Oil Search Ltd Suspends Operations in Kurdistan
By John Lee. The Australian-based company Oil Search Limited has reportedly suspended its activities in Iraqi Kurdistan due to an armed attack on the company’s work base in the Nawjul District in Kfri. According to the report from AKnews, the Director of the district, Wahab Ahmed, confirmed the incident and denied that it was linked […]
BMNS Soars as Trading Restarts
By Mark DeWeaver. Original shares of Al Mansour Bank (BMNS) resumed trading on July 1 following the announcement of the bank’s capital increase and dividend plan. All shareholders will receive a 51% bonus share issue along with an IQD 0.068 / share dividend. Qatar National Bank (QNB) is also buying 85 bn new shares at […]
"No Appropriate Time" to Delete Zeros from Iraqi Dinar
By John Lee. MP Abdul Hussein Raisan, of the Ahrar bloc, has said that deleting the three zeros from the Iraqi currency was "inappropriate due to the present economic conditions". Citing a lack of real reforms in the banking sector, he said that the economic situation is not suitable for such a change, according to a […]
Pathfinder Matchmaking Trade Mission to Erbil
Following the success of the Pathfinder Trade Mission to Kurdistan earlier this year, Pathfinder Trade and Invest invites you to join its September high level Trade and Investment Mission to Erbil, Iraqi Kurdistan. The programme will include an important round table discussion with the Erbil Chamber business members, meetings with Government Ministers and Ministries as […]
Political Crisis Cancelled, Provincial Elections Next in Iraq?
By Reidar Visser. The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq […]
India's Reliance Globalcom sets up Iraq Subsea Broadband Link
By John Lee. India's Reliance Globalcom, the underseas cable unit of Reliance Communications, has said it has launched a joint venture with the Iraqi Telecommunications and Post Company (ITPC) that substantially expands the country's broadband and telecommunications links to the outside world. By activating the Al-Faw Cable Landing Station (CLS), the venture will connect Iraq […]
Iran Discovers More Oil on Iraqi Border
By John Lee. Bloomberg reports that Iran has discovered crude reserves near its western Yadavaran oil field along the border with Iraq. Iran's Oil Minister, Rostam Qasemi (pictured), said the discovery of the deposits will add as much as 6 billion barrels to Iran's recoverable reserves. The Yadavaran field, which the country shares with Iraq, […]
Sonoro Update on Iraqi Progress
Sonoro Energy recently announced the following operational and corporate updates. Drilling Rig As previously announced on June 12, 2012, Sonoro and its partners entered into an agreement to establish a joint venture company ("JV Co") and purchase a 750 HP drilling rig, subject to certain conditions including a final satisfactory rig inspection. JV Co has […]
Video: Is Iraq a Failing State?
By John Lee. "Is Iraq a failing state, or has it already failed", asks Peter Lavelle on Russia Today's Crosstalk programme. Discussing the question are Robert Maginnis, Douglas Ollivant and John Glaser.
British Consul General Bids Farewell to Kurdistan Region
By Chris Bowers, British Consul General in Erbil. This article was originally published by Rudaw, and is re-published with permission by Iraq Business News. All good things have to come to an end. After one season short of two years, dear reader, I will be returning to London to spend more time with my family. […]
Basra Oil to be Exported via Turkey?
By John Lee. Turkey's Energy Minister, Taner Yildiz, said the ministry has started technical work with Iraq's central government on shipping crude oil from Basra, in southern Iraq, via the Kirkuk-Ceyhan pipeline to Turkey's Mediterranean coast, according to Reuters. The announcement came days after the KRG said it might sell natural gas directly to Turkey […]
Iraq Watchdog to Fine Zain for Failing to List
By John Lee. Following its recent fine on mobile phone operators Asiacell and Korek, Iraq's communications regulator is to fine Zain Iraq $12,864 a day since September of last year for failing to list on the country's stock exchange, according to Reuters. The three companies are required to list on the local stock exchange as […]