistan is one of the rapid solutions being pursued by the Ministerial Energy Council to enhance production and increase power supply to citizens.

The Ministry's Deputy for Gas Affairs, Mr. Azat Saber, noted that the signing of this memorandum and the agreement with Turkmenistan are the results of intensive efforts by the joint ministerial team from the Ministries of Oil and Electricity. These efforts included extensive discussions and meetings during his visit to Turkmenistan in August of last year to identify the common objectives.

The meeting was attended by several officials from the Ministries of Oil and Electricity.

(Source: Ministry of Oil)

By John Lee.

Iraq and Turkmenistan have reached a preliminary agreement to enhance cooperation in the gas sector, specifically concerning the importation of gas into Iraq.

The Deputy Minister of Oil for Gas Affairs, Mr. Azat Saber, said that a high-level government delegation held meetings with gas sector officials in Turkmenistan. The two parties have tentatively agreed on importing quantities of gas to meet a some of Iraq's energy needs, especially for electricity generation.

This accord will be formalised in a memorandum of cooperation expected to be finalized by the end of this year. The memorandum will define proposed quantities and the mechanisms endorsed by both countries.

Emphasizing the importance of this agreement, Mr. Saber stated that it signifies a significant step towards expanding collaboration with gas-producing nations, with Turkmenistan being a pivotal gas producer regionally and globally.

The delegation included Mr. Adel Kareem, Deputy Minister of Electricity for Production Affairs, Advisor Abdulhamza Hadi, and Mr. Nasir Aziz, Director-General of Studies and Planning at the Ministry of Oil, along with several other officials.

(Sources: Iraqi Ministry of Electricity, Iraqi Ministry of Oil)

By John Lee.

The Ministry of Electricity has reportedly confirmed the formation of a joint committee with the Ministry of Oil to discuss importing gas from Qatar and Turkmenistan.

State-run Iraqi News Agency (INA) quoted theh Minister of Electricity, Ziyad Ali Fadhil, as saying that the committee will go with a delegation to Turkmenistan, and study the possibility of contracting to import gas, while another will go to Qatar to discuss the possibility of supplying Iraq with liquid gas through one of the Iraqi ports.

(Source: INA)

From Henley & Partners. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Japan has been knocked off the top spot on the Henley Passport Index for the first time in five years and bumped into 3rd place, according to the latest ranking, which is based on exclusive and official data from the International Air Transport Association (IATA).

Singapore is now officially the most powerful passport in the world, with its citizens able to visit 192 travel destinations out of 227 around the world visa-free. Germany, Italy, and Spain all move up into 2nd place with visa-free access to 190 destinations, and Japanese passport holders join those of six other nations - Austria, Finland, France, Luxembourg, South Korea, and Sweden - in 3rd place with access to189 destinations without a prior visa.

The UK appears to have finally turned the corner after a six-year decline, jumping up two places on the latest ranking to 4th place - a position it last held in 2017. The US, on the other hand, continues its now decade-long slide down the index, plummeting a further two places to 8th spot with access to just 184 destinations visa-free. Both the UK and the US jointly held 1st place on the index nearly 10 years ago in 2014 but have been on a downward trajectory ever since. Afghanistan remains entrenched at the bottom of the Henley Passport Index, with a visa-free access score of just 27, followed by Iraq (score of 29), and Syria (score of 30) - the three weakest passports in the world.

The general trend over the history of the 18-year-old ranking has been towards greater travel freedom, with the average number of destinations travelers are able to access visa-free nearly doubling from 58 in 2006 to 109 in 2023. However, the global mobility gap between those at the top and bottom of the index is now wider than it has ever been, with top-ranked Singapore able to access 165 more destinations visa-free than Afghanistan.

