Is Oil Industry Killing the Poor in Wasit?
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Chinese Company Pollutes, Causes Disease: Is The Oil Industry Killing The Poor in Wasit? As soon as the Chinese oil company began extracting oil from the Ahdab oil field in […]
New Basra Heavy Crude Short-Changes IOCs
By John Lee. According to a report from the Financial Times, Iraq’s introduction of the new Basra Heavy crude oil grade is causing problems for the international oil companies (IOCs). Since its launch in June, IOCs such as Shell, BP, Total, Lukoil, Petronas and China National Petroleum Corporation (CNPC) have received their remuneration for development […]
Dragon Oil Updates on Block 9
By John Lee. In a statement to the markets this morning, Dragon Oil gave the following update on its operations at Block 9 in Iraq: "In 2014, the partners in Block 9 in Iraq (Dragon Oil 30%) announced the discovery of oil in two formations in the consortium's first exploration well, Faihaa-1. "Open and cased […]
Indian Firm Bags Power Cable Order
By John Lee. India's Diamond Power Infrastructure has reportedly won a $14.5-million (16.9 billion Iraqi dinar) order to supply 4,600 kms of Aerial Bunched Cables to Iraq. The cables are to be supplied over a period of 8 months, starting in September 2015. Shares in the company were trading up 10 percent on Friday. (Source: […]
Airstrikes Hit ISIL Targets 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. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Airstrikes in Syria Bomber, fighter-attack and remotely piloted […]
Currency Auction Results, 9th July
By John Lee. The Central Bank of Iraq (CBI) has reported that 24 banks and 5 remittance companies took part in its currency auction on Thursday. A total of $242,666,428 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
World Bank approves $350m Iraq Aid
A new World Bank project in Iraq will support the reconstruction of the country’s conflict-wrecked infrastructure and restore public services in municipal areas under Government control. The US$350 million financial assistance package, approved by the World Bank Board of Directors, will contribute to Iraq’s efforts to rebuild state institutions and put the economy on the […]
GKP Shares Rise on New Payments
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were up more than 7 percent early on Thursday, as the company announced that it had received further payments for its oil shipments. In an operational update issued ahead of the company's Annual General Meeting today, the GKP said it continues to produce at stable rates […]
Airstrikes Continue Against ISIL Targets
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. Officials reported details of the latest strikes, which took place July 7, noting that assessments of results are based on initial reports. Airstrikes in Syria […]
Sunnis, Shiites show Unity in Najaf
By Wassim Bassem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. For displaced Iraqi citizen Saad al-Jabouri, this year’s Ramadan has been a good one. He left Kirkuk with his family of four on July 20, 2014. They were generously welcomed in the city of […]
Currency Auction Results, 8th July
By John Lee. The Central Bank of Iraq (CBI) has reported that 26 banks and 8 remittance companies took part in its currency auction on Wednesday. A total of $289,496,419 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Unaoil Awarded West Qurna Gas Contract
The Basra Gas Company (BGC) has awarded UnaE&C Iraq, an engineering and construction subsidiary of Unaoil Group, a contract for the Rehabilitation of West Qurna Compressor Stations CS7 and CS8 at West Qurna, Iraq. BGC is a joint venture between state run South Gas Company (51%), Shell (44%) and Mitsubishi (5%). The project will enable […]