Plans for 2 Crude Export Grades Shelved
By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has reportedly abandoned plans to sell two grades of crude oil from its southern Gulf terminals next year. Platts reports that SOMO informed customers last week that "due to logistical issues" a single type of crude will continue to be marketed in 2015, but with two […]
Video: Army, Militias Pushing Against IS
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi security forces and Shiite militias were battling IS group militants in Balad, 80km north of Baghdad, in an effort to push the jihadists back:
Currency Auction Results, 2nd Dec
By John Lee. The Central Bank of Iraq (CBI) has reported that 13 banks took part in its currency auction on Tuesday. A total of $149,353,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Petroceltic Shares Slump, CEO Increases Stake
By John Lee. Dragon Oil said on Monday that it was backing out of plans to make an offer of 230 pence a share for Irish operator Petroceltic, which has interests in Iraqi Kurdistan. Shares in Petroceltic closed down 35 percent at 112.45 pence on Monday, 50 percent below their recent peak. Chief Executive Brian […]
Total, Marathon Discovery at Harir Block
By John Lee. Total and Marathon Oil have confirmed a discovery of light oil and gas with condensates at the Harir Block, 60 kilometers from the city of Erbil. The Jisik-1 discovery well was drilled to a depth of 4,511 meters and encountered light oil and gas with condensates intervals in Jurassic and Triassic carbonate reservoirs. […]
GKP Receives Payment for Shaikan Crude
By John Lee. Gulf Keystone Petroleum (GKP) has announced that, further to the recent statement by the Ministry of Natural Resources (MNR) of the Kurdistan Regional Government (KRG) regarding payment to producers for crude oil exports, an initial payment of USD 15 million (17.5 billion Iraqi dinars) gross has been made to the company. Gulf […]
Bulgaria to Open Consulate in Erbil
The Head of Trade and Economic Section of Republic of Bulgaria in Erbil, Mr. Dimitar Ougrinov, today met with the KRG Head of Department of Foreign Relations, Minister Falah Mustafa to discuss bilateral ties and the latest developments. Mr. Ougrinov announced that Bulgaria places great importance on enhancing relations with the Kurdistan Region and stated […]
Casualty Figures for November 2014
According to casualty figures released today by UNAMI, a total of 1,232 Iraqis were killed and another 2,434 were wounded in acts of terrorism and violence in November 2014. The number of civilians killed was 936 (including 61 civilian police), while the number of civilians injured was 1,826 (including 71 civilian police). A further 296 […]
Currency Auction Results, 1st Dec
By John Lee. The Central Bank of Iraq (CBI) has reported that 20 banks took part in its currency auction on Monday. A total of $127,123,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
US Approves $800m Lockheed Iraq Deal
By John Lee. The US State Department has approved a possible Foreign Military Sale to Iraq for C-130E/J sustainment and associated equipment, parts, training and logistical support for an estimated cost of $800 million. The Government of Iraq has requested a possible sale for a five-year sustainment package for the C-130E/J fleet that includes operational, […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th November 2014). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,368 (-1.0%)/ $1,482 (-0.8%) (weekly change) (-26.7% and -25.4% YTD change, respectively). The number of week traded shares […]
Influx of Iranian Sex Workers into KRI
By John Lee. Three taxi drivers have reportedly been arrested on charges of transporting a group of Iranian prostitutes into Iraqi Kurdistan. Security forces told BasNews that they arrested the drivers at the Haji Omaran border crossing (pictured), between the Kurdistan Region and Iran. The women are said to be Iranian and Kurdish Iranian. (Source: […]