Genel Completes Acquisition of Miran Block
By John Lee. Genel Energy has announced that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq. On 12 November 2012, Genel Energy announced that Heritage Oil issued the Exchange Repayment Notice signifying its intention to repay the […]
Kuwait ratifies $500m Settlement with Iraqi Airways
By John Lee. Kuwait MPs have overwhelmingly ratified the $500-million settlement deal to end the 22-year-old dispute between Kuwaiti Airways Corporation (KAC) and Iraqi Airways. Iraqi Airways agreed in July to pay the compensation to KAC for damages caused by Saddam Hussein's troops during the 1990-91 invasion of Kuwait. Kuwait says 10 of its planes as […]
US to Assist Iraq with Elections
On January 21, the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), signed a memorandum of understanding (MOU) with Iraq’s Independent High Electoral Commission (IHEC) formalizing its cooperation to develop IHEC’s institutional capacity in the areas of strategic planning, electoral management, and external relations through the Elections Support Project. Under […]
Record Growth at Erbil International Airport
In 2012, 947,600 passengers used Erbil's new International Airport, a 53% increase on the previous year, whilst cargo tonnage also increased dramatically, with a 54% increase to 27,849 tonnes per annum. The 2012 passenger count brings the total number of passengers departing Erbil International Airport since the new terminal opened in September, 2010, to 1.7 […]
Iraqi Ministers Attend Arab Development Summit
By John Lee. Prince Salman bin Abdul Aziz opened the Arab Summit of Economic and Social Development in the presence of Arab kings and presidents in Riyadh on Monday. His Excellency the Vice President, Dr. Khudair Khuzaie presided the delegation of the Republic of Iraq to this summit. The delegation included the Minister of Foreign […]
UN Agencies in Iraq Help Syrian Refugees
A high-level UN delegation visited the Domiz refugee camp in Dohuk Governorate this week to witness the harsh living conditions of the refugees and to develop a joint coordinated response to the pending needs intensified in the sub-zero temperatures in Domiz. The delegation met with the Governor of Dohuk, Mr. Tamar R. Fatah, to thank […]
Maliki Makes Concessions on De-Baathification
By Ali Abel Sadah, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Prime Minister Nouri al-Maliki has been forced to make new concessions to Sunni demonstrators and is finally losing his firm grip on the Accountability and Justice Law, also known as […]
Outlook for the MENA Region 2013
The UK's Middle East Association invites you to register for what promises to be an engaging and interactive event led by a panel of experts who will outline some of the challenges, risks and also potential causes for optimism for the year ahead in the Middle East and North Africa. Following two years of major […]
Weekly Security Update
Overview Olive Groups Iraq statistics are drawn from multiple sources, including media reporting and direct liaison with in country assets. Included within the statistics are a minority sub-set of serious incidents which may not be purely attributable to insurgent/terrorist groups, such as murder, kidnappings and organised crime activities. The total number of reported incidents in […]
Iraq Discovers Another Billion Barrels of Oil
By John Lee. Iraq has announced that it has discovered deposits of crude oil equivalent to one billion barrels of oil, following the first exploration work by state-owned firms in almost 30 years. The new oil find in Maysan [Missan] province, near the border with Iran, and could potentially make a significant addition to Baghdad's […]
Maliki Holds Talks with Exxon Boss
By John Lee. Prime Minister Nouri al-Maliki held talks with ExxonMobil chief Rex Tillerson (pictured) on Monday. AFP reports that the meeting was the first between the two since the firm signed an oil exploration agreement with Kurdistan in October 2011, a move which angered Baghdad, which has said the company must choose between its deals with […]
China May Build New $650m Iraq Oil Pipeline
By John Lee. The China Petroleum Pipeline (CPP) company is said to be close to winning a $650-million contract to build a pipeline linking the southern oilfields in Maysan province to the al-Fao [al Faw] storage depots. The chief of state-run Maysan Oil Company, Ali Maarij, told Reuters, that the line will expand the export […]