GKP Shares Up 10% on Shaikan-4 Well Test
Shaikan-4 Well Test Achieves 24,000 bpd Gulf Keystone Petroleum (GKP) has completed the testing programme for the Shaikan-4 deep appraisal well, drilled 6 km to the west of the Shaikan-1 discovery well in the Kurdistan Region of Iraq. The extensive well testing programme commenced in December 2011 after Shaikan-4 had drilled to a total depth […]
New Oil Discovery in Iraqi Kurdistan
Iraqi Kurds say they have struck a new oil find at the disputed district of Shaikhan, north of the city of Mosul. According to the report from Azzaman, the discovery of reserves of up to 917 million barrels in an area close to Mosul, the capital Nineveh, is certain to fuel tension between Iraqi Kurds […]
Iraq’s Banking Changes could Unleash Economic Potential
By Sherif Salem, of Invest AD. Iraq’s banks are quietly on the move, and the consequences for the economy could be powerful and far-reaching. The country has 49 banks, and although lending has increased in the last couple of years, the loan-to-deposit rate still stands at only 44%, compared to around 80-90% for other banks […]
Genel Energy Announces New Non-Exec Director
Genel Energy, the London listed E&P company and largest independent oil producer in the Kurdistan Region of Iraq, announced on Friday that it has appointed Chakib Sbiti as an independent non-executive director with immediate effect. He will also become a member of the Political Risk and HSSE Committees of the Genel Energy Board. Mr Sbiti […]
Iranian Carmaker to Build Factory in Iraq
Iranian carmaker Saipa is to build a car assembly plant in Iraq. The factory will have capacity to output as many as 120,000 cars per year if operated around the clock. Iran has developed its domestic car industry for five decades and produced 1.6 million vehicles last year, about half of them made by Iran […]
Etihad Commences Flights Between Abu Dhabi and Basra
Etihad Airways, the national airline of the United Arab Emirates, this week launched its inaugural flight from Abu Dhabi to Basra in southern Iraq. Flight EY553 took off from Abu Dhabi airport at 9.45am and landed on schedule at Basra International Airport at 10.50am. The new Airbus A320 service, with 16 Pearl Business class seats […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th April 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,281 (-0.4%) / $1,397, (-0.9%) (weekly change). The number of week traded shares was 7.1 bn and the weekly trading volume was ID11.3bn ($9.5mn). […]
Exxon Dropped from 4th Energy Round; Full List Published
Exxon Mobil is conspicuously absent from the finalized list of 47 pre-qualified bidders for the Iraq's fourth round of energy exploration rights. The Petroleum Contracts and Licensing Directorate (PCLD) at the Ministry of Oil has confirmed that the auction will take place as scheduled on May 30-31. The full list of pre-qualified companies is shown […]
Iraq Seeks Refinery Investors
Iraq's Deputy Oil Minister, Ahmed al-Shamma, said the country wants to gradually privatise its oil refineries and to attract investment in new plants. "We would like to see the private sector increase its role ... You shouldn't have the ministry of trade buying and selling commodities; it's out of date .., We are looking to complete […]
Alstom Signs 50m Euro Iraq Power Contract
French engineering group Alstom signed a 50 million euros contract to rehabilitate a gas-fired power station in Iraq, reports Reuters. Alstom will work on two units of the Khor Al Zubair station in the southern city of Basra, adding 60 MW to the power supply. The first unit will be reconnected later this year and […]
Swedish Transport Academy Inaugurated in Erbil
The Swedish Transport Academy, officially inaugurated this week in Erbil, will help Iraq’s unemployed and young people acquire the new industrial skills critical for the reconstruction and recovery of the country`s economy. The Academy, which will supply much-needed skilled mechanics to the Iraqi sectors of logistics, manufacturing, and industrial maintenance of heavy machinery such as […]
IMF Forecasts Accelerating Growth for Iraqi Economy
The International Monetary Fund (IMF), in its latest World Economic Outlook, makes the following forecasts for Iraq: The report sees strong growth continuing, with a figure of 8.8% projected for 2017.