Video: Refugees Mount as Iraq Challenges IS
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The advance of the Iraqi army against ISIL is forcing a growing number of people from their homes. It's a situation that aid agencies in Iraq say is only going to get worse. […]
Weekly Security Update: 03 - 09 March 2015
National Overview Allied forces are now understood to be in preparations for a direct assault on Tikrit city, following a large scale retreat of ISIS fighters from towns and villages protecting main routes. In total some 20,000 troops, alongside PMU militias and Sunni tribesmen have advanced on the town, closing off routes to the south […]
Iraq Narrows Oil Discount to Asia
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has narrowed the discount for April crude deliveries to Asian buyers by the most since November 2011, according to Bloomberg. Asian shipmentas are priced relative to the Dubai-Oman crude benchmark, published by Platts, the energy-information division of McGraw-Hill. Basrah Light to Asia will sell at a […]
IS 'demolishes' Ancient Site of Hatra
By John Lee. Militants from the Islamic State (IS, ISIS, ISIL) have reportedly destroyed ruins at the ancient city of Hatra, 110km (68 miles) south-west of Mosul. The UNESCO world heritage was founded during the Parthian Empire over 2,000 years ago. "The destruction of Hatra marks a turning point in the appalling strategy of cultural […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th March 2015). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,028 (-2.9%) / $1,079 (-2.9%) (weekly change) ) (-26.2% and -27.2% YTD change, respectively). The number of week […]
Is the Islamic State "losing?"
By Robert Tollast. A number of recent reports have suggested the Islamic State is “losing” the fight in Iraq. Does this mean the end of the organization? It's a topic I wrote about at length for Dubai based consultancy The Brecon Group. In the long term of course, the answer is no. ISIL (the Islamic State […]
Gas Import Agreement with Iran
By John Lee. The Managing Director of the National Iranian Gas Exports Company has said that Iran is ready to sign an agreement with Iraq to supply Basra with 5 million cubic meters (mcm) of natural gas per day in next Iranian calendar year. Alireza Kameli (pictured) said Iran will start export one year after […]
IS Bulldozers 'Wreck' Nimrud
By John Lee. The Islamic State (IS, ISIS, ISIL) has bulldozed the ancient Assyrian city of Nimrud (Kahlka), which lies about 30km (18 miles) south-east of Mosul. The city was founded more than 3,300 years ago and was one of the capitals of the Assyrian empire. Its frescos and works are celebrated around the world […]
Provinces take ex-Baathists to Court
By Mustafa al Kadhimi for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Iraq's de-Baathification crisis resurfaced Feb. 2, when the Cabinet approved amendments to the Justice and Accountability Act, which deals with the country's ex-Baathists and the banning of the Baath […]
Genel Shares Bounce on "Significant Growth"
By John Lee. Shares in Genel Energy bounced 4 percent from a long-term low on Thursday morning following the publication of its results for the year ended 31st December 2014. Highlights 2014 revenue of $520 million, an increase of 49% on 2013 2014 EBITDAX of $411 million, an increase of 49% on 2013 2014 production […]
Exxon in Talks Govt on Oil Payments
By John Lee. The Iraqi government has reportedly requested talks with ExxonMobil to restructure oil agreements to help Iraq meet its near-term cash requirements. CEO Rex Tillerson (pictured) is quoted by Reuters as saying that "by and large we are current in our payments," adding that any change would have to be beneficial to Exxon. […]
DNO Hits 100m Barrels from Tawke
By John Lee. DNO, the Norwegian oil and gas operator, produced its first 100 million barrels of oil at its flagship Tawke field in February. Executive Chairman Bijan Mossavar-Rahmani told a conference in Oslo: "Output will pick up at Tawke this spring with the expansion of the field's capacity to 200,000 barrels per day." A […]