Standard Chartered in talks on $2bn Iraq Bond Sale
By John Lee. The CEO of Standard Chartered in Iraq has said that the bank is in talks with Iraq’s Finance Ministry to take part in a $2-billion bond sale this year. Andreas Meletiou also told Bloomberg that the London-based bank is also holding talks with other government institutions about their financing needs. A planned […]
Iraq Prepares to Amend Existing Oil Contracts
By Omar Sattar, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil revenues accruing from oil field development and production in Iraq no longer match the revenues made before the licensing contracts the Ministry of Oil signed in 2009-2010. The Iraqi government will be […]
KRG calls for Conference on Reconstruction of Shingal
The Kurdistan Regional Government has hosted a special session for the KRG Minister of Interior and Mayor of Shingal to brief diplomats and representatives of UN agencies and INGOs based in Erbil on the needs of the city. At the outset of the meeting, Minister Falah Mustafa, Head of KRG Foreign Relations called for a […]
Amec Foster Wheeler Re-affirms Importance of Iraqi Market
By John Lee. In its results for 2015, published this morning, UK-based oil and gas engineer Amec Foster Wheeler re-affirmed the importance of the Iraqi market. While it had no new contract wins to announce in Iraq over the past year, the company stated: "Iraq remains an important market for us, as we support various […]
Bold Steps Needed to give Hope to Threatened Groups
Bold steps needed to give hope to ethnic and religious groups facing an uncertain future The United Nations Special Rapporteur on minority issues, Rita Izsák-Ndiaye (pictured), has urged the Government of Iraq to take rapid and concrete steps to guarantee the future of some of the country’s most threatened and marginalized ethnic and religious groups […]
Currency Auction Results, 9th Mar
By John Lee. The Central Bank of Iraq (CBI) has reported that 26 banks and 20 remittance companies took part in its currency auction on Wednesday. A total of $91,403,625 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Iran, Iraq Negotiate Joint Oil Projects
Minister of Petroleum Bijan Zangeneh said he hopes that Iran and Iraq will be able to reach agreement on joint projects during the on-going visit by a delegation from the Iraqi Oil Ministry. He made the remarks during a meeting with visiting Deputy Minister for Gas Refineries at the Ministry of Oil, Fayaz Hassan, on […]
Inherent Resolve Counter-ISIL Strikes Continue
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 today. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack and fighter aircraft […]
Why is Iraq Challenging Human Rights Reports?
By Mustafa Saadoun for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Human Rights Watch (HRW) issued a report Jan. 31 about the abduction and murder of dozens of Sunnis living in a town in the center of Iraq. “Members of [Shiite] militias, who […]
Oil Minister to discuss Oil Pipeline Project with Jordan
By John Lee. Petra reports that the Jordanian Minister of Energy and Mineral Resources, Ibrahim Saif, will meet his Egyptian and Iraqi counterparts in Cairo on Tuesday to discuss developments regarding the Basra-Aqaba pipeline project. The project, agreed by the three countries in Amman in November 2015, will see oil and gas pipeline running from […]
GKP Confirms Shaikan Payment
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that the gross payment of US$15 million was received from the Kurdistan Regional Government on 4 March. Following the payment, the Company's current cash position is US$56 million. (Source: GKP)
Iraq to pay $2bn in Arrears to Foreign Companies
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]