Zain Blames Iraq for Profit Slump
By John Lee. Kuwait's Zain Group has reported a 26.7 percent fall in first-quarter profit on Tuesday, as its Iraq business suffered from political instability and intense competition. Zain Group CEO, Scott Gegenheimer (pictured) noted: “The quarter reflected mixed results in what were quite challenging conditions in several of our key markets, especially Iraq where […]
ShaMaran Shares Slide on Results
By John Lee. Shares in ShaMaran Petroleum were trading down 10 percent on the Vancouver stock exchange, following the announcement of its financial and operating results for the three months ended March 31, 2015: Production Facilities Implementation of the 30,000 bopd Atrush Phase 1 Production Facility is in progress. Construction has continued on foundations for […]
Iraqi Airline Denies Fronting for Iran
By John Lee. A report from the Financial Times claims that an Iraqi company has helped to Iran acquire nine large commercial aircraft, in defiance of international sanctions. According to the report, Iran's Mahan Air, which is blacklisted by the US and Europe because of alleged links to Iran’s revolutionary guard -- allegations denied by […]
Hermes Datacomms opens New Office in Erbil
Hermes Datacomms, a leading global provider of managed networks for the upstream oil and gas industry, part of the SpeedCast Group, today announced the opening of its newest office in Erbil, Iraq. The new facility is in direct response to increasing demand for services from the oil and gas sector in Iraq and will enable […]
Internal Displacement in Iraq Passes 2.8m
Iraq’s new Displacement Tracking Matrix (DTM) published this week recorded 2,834,676 internally displaced Iraqis from January 2014 through 25 April2015. The majority of the new displacement identified in the two-week period was caused by conflict in the Ramadi area of Anbar governorate. Following the outbreak of the Ramadi crisis, which occurred around 10 April, DTM […]
Former CEO Sentenced, Fined for Fraud
By John Lee. The former president, chief executive officer, and chairman of the board of a New Jersey-based international engineering consulting company has been sentenced to 12 months of home confinement and fined $4.5 million for conspiring to defraud the U.S. Agency for International Development (USAID) with respect to billions of dollars in contracts over […]
IBN Interview: Doing Business in Iraq
Iraq Business News (IBN) recently interviewed Colin Findlay, General Manager of Severn Valve Solutions and Executive Director of the Severn Glocon Group of companies, about doing business in Iraq. IBN: Can you tell us a little about your business in Iraq? Colin Findlay: Severn Valve Solutions was formed in 2012 and has quickly become the […]
Iraq's Evolving Tax Landscape
By Imtiaz Ahmad. Over the last seven to eight years, Iraq remained very attractive for international investment especially in the oil and gas sector. Almost all major international oil companies (IOCs) invested, either individually or in partnership with others. By contrast, Iraq showed slow progress in setting out proper petroleum and tax policy for existing […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th May 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,168 / $1,161 (+3.8%) (weekly change) ) (-16.2% and -21.6% YTD change, respectively). The number of week traded […]
Medair Provides Health Support in Wana
This week, emergency relief organisation Medair is distributing essential health and hygiene items to more than 7,000 people in Wana, northern Iraq. More than 1,400 families have returned to Wana since it was liberated from militants in February, and people are in urgent need of health and hygiene support. Many arrived home to find their […]
Video: The Perilous Life of Journalists in Iraq
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Since the US-led invasion in 2003, Iraq has been one of the deadliest countries in the world for journalists. According to figures from the Committee to Protect Journalists, at least 200 media workers […]
Insitu in $11m Iraq Deal
By John Lee. Insitu Inc., Bingen, Washington, has been awarded a $10,919,060 firm-fixed-price delivery order against a previously issued basic ordering agreement for the procurement of site activation services, and field service representative personnel to perform site lead, pilot/operator, and maintenance personnel duties to support intelligence, surveillance, and reconnaissance services program and force protection services […]