Dr. Christian H. Kaelin, Chairman of Henley & Partners and the inventor of the passport index concept, says only eight countries worldwide have less visa-free access today than they did a decade ago while others have been more successful in securing greater travel freedom for their citizens. "The UAE has added an impressive 107 destinations to its visa-free score since 2013, resulting in a massive leap of 44 places in the ranking over the past 10 years from 56th to 12th position. This is almost double the next biggest climber, Colombia, which has enjoyed a jump of 28 places in the ranking to sit in 37th spot. Ukraine and China are also among the Top 10 countries with the most improved rankings over the past decade. Far more than just a travel document that defines our freedom of movement, a strong passport also provides significant financial freedoms in terms of international investment and business opportunities. Global connectivity and access have become indispensable features of wealth creation and preservation, and its value will only grow as geopolitical volatility and regional instability increase."

America's diminishing passport power

Of the countries sitting in the Top 10, the US has seen the smallest increase in its score on the Henley Passport Index over the past decade, securing visa-free access to just 12 additional destinations between 2013 and 2023. Singapore, by comparison, has increased its score by 25, pushing it five places up the ranking over the past 10 years to number one spot.

Commenting in the Henley Global Mobility Report 2023 Q3, released today alongside the latest index, Greg Lindsay, leading global strategist and urban tech fellow at Cornell Tech's Jacobs Institute, says that from a purely mechanical perspective, "the story is a simple one - by more or less standing still, the US has fallen behind. While its absolute score has in fact risen over the last decade, the US has been steadily overtaken by rivals such as South Korea, Japan, and Singapore. America's relentless slide down the rankings - and unlikelihood of reclaiming the highest position any time soon - is a warning to its neighbor Canada and the rest of the Anglosphere as well."

Former career diplomat with the U.S. Department of State and a senior non-resident associate at the Center for Strategic and International Studies, Annie Pforzheimer, points out that US's static state of affairs is likely to remain "due to the lack of a demand from inside the US for a change in policy, the extreme political risk for any group or politician who unwittingly facilitates travel by a terrorist, and the fact that tourism has surged post-pandemic anyway, even with a restrictive visa waiver program. Unfortunately, that status quo, over time, may well contribute to a decline in US soft power if businesses struggle to invite partners to trade shows and meetings, tourists encounter needless application delays and look elsewhere, and open xenophobia erodes the public reputation of the US as a world leader."

Exploring the links between visa-free access and openness 

Henley & Partners has conducted exclusive new research into the relationship between a country's openness to foreigners - how many nations it allows to cross its borders visa-free - and its own citizens' travel freedom, gauged using the Henley Passport Index. The new Henley Openness Index ranks all 199 countries worldwide according to the number of nationalities they permit entry to without a prior visa.

The Top 20 'most open' countries are all small island nations or African states, except for Cambodia. There are 12 completely open countries that offer visa-free or visa-on-arrival entry to all 198 passports in the world (not counting their own), namely: Burundi, Comoro Islands, Djibouti, Guinea-Bissau, Maldives, Micronesia, Mozambique, Rwanda, Samoa, Seychelles, Timor-Leste, and Tuvalu. At the bottom of the Henley Openness Index, four countries score zero, permitting no visa-free access for any passport: namely, Afghanistan, North Korea, Papua New Guinea, and Turkmenistan. They are followed by five countries that provide visa-free access to fewer than five other nationalities: namely, Libya, Bhutan, Eritrea, Equatorial Guinea, and India.

Leading sociologist at Tel Aviv University, Prof. Dr. Yossi Harpaz, says the data clearly shows that the relationship between travel freedom (Henley Passport Index score) and openness (Henley Openness Index score) is not straightforward but manifests in a complex, non-linear manner. "Nations' diplomatic and socio-economic realities and strategic goals significantly impact these factors, resulting in a complex web of interrelations. As the global landscape continues to change, so will these patterns, reflecting the dynamic nature of global mobility."

Lindsay goes on to explain that while the correlation between a high openness score and high visa-free access score is less evident in the data, "it is notable that Singapore and South Korea - high climbers on the Henley Passport Index over last decade, moving up from 6th and 7th respectively in 2013 to 1st and 3rd today - boast relatively high degrees of openness, while the US and Canada have slid down the Top 10 rankings as their openness stagnates."

