In State Banks We Trust
By Mark DeWeaver. 2013 was another strong year for deposit growth at the ISX-listed banks. Deposits at the 19 names that have so far reported year-end financials were up 17% year-on-year as of December 31. (Only BDFD and BELF, which together accounted for 8% of 2012 listed-bank deposits, have yet to report.) While their deposit […]
Another Week of Progress in Iraq
As oil exports from Iraq hit a 25-year high, our newsletter this week highlights a string of successes for businesses, and not just in the oil sector. In addition to another oil find in Kurdistan and a new pipeline connection at Badra, we have news of a security deal at West Qurna, a Kuwaiti contract […]
Oryx Petroleum Makes Oil Discovery
By John Lee. Oryx Petroleum has announced two positive updates on its operations in the Hawler license area in Iraqi Kurdistan, in which the company has a 65 perccent participating and working interest: Testing of the DD-4 appraisal well on the Demir Dagh field achieved expected flow rates and confirmed reservoir and fluid characteristics. Henry Legarre […]
Gulf Keystone Update
Gulf Keystone Petroleum (GKP) has this morning provided an Operational and Corporate update, and released a third party audit of the Company's reserves, contingent resources and prospective resources for its petroleum interests in the Kurdistan Region of Iraq. Summary The Company continues to maintain current stable production and sales levels of approximately 10,000 barrels of […]
Thales to Provide Security System at West Qurna
Thales has been awarded a contract to provide an Integrated Security System (ISS) for the West Qurna-2 oil field development located 65 km northwest of Basra in Southern Iraq. This contract has been signed with LUKOIL Mid-East Ltd, a subsidiary of the Russian oil company LUKOIL. Thales will design and deploy the Integrated Security System […]
Iraq to Invest in Indonesian Oil Refinery
By John Lee. Iraq is to invest in the construction of a refinery in East Borneo, Indonesia. Indonesian Energy and Mines Minister, Jero Wacik (pictured), said that if construction started this year, the new refinery would start production by 2018. Platts reports that the head of the Iraqi delegation, Delman N Abdullah, said that Iraq agreed […]
Swedish Ambassador visits Kurdistan
The Head of the KRG Department of Foreign Relations (DFR), Minister Falah Mustafa and the Assistant Head of the DFR, Siham Jabali met with the Swedish Ambassador to Iraq, Jörgen Lindström and the Head of the Sweden Section Office in Erbil, Jessica Svärdström today. They discussed different ways in which bilateral relations can be strengthened […]
Weekly Security Update 04 - 10 Mar 2014
By Constellis Consulting www.constellis-consulting.com Tensions between Prime Minister Nouri al-Maliki and Parliament Speaker Osama al-Nujaifi culminated this week, after the latter refused to submit the annual budget to parliament for approval. On 05 March, PM Maliki challenged the legitimacy of the institution and declared that fiscal policies could ultimately be enforced without a vote. This provocative stance […]
Knowledge Hub for Natural Resources Governance
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. MENA Natural Resources Governance Knowledge Hub – A Conceptual Framework In a constructive collaboration effort between Revenue Watch Institute (RWI) and the Lebanese Center for Policy Research (LCPS), a two day closed […]
US-Iraq Business Week Strengthens Ties
The United States hosted a top level Iraqi interagency delegation to participate in the March 3-7 Iraq Business Week activities in Washington D.C. Iraqi Deputy Prime Minister Rowsch Shaways led a 30+ member public and private sector delegation to network with scores of major U.S. firms and explore expanding business opportunities in Iraq, now the […]
Minister Apologises for Plane Row
By John Lee. Iraq’s transport minister, Hadi Al Ameri [Hadi al-Amiri] (pictured), has reportedly apologised for an incident in which a Lebanese airliner en route to Baghdad was ordered to turn back mid-flight to pick up his son, Mahdi. Gulf News reports that the Minister also pledged to turn his son in if an Iraqi […]
Red Cross President Visits Iraq
Peter Maurer (pictured), the president of the International Committee of the Red Cross (ICRC), arrived in Iraq on Monday on his first official visit. Over the next four days in Baghdad, Najaf and Erbil he will meet senior Iraqi officials, religious leaders and the leadership of the Iraqi Red Crescent Society and other humanitarian organizations […]