Is it time to Invest in Iraqi Bonds?
By John Lee. Boutique investment bank Exotix Partners has issued a "buy" alert on Iraqi benchmark U.S.-dollar 2028 bonds on Tuesday, following a "sell" notice in September. The company says: "It seems that an extra level of country risk is being embedded in Iraq specifically, perhaps because the market views its debt as unsustainable. Having once […]
GKP hits Seven-Year Low; Bondholder Nego Continues
By John Lee. Shares in Gulf Keystone Petroleum (GKP) fell to a seven-year low in early trading on Thursday, as the company said it is continuing discussions with bondholders. The company announced its results for the year ended 31 December 2015: Highlights to 31 December 2015 and post reporting period Operational Gulf Keystone's operations in […]
PM Barzani Laments Lack of International Support
By John Lee. In a speech to the fourth annual Sulaimani Forum, held by the American University of Sulaimani, KRG Prime Minister Nechirvan Barzani explained the current situation in Kurdistan Region, focusing on the internal political conditions, the war against ISIS, the economic crisis and Kurdistan Region’s relations with Baghdad. He was particularly critical of […]
Oryx Petroleum Loses $423m in 2015
Oryx Petroleum Corporation has announced its financial and operational results for the year ended December 31, 2015. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated. 2015 Financial Highlights: Total revenues of $20.5 million on working interest sales of 588,200 barrels of oil (“bbl”) and an […]
Strikes Continue Against ISIL Terrorists in Syria, Iraq
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Wednesday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack aircraft conducted […]
Video: Families Return Home in Parts of Anbar
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. After living in IDP camps in Iraq, more than 1200 families have returned to their villages of Zangora and Asriya in Anbar province. Iraqi forces have in recent weeks been trying to flush out […]
A new generation of Impact Investment, an opportunity for Iraq?
By Madeleine White, capacity building specialist and co-founder of Nina-Iraq Magazine, Director of Impact, Challenges. On International Women's Day last year I was in Kurdistan, addressing an audience of hundreds of men and women looking to celebrate the strides women had made in both Kurdistan and Iraq as a whole. This year I spent the day in the City […]
Proposed INOC Law could Disintegrate Petroleum Sector
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Proposed INOC Law Could Disintegrate Petroleum Sector and Damage the Iraqi Economy At short notice I was asked to give opinion on the text of the proposed Iraqi National Oil Company (INOC) […]
Glencore "Pre-Pays $300m" for Kurdish Oil
By John Lee. Anglo–Swiss commodity trader Glencore has reportedly paid Iraqi Kurdistan $300 million as an advance for oil shipments. Anonymous sources told Reuters that the company made a prepayment in recent days, and will start receiving crude from mid-year. The Kurdistan Regional Government (KRG) said on Monday it had received $100 million in February […]
Pertamina looks to India to Process Iraqi Crude
By John Lee. According to a report from Reuters, Indonesia's state-owned energy company Pertamina hopes to seal a deal this year with an un-named Indian refiner to process around 1 million barrels of Iraqi crude oil each month. Chief Executive Dwi Soetjipto (pictured) told reporters: "It is better if we purchase the crude and then utilize […]
Global Oil Output Freeze Plan “Acceptable” For Iraq
By John Lee. Finance Minister Hoshiyar Zebari (pictured) has said that Iraq is inclined to accept a global deal to freeze oil production in order to lift crude oil prices. He told Reuters: “The idea of a freeze in production is I think acceptable to all parties, even to us. “Everybody is suffering from this […]
UNHCR: Refugees' Freedom of Movement Restricted
By Ariane Rummery, UNHCR spokesperson. The UN Refugee Agency is concerned about a rising trend of newly-displaced Iraqis being forcibly transferred to camps where restrictions on their freedom of movement are imposed in a manner disproportionate to any legitimate concern, including those related to security. While recognizing the responsibility of authorities to undertake security screening […]