Dana Gas "Breached Confidentiality, Owes KRG"
By John Lee. Rudaw reports that the KRG’s Minister of Natural Resources, Ashti Hawrami (pictured), has dismissed as “inaccurate and misleading” claims by Dana Gas that the KRG owes the company millions of dollars in overdue payments. In a letter sent to Dana Gas managing director, Majid Hamid Jafar, he said: “The statements made in […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd October 2013). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,712 / $1,812 (+2.5%) (weekly change). The number of week traded shares was 7.1bn and the weekly trading […]
Debate Renewed Over Oil Revenue Surplus
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The project designed to distribute the country’s oil revenue surplus directly to Iraqis is once again at the forefront of recent events, as political blocs have begun to prepare for the general […]
KRG Election Results
The Independent High Electoral Commission of Iraq (IHEC) has announced the complete results of parliamentary elections in Kurdistan Region yesterday during a press conference in Erbil. The Kurdistan Region held its fourth round of parliamentary elections on 21 September 2013. It included 1,129 candidates - 336 of them women, and over 2,800 international observers from […]
Basra Locals Move Because of Oil Pollution
By Saleem al-Wazzan. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Fighting for Clean Air: Locals Living Near Basra Oil Wells Move Because of Pollution The oil wells in southern Iraq have made the areas relatively prosperous. […]
Iran, Iraq Sign Oil and Gas Drilling Pact
By John Lee. The National Iranian Drilling Company (NIDC) has signed an agreement with the Iraqi Drilling Company under which Iran will provide personnel training and supervision of Iraqi drilling operations. According to a report from Iran's PressTV, the agreement was signed by NIDC Managing Director Hamid-Reza Golpayegani and Deputy Director-General of the Iraqi Drilling […]
Sumitomo Invests in Iraqi Car Service Firm
Japan's Sumitomo Corporation has purchased about 320 million yen in shares (equivalent to 45% of shares) of SAS Automotive Services Ltd, a subsidiary of Iraq’s largest automotive business, the Sardar Group through a third-party allocation of shares. The company claims that this is the first private investment and joint venture by a Japanese company in […]
Fake Bomb Detectors 'Still Used in Iraq'
By John Lee. Fake bomb detectors are reportedly still being used in Iraq, months after British conman James McCormick was jailed for selling them. The former policeman is thought to have made £50 million from selling devices, based on a novelty £13 golf ball finder, to Iraq and other countries. Sentencing him to 10 years in […]
Foreign Minister Holds Talks in Romania
By John Lee. Foreign Minister of Romania, Mr. Titus Kurlaan, received the Iraqi Foreign Minister Hoshyar Zebari and his accompanying delegation on Thursday. Minister Zebari and his team were on an official visit to Romania to celebrate the 55th anniversary of the establishment the diplomatic relations between the two countries. The two sides held talks […]
KRG Oil Export Pipeline "Near Completion"
A pipeline to export oil from the Kurdistan Region will be operational within a few months, Ashti Hawrami (pictured), the Kurdistan Regional Government Minister of Natural Resources, told a meeting at the UK's Conservative Party conference yesterday. 'The new oil export pipeline from the Kurdistan Region is almost complete and is expected to be operational […]
Lukoil Forecasts Exports from West Qurna-2
By John Lee. Andrei Kuzyayev [Andrey Kuzyaev] (pictured), head of Lukoil's overseas operations, has said that Lukoil plans to reach commercial levels of oil production at West Qurna-2 in the first quarter of 2014, and is interested in participating in the Kirkuk oilfield in northern Iraq. He told Reuters: "There are no infrastructure risks [in […]
Leighton Shares Dive on Iraq Corruption Allegations
By John Lee. [UPDATE: In January 2017, Wal King, former CEO of Leighton Holdings, received an apology and an out-of-court settlement from Fairfax Media following their claim that he knew of alleged corporate misconduct, including the payment of a $42 million bribe in Iraq.] Shares in the Australia's Leighton Holdings, Australia’s biggest builder, fell more […]