Dinar Woes: Iraqi Currency Traders Break Sanctions
In Iraq, where barely anyone has a bank account, the trade in foreign currencies is largely unlicensed. Now money traders are smuggling US dollars to sanctioned Syria and Iran. And the Iraqi govt may well be using the situation for its own political ends too, according to this report from NIQASH. The Iraqi dinar is […]
Iraqiyya, the Kurds & Disputed Territories in Iraq
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 Business News. […]
Dunia Weekly Iraq Market Tracker
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
DNO Shares Rise on Record Results
Shares in DNO International, the Norwegian oil and gas company with operations in Iraqi Kurdistan, were up 8% in early trading on Monday following the release of record results for the first quarter of 2012. Operating revenues were NOK 712 million up from NOK 281 million in the first quarter of 2011. Net profit climbed […]
Iraq to Increase Crude Exports for 2nd Half May
Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 20 percent in the second half of May, compared to a month earlier. According to the loading program, Iraq will ship 26 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), seven more than a month earlier. Exports will […]
UAE's Construction Tech Wins $47m Deals in Iraq
Construction Tech, part of the UAE-based Tech Group, has won two significant deals in Iraq totaling over $47 million, according to a report from Trade Arabia. The bigger of the contracts is a $45 million deal to revamp the Central Bank of Iraq, while there is also a $2.15 million agreement with Shell to support […]
Iraqi-American Sentenced for Illegal Currency Transactions
A well-known businessman and cultural leader from Columbia, Missouri, has been sentenced to three years in federal prison for illegally siphoning more than $200,000 to Iraq during sanctions between 1991 and 2003. Shakir Hamoodi, an Iraqi-American store owner and former nuclear scientist with the University of Missouri, pleaded guilty in December 2009 to violating federal sanctions […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd May 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,279 / $1.394, (-0.6%) (weekly change). The number of week traded shares was 4.1bn and the weekly trading volume was ID8.9bn ($7.5mn). ISX Company […]
ShaMaran Posts Loss In First Quarter
ShaMaran Petroleum has announced its financial and operating results for the three months ended March 31, 2012: Highlights The Appraisal Work Program and Budget on the Atrush Block has been approved by the KRG. The Program consists of 3D seismic and a number of appraisal wells and studies. 3D seismic acquisition on the Atrush Block […]
Shell’s Majnoon Deal Highlights Iraqs Oil Target
Shell is in negotiations with the Oil Ministry over the final development of Iraq’s Majnoon field, a lower more realistic production target is seen as an integral part of the discussions. The Majnoon oilfield is one of four giant fields which are seen as integral to Iraqs ambition to more than double its oil output […]
Genel Energy Interim Management Statement
The Kurdistan Regional Government (KRG) instructed all contractors who are operating currently in the Kurdistan region to halt the export of crude oil. Due to this the portion of crude oil produced by the company’s two producing fields, Taq Taq and Tawke, which were destined for export via the Iraqi national pipeline has been halted. […]
Heritage Oil Update on Miran West-3 Exploration Well
Heritage Oil has successfully drilled and tested the Miran West-3 well. The well is situated in the Kurdistan region of Iraq, drilling has been taking place since August 2011, ir has successfully reached a total depth of 3,528 metres after encountering the primary gas bearing reservoir interval in the Jurassic. Testing of the main Jurassic […]