Unwelcoming developed economies

While American passport holders can access 184 (out of 227) destinations visa-free, the US itself only allows 44 other nationalities to pass through its borders visa-free, putting it way down the Henley Openness Index in 78th place (compared to 8th place on the Henley Passport Index). When comparing the two rankings, the USA's disparity in access versus its openness is the second biggest, narrowly trailing only Australia (and barely outpacing Canada). New Zealand and Japan also make it into the Top 5 countries with the biggest difference between the travel freedom they enjoy versus the visa-free access they provide to other nationalities. It is interesting to note that these five nations have all either dropped down the Henley Passport Index rankings or remained in the same place over the last ten years.

Commenting in the Henley Global Mobility Report 2023 Q3, Prof. Peter J. Spiro, who holds the Charles Weiner Chair in international law at Temple University, says America's extension of visa-free access is low, even by the standard of developed economies. "EU states grant visa-free privileges to more than twice the number of states than does the US, for example. For those not enjoying visa exemptions, there are qualitative aspects of the visa system that are impacting US competitiveness in the global system. Processing delays, high refusal rates, and a reputation for disagreeable customer service are tarnishing the attractiveness of the US as a destination for those for whom visas are required. For example, prospective international students are increasingly drawn to competitor institutions in Canada, the UK, and the EU over their US counterparts. Add to that the growing reputation of the US as ridden with gun violence and one can project a long-term trajectory in which US global standing further erodes."

The Top 5 countries with the biggest (negative) difference between their own visa-free access and their openness to other nations are Somalia, Sri Lanka, Djibouti, Burundi, and Nepal, and the Top 5 with the smallest discrepancy between their access and their openness are Singapore, South Korea, Malaysia, Hong Kong (SAR China), and Barbados.

Gulf Cooperation Council (GCC) countries have generally displayed higher-than-average shifts towards increased openness, in particular, the UAE's openness score increased from 58 to 80 since 2018 (22 points) and Oman's leapt from 71 to 106 (35 points) over the same period. But as Dr. Robert Mogielnicki, a Senior Resident Scholar at the Arab Gulf States Institute in Washington, points out, only the UAE has enjoyed a significant increase in its own travel freedom. "Regional governments can impact the supply-side of the development equation by adjusting visa schemes, enacting reforms, and launching new initiatives. However, a greater supply of such offerings does not necessarily guarantee reciprocity or an immediate boost in global demand from individuals and firms. A Schengen-style visa to facilitate smoother travel between GCC countries is reportedly in the works. Such a step would require greater harmonization of region-wide visa regulations, potentially boosting the openness rankings of several GCC countries and placing the entire region more firmly in the global spotlight."

A business case for improving passport power

Dr. Juerg Steffen, CEO of Henley & Partners, points out in the Henley Global Mobility Report 2023 Q3 that countries with welcoming, open-door visa policies can help forge links with other nations to secure, and in turn grant valuable visa-waivers. "Visa-policy is a significant lever that governments can use to positively impact and improve their passport's power, making it even more attractive for foreign investors seeking citizenship or residence by investment opportunities. For entrepreneurs and businesspeople, improving their economic mobility through visa-free access to more stable economies and key markets that represent a higher proportion of the world's GDP, provides them with a pathway to lucrative jurisdictions, helps mitigate country- or regional-specific risks, and enables them to build valuable partnerships with industry leaders, and expand their own network of innovators and investors."

US Allows Iraq to Release $500 Million in Iran's Blocked Assets

The United States has allowed Iraq to release the Iranian blocked assets worth $500 million due to sanctions relief, an Iranian official said.

The US has mandated Iraq to release $500 million in Iranian blocked assets, the secretary-general of Iran-Iraq Joint Chamber of Commerce announced on Friday.

Turning to Iran's blocked assets in neighboring Iraq, Hamid Hosseini said the Iraqi officials agreed to deposit Iran's electricity and gas funds into a banking account belonging to the National Iranian Gas Company (NIGC) and Iran's Power Generation, Transmission and Distribution Management Company (known as TAVANIR).

