KNOC Raises Stake in Sangaw Block
By John Lee. South Korea's state-run Korea National Oil Corporation (KNOC) has said it has acquired an additional 30 percent stake in the Sangaw South exploration block in Iraqi Kurdistan. Platts reports that this doubles the company's stake in the block to 60 percent. "KNOC plans to drill another exploratory well in Sangaw South next […]
Interview: Subhi Khudairi, EVP of Khudairi Group
The market for construction equipment is booming in Iraq, and Khudairi Group has grown to become one of the leading players. Iraq Business News spoke with the company's Executive Vice President, Subhi Khudairi (pictured), to get his perspective on this key sector. Iraq Business News: Our readers are very familiar with the general Iraqi growth […]
Iraq to Invest in Associated Gas
By Nassir al-Hassoub for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The official spokesman for the Iraqi Oil Ministry, Assem Jihad, announced that the licensing contracts with international oil companies bound them to formulate systems to invest in associated petroleum gas, stressing that […]
Devco Ships $53m Kit to Sulfur Mine
By John Lee. US-based engineering firm Devco has shipped $53 million worth of equipment to the Mishraq State Sulfur Mine in Mosul. This is the second major shipment from Devco’s $78.6 million order from the Iraqi Ministry of Industry. This contract, part of ongoing rehabilitation of the mine, is the largest contract awarded by Iraq’s […]
AMAR Fights Polio Outbreak in Iraq
AMAR is working alongside Iraq’s Ministry of Health to help fight an outbreak of polio – the first in 14 years -- helping the Ministry step up its vaccination campaign to prevent the disease from spreading. On March 30th, officials from the World Health Organisation confirmed a 6 year old boy in Baghdad had contracted […]
KRG Statement on Violence Against Women
The KRG abhors the practice of so-called honour killing, and is committed to combating violence against women in all its forms. The current case of Dunya will be managed by the judicial system, which is mandated to handle such matters. Without prejudice to this case, which is currently under investigation, the KRG restates unequivocally its […]
Southern Oil Exports could Hit Record
By John Lee. Reuters reports that oil exports from Iraq’s southern terminals are on track for a record high in May. Exports are estimated at an average of 2.60 million bpd in the first 27 days of this month, which, if sustained, would beat April’s 2.51 million bpd, the highest since 2003. Southern exports are […]
Expro Wins Multi-Year Testing Contract
By John Lee. Oilfield services company Expro has secured a multi-year contract with a leading international oil company for multiphase production testing in Iraq. The contract will provide non-intrusive multiphase production testing of oil wells in this on shore field. Selim Djandji, Region Director for Middle East North Africa, said: "This contract award highlights an […]
First Natural Gas Arrives at Duhok Power Station
The Kurdistan Regional Government has announced the successful delivery via pipeline of the first quantities of natural gas from the gas field at Summail to fuel the Duhok Power Station (pictured). The Summail Gas Field lies within the area of the Duhok Production Sharing Contract (PSC) and is operated by the Norwegian company DNO, which […]
Foreign Minister Arrives Algeria
By John Lee. Foreign Minister Hoshyar Zebari arrived in the Algerian capital on Monday to participate in the Ministerial Conference of the non-aligned countries to be held in Algiers on 28-29 May 2014. The Minister will hold a number of meetings with officials of the Algerian side to discuss relations between the two countries. (Source: […]
Two Convicted in Dinar Scheme
By John Lee. Two of the three men charged in a scheme to defraud investors in Iraqi currency were found guilty by a jury in U.S. District Court last week, while the third defendant was convicted only of an unrelated mail fraud charge. According to a report from the Toledo Blade, Bradford Huebner (66) and […]
Weekly Security Update 20 - 26 May 2014
By Constellis Consulting www.constellis-consulting.com Following preliminary electoral results confirming current Prime Minister Nouri Al-Maliki as the frontrunner, allegations of fraud multiplied over the reporting period, putting in jeopardy the process of quickly forming a government. On 22 May, former Prime Minister and leader of the Iraqiyya coalition Iyad Allawi publicly questioned the fairness of the elections, formulating […]