GKP Shares Up 70% in Past Month
By John Lee. Gulf Keystone Petroleum (GKP) has given an update this morning on its operations at Shaikan, its key producing asset. Shares in the company are up more than 70 percent from their low in October. The Company is on track to complete all remaining work in order to achieve 40,000 gross barrels of […]
Genel Trading Update: "Operations Secure"
By John Lee. Genel Energy has issued the following trading update and preview ahead of a capital markets day presentation for analysts and investors in London commencing at 14:00 GMT. The presentation materials will be published at 12:00 GMT on www.genelenergy.com with the event broadcast live on the website, and available for download shortly afterwards. […]
Currency Auction Results, 13th Nov
By John Lee. The Central Bank of Iraq (CBI) has reported that 18 banks took part in its currency auction on Thursday. A total of $173,983,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
SNC-Lavalin/Kentz Wins $97m Deal
By John Lee. SNC-Lavalin has announced that Kentz Corporation, a member of the SNC-Lavalin Group, has signed a Project Management Contractor Agreement in Iraq with one of the world's leading blue-chip International Oil Companies (IOC) for a three-year term with a potential value of up to approximately US$97 million (113 billion Iraqi dinars). The contract […]
Descon Plans Expansion in Iraq
By John Lee. Descon Engineering, an Abu Dhabi–based engineering, procurement and construction (EPC) company, plans to re-enter the Iraqi market. General Manager Muhmmad Iqbal Khan told the Khaleej Times that his firm has been absent from Iraaq of 25 years, but is looking again due to "exciting opportunities". (Source: Khaleej Times)
PM Barzani "Will Not hand Control to SOMO"
Kurdistan Region Prime Minister Nechirvan Barzani and Deputy Prime Minister Qubad Talabani talked to the press following yesterday’s Parliament session hosting the Kurdistan Region Oil and Gas Council. Prime Minister Barzani said the Region would not hand oil control to the Iraqi State Oil Marketing Organisation, SOMO. He noted the federal government cannot export oil […]
NASDAQ Launches New Tech for ISX
By John Lee. Nasdaq and the Iraq Stock Exchange (ISX) have announced today the successful on-schedule go-live of the X-stream Trading technology, which replaced the existing Horizon platform. Nasdaq has delivered trading technology to ISX since 2007. The X-stream Trading upgrade provides ISX with a widely deployed high-end, multi-asset trading platform that complies with international […]
Currency Auction Results, 12th Nov
By John Lee. The Central Bank of Iraq (CBI) has reported that 17 banks took part in its currency auction on Wednesday. A total of $208,930,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Weekly Security Update, 04 – 10 November 2014
The fate of Abu Bakr al-Baghdadi, who may have been targeted in airstrikes conducted against an ISIS convoy in Mosul and a gathering of militants in the border town of al-Qaim in Anbar is unlikely to have dramatic effects on security dynamics in Iraq. If these reports were confirmed however, ISIS could decide to launch […]
Iraq Veterans Sue Banks over Terror Financing
By John Lee. A lawsuit has been filed in the US against Barclays, Credit Suisse, HSBC, Royal Bank of Scotland (RBS), and Standard Chartered, seeking to hold them responsible for attacks on the US military because their alleged processing Iranian money that financed the attacks. According to a report from Reuters, the lawsuit, filed by wounded […]
French to Help Develop Electricity Sector
By John Lee. Iraq’s Minister of Electricity, Qasim Mohammad Abid Hammadi al-Fahadawi [Qassim al-Fahdawi] held a meeting with the French Ambassador to Iraq, Marc Barety, on Sunday. The Ambassador congratulated the Minister on his new role, and assured the Minister of the full support of the French government and private sector companies in the development of […]
Iraqi Army Closes in on Beiji
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Iraqi army has been trying voer the past three days to break through a seige of Iraq's biggest oil refinery. The Islamic State in Iraq and Levant captured the city in June, […]