Pipeline Outage Almost Halves KRG Oil Exports
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for February 2016. The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month. The KRG exported 10,151,944 […]
Fitch revises Iraq's Outlook to Negative
Fitch Ratings has revised its outlook on Iraq's Long-term foreign currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-Term foreign currency IDR at 'B'. KEY RATING DRIVERS The revision of the Outlook reflects the following key rating drivers: […]
Khudairi Appointed as Shell Lubricants Macro Distributor in Iraq
Khudairi Group, a leading provider of services to the energy, engineering and construction industries in Iraq, has been appointed by Shell as its macro-distributor for lubricants in the country. The new partnership was formalised at a signing ceremony attended by representatives from Khudairi Group and Shell in Dubai, UAE. Commenting on the partnership, Mr. Aziz […]
KRG Tightens Grip on Oil with Kirkuk Deal
By John Lee. The Kurdistan Regional Government is cementing control over oil produced in the north of the country by agreeing to sell crude pumped in the contested province of Kirkuk, according to a report from Bloomberg Business. Kirkuk Governor Najmuddin Omar Karim (pictured) told Bloomberg that the agreement covers oil produced in Kirkuk, which Kurdish […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd Mar 2016). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD900 (-3.6%) / $927 (-3.3%) (weekly change) (-17.5% and -19.1% YTD change, respectively). The number of week traded […]
Military Strikes Continue Against ISIL 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 Sunday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Fighter, attack, and […]
Video: Sunni Civilians 'Under Threat' in Diyala
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. In eastern Iraq, Sunni civilians are fearing revenge attacks from Shia militias following a suicide bombing by the Islamic State of Iraq and the Levant group. The targets were senior members of a […]
Currency Auction Results, 7th Mar
By John Lee. The Central Bank of Iraq (CBI) has reported that 29 banks and 18 remittance companies took part in its currency auction on Monday. A total of $93,871,486 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Genel Losses Exceed $1bn
Genel Energy has announces its audited results for the year ended 31 December 2015, in which it declared its biggest-ever annual loss of $1.16 billion: Key figures 2015 revenue of $344 million, down 34% due to the fall in the oil price more than offsetting higher production volumes 2015 production of 84,900 bopd, an increase […]
ABB wins $100m Order Supporting Iraq Power Infrastructure
Switzerland's ABB has won an order worth around $100 million from Mass Global Holding to deliver a gas-insulated switchgear (GIS) substation that will help integrate 3,000 megawatts (MW) of electricity generated by a combined cycle power plant, utilizing Iraq’s natural gas resources. The government is rebuilding the country, investing in national housing programs and has […]
Oryx Petroleum and Zeg Oil Announce Strategic Investment
Oryx Petroleum Corporation Limited and Zeg Oil and Gas Ltd have announced that they have entered into a definitive agreement whereby Zeg Oil has subscribed for and been issued 75.7 million common shares of the Corporation for consideration of $30 million. In addition, Oryx Petroleum intends to contract with an affiliate of Zeg Oil for […]
PECB Signs Agreement with Citadel Engineering
PECB has announced that it has signed a new partnership agreement with Erbil-based Citadel Engineering Company, to distribute PECB training courses in Iraq. This partnership will ensure that the respective companies will give their contribution based on their expertise in offering and organizing PECB courses. Eric Lachapelle, CEO of PECB, said: “PECB has built a […]