Iran's blocked assets have been left in a bank under the strict supervision of the US and are only allowed to be used for importing goods and commodities that are not subject to sanctions, he said, adding that $1 billion worth of goods and commodities was handed over to Iran last year, so that Iran's debt to Turkmenistan as a result of gas imports was paid through this procedure.

During a recent visit of Iraqi Foreign Minister Fuad Hussein to the US, Iraq was given permission to release the $500 million worth of Iranian assets blocked in the Iraqi banks.

(Source: Tasnim, under Creative Commons licence)

Near East and North Africa countries focus on nutrition, climate, resilience, water and gender

The 36^th FAO Regional Conference for the Near East (NERC36) started today with a focus on improving nutrition, building resilient rural communities, optimizing water management, addressing the impacts of the climate crisis and fostering green recovery initiatives, as well as gender-sensitive development strategies.

Agrifood sectors are among those struggling to recover from the shocks created by the COVID-19 pandemic over the past two years, and highlight the importance of sustainable and resilient societies, FAO Director-General QU Dongyu said in opening remarks conveyed virtually to the meeting hosted by the Government of Iraq.

"In the Near East and North Africa region, the pre-pandemic food security situation was already critical" with rising hunger and increasing inequalities jeopardizing the welfare of rural populations, women and youth, and worsening water scarcity, he said.

The Director-General outlined four priority areas for innovation and best practice to support the region's recovery: Reducing the urban and rural socio-economic divide by creating better rural employment opportunities; ensuring food security and healthy diets for all; restoring environmental balances; and building resilience against multiple shocks.

"Action at country level is the core of the 2030 Agenda," Qu said, emphasizing the importance of partnerships and cooperation in achieving the 2030 Agenda.

"Dialogue, joint thinking, cooperation , partnership and the development of new strategies to deal with challenges, especially climate change, are among the priorities to achieve common goals," said Prime Minister Mustafa Al-Khadimi of Iraq in opening remarks. "No society can grow at the expense of another."

The inaugural session was also addressed by Muhammad Karim Al-Khafaji, Iraq's Minister for Agriculture, the Chairperson of NERC36, and Hans Hoogeveen, Independent Chairperson of the FAO Council. The Director-General of FAO expressed his gratitude to the government and people of Iraq for hosting NERC36 during challenging times, and for delegations who joined the meeting in Baghdad.

"With the world experiencing the worst food crisis in 100 years, the FAO Regional Conference for the Near East will provide an opportunity to share expertise and review the capabilities of the countries of the region with a view to helping achieve food security," the Iraqi Agriculture Minister, Mohammad Karim Al-Khafaji, highlighted during his opening speech.

"The conference's output is expected to reflect positively on the future of agriculture in Iraq and to help achieve integration among the countries of the region," he added.

NERC36

The regional conference's agenda includes several high-level segments with ministerial roundtables on core themes to be held today. Tomorrow's agenda will include a side event on water, energy and food in the context of the upcoming COP27, followed by the adoption of a ministerial declaration and the report on NERC36.

The Director-General emphasized he has initiated institutional reforms at FAO to give regional offices more strategic power to ensure local action, and that flagship initiatives to support the Organization's Strategic Framework are already at work in the region.

Three countries in the region are already participating in the Hand-in-Hand Initiative, which aims at increasing agricultural production in areas with the highest rates of poverty and hunger. Seven countries are participating in the 1000 Digital Villages Initiative, which seeks to reduce the digital gap faced by smallholders and rural dwellers, while the new One Country One Priority Product initiative, which focuses on products with unique qualities, holds important opportunities for implementation around the region, Qu said.

More actions are forthcoming, he added, as FAO develops a regional strategy on digital innovation and completes the Regional Technical Platform on Water Scarcity, which will become a knowledge hub on the subject allowing countries around the world to benefit from the vast experiences acquired in the Near East and North Africa.

FAO is also hosting a Coordination Hub to shepherd follow-up actions on the ground after the UN Food Systems Summit 2021.

