Afren Announce Full Year Results
By John Lee. Afren have announced their full year results for 2013, highlighting what they describe as record revenues and cash flows, production ahead of guidance, continued exploration success and significant balance sheet strength. Included here are the company results for their work in the Kurdish region of Iraq. You can see more detail on […]
Iraq's Oil Income Surges
By John Lee. Iraq's oil income is set to jump in April, boosted by the continued discount on Basra Light as of February last year, and increased shipments to Asia. February saw a record 3.6 million bpd in exports, setting a 3 decade record for Iraq. According to Bloomberg, who interviewed analyst Alexander Poegl of JBC Energy […]
Our Publisher Retires
By Padraig O'Hannelly. As many of our email subscribers will already be aware, our Publisher, Antony Wakeham, will retire at the end of March. In fact it is not the first time that Antony has retired – having completed a long and successful career in publishing, he was coaxed back to spearhead the development of […]
US Supports IHEC, On Time Elections
By John Lee. The United States fully supports Iraq’s democracy and democratic institutions as defined and established in the Iraqi Constitution, specifically Article 102, which provides for the independence and neutrality of the Independent High Electoral Commission. Ensuring that upcoming parliamentary elections are held on schedule is of the utmost importance and we commend the […]
Turkish Energy Minister: We're Waiting to Export KRG Oil
By John Lee. Turkish Energy Minister Taner Yildiz (pictured) has remarked at a press conference that the country is ready to export oil from storage tanks at Ceyhan, once they have reached their capacity of 2.5 million barrels. Baghdad is currently opposed to such a move, and minister Yildiz has expressed a desire for the […]
Ayatollah Sistani For Nobel Peace Prize?
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Journalist Colin Freeman wrote a March 4 article for The Telegraph's blog titled, “Forget Obama and the EU. The man who should really have the Nobel Peace Prize is an obscure Iraqi cleric." In it, he offered up […]
Central Bank of Iraq Buys 36 Tonnes of Gold
By John Lee. The Central Bank of Iraq has purchased 36 tonnes of gold valued at $1.6bn to help stabilise the Dinar against foreign currencies, Bloomberg reports. Iraq is now the 43rd largest holder of gold reserves globally, having already held 29.8 tonnes as of August last year, but the latest purchase is one of the biggest by […]
Iraq's Electoral Commission Ends In Mass Resignation
By John Lee. Sources from Reuters have reported that Iraq's entire electoral commission have resigned en masse complaining of "political interference." The move comes following a conflict between the judiciary, legislature and the Independent High Electoral Commission (IHEC) following a decision by the judiciary to disqualify candidates said to be of "ill repute." This could quite possibly […]
Weekly Security Update 18 - 24 Mar 2014
By Constellis Consulting www.constellis-consulting.com The proximity of the general parliamentary elections was reflected in changing security dynamics and political movements across several leading parties. Though campaigning is only set to open on 01 April, legal disputes and vindictive declarations highlighted major divisions between the ruling coalition, Shia factions and Sunni opposition groups. Despite his recent withdrawal from […]
Another Look at Corporate Actions
By Mark DeWeaver. In this old post from 2010, I considered the possibility that ISX share prices might fail to adjust completely for corporate actions. There didn’t seem to be much evidence for this but it was a bit hard to be sure. In those days, stocks would generally be suspended for a number of […]
Baghdad Showcases Homegrown Fashion Talent
By John Lee. A couple of fashion stories went largely undetected this week as Baghdad held no less than 2 fashion events showcasing homegrown designer talent. The first was held at the Palestine Hotel and was a cat walk show featuring pret a porter dresses from Iraqi designer Mona Sultan. For those unacquainted with fashion terminology (like this […]
1500 Housing Unit Development Planned for Baghdad
By John Lee. Baghdad governor Ali al-Tamimi has announced the completion of a plan for 1500 new housing units in the Baghdad governorate. The moves comes as the Iraqi government recently announced it would be falling short of its target of 2.5 million new housing units to meet demand. Housing and Construction minister Mohammed al-Darraji […]