$14.4bn Compensation to IOCs: How Accurate or Possible?
By Ahmed Mousa Jiyad. The Minister of Oil, Mr. Adil Abdul Mahdi, made a recent statement through which he highlighted three interrelated important issues: the first is that Iraq “lost $14,448,146,000” since 2011 up to the end of 2014 as “compensation” payment to IOCs; the second he referred to article 12.5 of the long term […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 2nd April 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,151 / $1,207 (+0.6%) (weekly change) ) (-17.4% and -18.5% YTD change, respectively). The number of week traded […]
Investors Sought for $6.5bn Port Project
By John Lee. Iraq has reportedly invited global investors to bid for its multi-billion-dollar Grand Faw port project. The Ministry of Transport put the project’s total cost at around $6.5 billion (7.6 trillion Iraqi dinars), adding that only "serious and financially able" companies can bid. The port has a planned capacity of around 99 million […]
Oil Exports Climb in March
By John Lee. Oil exports from Iraq increased in March to 2.980 million barrels per day (bpd), up from to 2.597 million bpd in February. Exports from the Gulf terminals reached 2.712 million bpd, while exports by pipeline from the north amounted to 268,000 bpd. Iraq exported a total of 92.401 million barrels over month, […]
GKP ex-Chairman Claims "Forced Out"
By John Lee. Gulf Keystone's former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company. Murray said he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended […]
'Settlement Agreed' in Oil Shipping Case
By John Lee. A Greek shipping company has reportedly agreed to settle with Baghdad over its role in the export of crude oil from Iraqi Kurdistan, which Baghdad regards as illegal. Last September, the federal government in Baghdad filed a $300-million lawsuit against Marine Management Services (MMS), and subsequently banned three of its oil tankers from […]
Lebanese firm Launches $80m Amarah Project
By John Lee. A Lebanese company has launched a major construction project in Maysan governorate. Hariri Construction and Contracting Company (HARCO) was awarded the $80-milllion 'Luluat Al Amarah' (Pearl of Amarah) contract in late 2014, and has just started excavation at the site. It involves the construction of a five-star 16-storey hotel with 192 rooms, […]
IBBC Spring Conference: "Iraq 2015: Realising Potential"
The Iraq Britain Business Council (IBBC) Spring Conference 2015 will be held at the Mansion House on the 1st June and the Royal Overseas League on the 2nd June. Baroness Nicholson of Winterbourne, IBBC Executive Chairman and UK Trade Envoy for Iraq, the Executive Committee and Council Members, will welcome distinguished speakers such as H.E. […]
MHPS to Refurbish Power Station in Basra
Mitsubishi Hitachi Power Systems (MHPS) has received an order from the Ministry of Electricity (MOE) of Iraq for refurbishment of Unit 4 (output: 200 megawatts) at the Hartha Thermal Power Station. The refurbishment work, scheduled for completion in May 2017, requires large-scale replacement of core components of the plant's seriously degraded power generation facilities. The […]
BH Defense Wins $21m Deal for Leadership Academy
By John Lee. BH Defense LLC of Arlington, Virginia, has been awarded a $20,782,657 contract to assist Iraq in establishing the Iraq International Academy to develop senior leadership. According to a statement by the US Dept of Defense, the estimated completion date is March 31, 2016. BH Defense is headquartered in Arlington, Virginia with offices […]
New Iraq Broadband Route expected This Year
By John Lee. IQ Networks, a wholesale internet provider based in Sulaymaniya, expects to open a $100-million (120-billion-Iraqi-dinar) broadband cable from Turkey to Iraq's Gulf coast by the end of this year. Reuters reports that, after spending an extra $30 million to replace lines and equipment overrun by Islamic State (IS, ISIS, ISIL), the company […]
Iraq has World's 4th Highest Rate of Executions
By John Lee. A report from Amnesty International USA says that Iraq had the world's fourth highest rate of executions in 2014. China again carried out more executions than the rest of the world put together; Amnesty International believes thousands are executed and sentenced to death there every year, but with numbers kept a state […]