In preparation for the Ministerial meeting, a Senior Officers' meeting (SOM) was organized in virtual format in January. It was attended by 409 participants from 27 Members as well as representatives from the private sector, civil society and academia. The SOM was coordinated by FAO Assistant Director-General Abdul Hakim Rajab Elwaer, Regional Representative for the Near East and North Africa, along with senior officials from Iraq.

The documents submitted to the meeting are available here.

Members of the NERC: Afghanistan, Algeria, Azerbaijan, Bahrain, Cyprus, Djibouti, Egypt, Iran, Iraq, Jordan, Kuwait Kyrgyzstan, Lebanon, Libya, Malta, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syrian Arab Republic, Tunisia, Turkmenistan, United Arab Emirates, Turkey, Yemen.

(Source: FAO)

IBBC hold Council Meeting, Sector roundtables, Reception & Dinner for Members on 28 and 29 January

The Iraq Britain Business Council (IBBC) held its Council Meeting, Dinner & Reception for IBBC Members and distinguished guests on 28 January. The Council Meeting, hosted by Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan and Kazakhstan took place in the House of Lords.

Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greets IBBC Members and distinguished guests

The Council Meeting was followed by a Reception & Dinner hosted by Brigadier James Ellery CBE at the Cavalry & Guards Club, where Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greeted more than 40 guests.

After dinner, Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD) elaborated EBRD’s strategy and business plan for the SEMED region, especially highlighting the business opportunities in the Republic of Iraq.

Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), after dinner speaker

The Education, Training and Heritage Sector Table Meeting hosted by IBBC in its London offices on 28^th January was attended by representatives from the UK Embassy of the Republic of Iraq, Bath Spa University, the University of Northampton, Stirling Education, UB Holdings, Unihouse Global, the British Council and the IBBC.

The meeting agreed its over-riding objective is to improve education across Iraq, build in-country capacity and facilitate cooperation between Iraq and international, especially UK, universities. The BC confirmed it is continuing to function in Iraq, albeit at a lower activity level with some restrictions to personnel movement. The proposal for senior representatives of UK universities to visit Iraq was well supported, subject to acceptable security, all parties agreed that involvement of relevant ministries in Iraq is essential to  A number of initiatives to encourage Iraq’ entrepreneurs in were presented, including establishing a Tech Hub in Baghdad, run seminars to assist students aiming to study outside Iraq and setting up an alumni network for Iraqi graduates who has studied in UK. It was agreed that the Chevening Programme had been successful and should continue.

A highlight of the meeting was the detailed presentation of Dr Amir Saadati, Strategic Advisor, City & Guilds MENA (Projects) (https://www.cityandguilds.com/) who gave a detailed presentation on the organisations plan to roll out a number of essential training programmes across Iraq in conjunction with IBBC Member Stirling Education.

IBBC Education, Training and Heritage Sector Table Meeting

The Construction and Infrastructure Sector Table met earlier in the day with Jones Lindgren of Perkins and Will in the chair. The main discussion was about current work and opportunities in the water and environment sectors with Brad Moxham of Pell Frischmann and Steve Rowan of Eame, both active in Iraq, leading the discussion.

The IBBC Executive Committee met in the morning of 29th January. The Committee of IBBC Members, reviews IBBCs activities and advises the management of its future planning. After many years of service Alistair Kett of PWC, Hadi Nezir of UB Holding, Hani Akkawi of CCC retired from the committee. The new committee members are John Curtin of EY, Charles Walker of ZHA, Charlie Burbridge of G4S and Sadar Al-Bebany of Sadar Trading Agencies.

IBBC Executive Committee meeting

The Oil & Gas Sector Table Meeting was hosted by IBBC in its London offices On 29th January was attended by representatives from BP, ExxonMobil, SKA, Constellis, Gulftek, Petrofac, Basrah Engineering Group, the UK FCO and the IBBC. There was wide ranging discussion on the current situation in Iraq and its adverse impact on investment in the country, in particular in the oil and gas sector. There was general agreement that more investment is required to maintain current levels of production, and additional investment will be required to increase production and monetise the extensive associated gas reserves currently being flared.

Oil & Gas Sector Table Meeting