Weekly Security Update
By Gary Sandiford, Olive Group’s Dubai based assessments manager. Olive Group is a leading provider of security and technology solutions and has operated continuously in Iraq since 2003. 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 […]
Genel Energy Starts Direct Oil Export to Turkey
By John Lee. Genel Energy has started shipping crude oil directly into Turkey from its Taq Taq oil field (pictured) in Iraqi Kurdistan, two weeks after exports from the region were halted, reports Bloomberg. According to the report, the KRG won’t resume exports through the central government pipeline network until the federal authorities pay the […]
Iraq Names New Deputy Oil Minister
By John Lee. The former head of the South Oil Company (SOC), Fayadh Hassan Nima [Niama], has been named to replace Ahmad Shamaa [Ahmed al-Shamma] (pictured) as Deputy Oil Minister. Shamma, whose responsibilities included downstream activities and overseeing the Basra Gas Company -- the joint venture between Shell, Mitsubishi and the South Gas Company -- […]
Petroceltic Updates on Iraqi Operations
By John Lee. As part of its operational update yesterday, Petroceltic gave an update on its operations in Iraqi Kurdistan: An active exploration and development programme is scheduled for 2013 with a capital expenditure budget of US$150 million. Exploration drilling and seismic acquisition accounts for approximately 43 percent of the budget with the balance committed […]
New Boss at North Oil Company
By John Lee. Sameer Salman Al Taei has been named as the new head of the state-run North Oil Company (NOC), which oversees oil fields in northern Iraq. Formerly head of the oil fields department in the NOC, Al Taei replaces Hamid Al Saedi, who has been director general since 2010. (Source: The National)
ISX Cracks Down on Speculators
By Mark DeWeaver. On December 13 the ISX amended the Iraq Depository Center (IDC) bylaws to prohibit investors from owning the same names in accounts at different brokers. The new rule, which went into effect on January 7, requires anyone holding stocks in the same company through different brokerage accounts to transfer all of their […]
Asiacell to be Top Holding in Invest AD's Iraq Fund
By John Lee. Abu Dhabi's Invest AD plans to buy into the Asiacell IPO (initial public offering), making it the top holding in its Iraq fund. Sherif Salem (pictured), the manager of the Invest AD Iraq Opportunity Fund, and one of our Expert Bloggers on Iraq Business News, said: "Asiacell is going to be one […]
Iraq, Spain Sign Agreement on Culture and Science
By John Lee. Iraq has signed a cultural and scientific co-operation agreement with Spain, reports Al Shorfa. Ministry of Culture spokesperson Abdel Qader al-Saadi told the news agency that a high-ranking Iraqi delegation visiting Spain signed the agreement, under which Iraqi professors and researchers will be sent to Spain to acquire experience. Spain also will provide […]
Soldier Pleads Guilty to Taking Bribes in Iraq
By John Lee. A US Army major has pleaded guilty to accepting gratuities from contractors while working in Iraq. Court documents say that Ulysses S. Hicks (40) was a U.S. Army captain serving as a pay agent for money used to buy miscellaneous items and supplies from local vendors. From about March 2007 to October 2008, […]
Video: Iraqi Town Caught in Middle of Territory Dispute
Tuz Khurmatu, a town of low-rise buildings, palm trees and some 110,000 residents, is in a swathe of territory Kurdistan wants to incorporate in its autonomous region over Baghdad's strong objections. For the people of Tuz Khurmatu, simmering tensions between Baghdad and Kurdistan cause fear and are also bad for business: (Source: AFP)
Asiacell IPO Opens for Subscription
By John Lee. Shares in Asiacell, the first of Iraq's mobile phone operators to list on the stock exchange, are now open for subscription. According to a statement from the company: • Investors are now invited to complete and submit their application forms to subscribe • 67.503 billion shares, representing 25% of Asiacell's share capital, […]
Private Bank Earnings Jump 90%
By John Lee. Twenty-two of Iraq’s 30 private banks made a combined profit of $366 million (427 billion Iraqi dinars) during the first nine months of the year, according to a study released by the Association of Private Banks in Iraq. Al-Hayat newspaper says this is a 90 percent increase in profits over the same […]