Video: Govt Reaches Oil Deal with Kurds
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's government has reached a temporary agreement with authorities in the Kurdish region to end a dispute over oil exports and budget payments to the semi-autonomous region. Al Jazeera's Jane Arraf reports from […]
Currency Auction Results, 3rd Dec
By John Lee. The Central Bank of Iraq (CBI) has reported that 18 banks took part in its currency auction on Wednesday. A total of $199,142,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Weekly Security Update, 25 November – 01 December 2014
PM Abadi’s political manoeuvres continued to lead to a number of dismissals within key ministries. On 01 December, the Prime Minister retired 24 senior Interior Ministry officials as part of government restructuring. This decision comes as central authorities uncovered an estimated 50,000 ‘ghost soldiers’ on the military payroll, prompting the government to take steps towards […]
Baghdad, Erbil Reach Deal on Oil Exports
By John Lee. Baghdad and Erbil have reached an agreement resolving the long-running dispute over oil exports and budget payments. Finance Minister Hoshyar Zebari said that 550,000 barrels per day (bpd) of oil would be sent to the Iraqi oil ministry. In return, the Kurds will receive their 17% share of the national budget. The […]
Genel Receives Payment for Kurdish Crude
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
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 […]