Petrel Shares Rally on "New Start in Iraq"
By John Lee. Shares in Petrel Resources (AIM: PET) have rallied more than 25% since the company issued an update on the Company's position in Iraq. In mid 2012, Petrel appointed a new Baghdad/Amman based team of Iraqi citizens to review the standing of and opportunities for Petrel in Iraq. The first objective was to […]
Multi-Million Deals Expected at Iraq’s Leading Construction Show
“Project Iraq 2012” expected to lay solid foundations for the region’s bustling construction sector For the fifth consecutive year, “Project Iraq” – the International Exhibition for Construction and Environmental Technology, Materials and Equipment – will be held at Erbil International Fair Ground (EIF), bringing together local, regional and international companies and decision-makers in the […]
Iraqi Oil Exports To Triple: Smit Lamnalco Secures Major O&M Contract
Smit Lamnalco has secured the turnkey contract to support Single Point Mooring operations for The Iraq Crude Oil Export Expansion Project (ICOEEP). The scheme, 20 km off the Al Fao Peninsula, looks to triple oil exports from Iraq. The SPM contract covers operations and maintenance of four SPM systems and runs for up to three […]
Kurdistan Takes Next Step Towards Oil Agreement With The Central Government
A new age is dawning over oil in Iraq, as this week sees several important steps made towards agreement between two powerful political centers. Kurdistan, the semi-autonomous territory in Iraq, has agreed to keep exports steady at 140,000bpd and then raise them to 200,000bpd by the end of the year, according to Reuters. We wrote this […]
Ancient Babylon To Be Restored For Tourists
Babylon Province is to receive 100bn dinars ($85m) as it is named Iraq's archaeological and historical capital. Prime Minister Nouri al-Maliki approved the funding for reconstructing historical sites, infrastracture and hotels. Ultimately, the goal is to attract tourists to the region, which hosts the ruins of the ancient city of Babylon, where the Hanging Gardens […]
Baghdad and Erbil Reach Agreement On Oil
The central government of Iraq has agreed to pay the oil companies operating in Kurdistan, the northern, semi-autonomous region of Iraq, and to raise oil production to 200,000 barrels per day. The official Iraqiya TV station announced on Thursday that "A meeting was held between the two Governments to settle the pending issues between both […]
Siemens Wins $129m Contract To Supply Gas Turbines And Generators
Siemens will supply Khormala gas turbine power plant in northern Iraq with four SGT5-2000E gas turbines and four SGen5-100A generators along with the associated auxiliary and ancillary systems. The customer is the KAR Construction and Engineering Company Ltd., which is erecting the Khormala plant for the independent power producer KAR Group headquartered in the city […]
UK Foreign Minister Visits Iraq To Develop Trade
William Hague, the UK Foreign Secretary, has visited Iraq to express his government's interest in building better ties, as he recognizes the security situation has improved. Speaking from Baghdad, he said: “This visit has helped to reaffirm the UK’s long-standing friendship with Iraq and its people and had helped to further develop strong trade and […]
ShaMaran Announces Atrush-2 Well Tests Over 42,200bpd
ShaMaran Petroleum Corp has announced results of the Atrush-2 appraisal well (AT-2) drilled 3.1 kilometres to the east and downdip of the Atrush-1 discovery well in the Kurdistan Region of Iraq. The AT-2 well was spudded on 23rd May 2012 and successfully reached the planned total depth of 1750 meters in 49 days. The well […]
British Business Wins Pharmaceutical Quality Control Contract
Nottingham-based Food and Drug Analytical Services Ltd (FDAS) has won a contract with the Kurdistan Regional Government (KRG) to improve the quality of medicine available in the region. Nechirvan Barzani, prime minister of Kurdistan, the semi-autonomous northern region of Iraq, joined the KRG Ministry of Health to announce the partnership. The agreement comes as part of ongoing […]
Weekly Security Update
Overview This week’s security update will be an abridged version of our regular weekly report. The total number of reported incidents across Iraq for the period 3-9 September 2012 was 119. This is slightly lower higher than last week’s figure of 11, and above the 2012 weekly average. This weeks reporting was dominated by […]
Maliki's Impact on Business
With the passing of a death sentence on vice-president Tariq al-Hashemi at the weekend, many fear that Iraq is too much under the control of Prime Minister Nouri al-Maliki, and that his grip on power is becoming ever stronger. As an editorial in the Guardian put it on Monday, "Maliki's authoritarianism has some way to […]