Place Your Bets: Erbil or Baghdad
The dispute between Iraq's central government and the Kurdistan Regional Government over oil contracts in northern Iraq has been dragging on for years, but it recent times we've seen developments that push the sides further apart rather than bringing them together. While the short-term issue of payments for shipments from Iraqi Kurdistan appears to have […]
Biden's Brother to Bag Lucrative Iraq Deal?
By John Lee. Fox Business reports that James Biden, the younger brother of US Vice President Joe Biden (pictured), is about to land a potentially lucrative contract to build 100,000 homes in Iraq. Since November 2010, James Biden has reportedly been the executive vice president of HillStone, in which Hill International owns a 51% stake, […]
Saipem Negotiating $1bn Iraq Contract
By John Lee. The Chief Executive Officer of Italy's Saipem has said that the company is negotiating a contract worth around $1 billion in Iraq. According to Reuters, Pietro Franco Tali (pictured) said on a conference call that the negotiations could be finalised by the end of the year. Iraq Business News believes the contract […]
OMV to Hand Back Blocks to KRG
By John Lee. According to Iraq Oil Report, Austria's OMV will hand back two exploration blocks to the Kurdistan Regional Government. In its latest trading statement, OMV said it had written off exploration expenses at the "unsuccessful wells and exploration licenses" relating to the Mala Omar and Shorish blocks. The company has failed to find […]
2013 Budget Spending Up 18%
The Iraqi Council of Ministers has approved a draft budget of 138 trillion dinars ($115 billion) for 2013, an 18 percent increase on this year’s spending programme. The figures are based on expected average oil prices of $90 per barrel, and exports of 2.9 million barrels of oil per day, of which 250 thousand bpd […]
Iraq Awards $125m Contract for Najaf Airport
By John Lee. A joint bid by Baghdad-based Fourth Dimension and British company Copperchase has reportedly won a $125m contract to develop and expand Najaf International Airport. According to Zawya, the airport currently handles 20 flights a day servicing Iran, Jordan, Lebanon, Turkey, Kuwait, India and Bahrain; this number can rise to 45 on religious […]
250MW Power Station Opened in Karbala
Deputy Premier for Energy Affairs Hussein al-Shahristani (pictured) has opened a new 250-MW, gas-fired power station in Karbala. Sharistani said that the government is working on electricity generating stations in Babel, Karbala and Anbar provinces, while another 250-MW station will be opened in Hilla in the coming days. Iraq recently announced that it also plans […]
Final Settlement for Kuwaiti Airways Case
By John Lee. The Emir of Kuwait has signed into law the financial settlement reached with Iraq regarding Kuwait Airways. Iraq's Ministry of Foreign Affairs says that law firms in Britain have been told to drop all proceedings against Iraqi Airways and Iraqi properties. Under this settlement, Iraq will pay $500 million as final compensation to […]
DLA Piper Advises on Zubair Free Zone
DLA Piper, the global law firm, has advised on a major deal in Iraq, to create a specialised oil and gas free zone. The firm acted on behalf of Basra International Oil and Gas Hub (BIOGH) on a joint venture agreement with the Iraqi Free Zone Authority, a unit of the Ministry of Finance. The […]
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 […]
Kurdistan "Begins Oil Exports, Defying Baghdad"
By John Lee. Reuters reports that Kurdistan has begun shipping oil to international markets in independent export deals that some see as paving the way to greater Kurdish autonomy. The move is likely to further enrage the central government in Baghdad, but the involvement of two of the world's largest trading houses, Trafigura and Vitol, […]
Min. of Oil Tenders for Joint Nassiriya Oilfield/Refinery Deal
By John Lee. Iraq's Ministry of Oil has announced the launch of the Nassiriya Integrated Project, and invited interested companies to become formally qualified to participate in its development. The project involves the integrated development of the more than 4-billion barrel Nassiriya oil field in Thi-Qar province together with the construction and operation of a […]