IMEIB Achieves $18m Net Profit in 2011
The Iraqi Middle East Investment Bank (IMEIB) has achieved a net profit of Iraqi dinar IQD21.6 billion ($18 million) in 2011, according to a report from Arab News. As at the end of 2011, the total cash in hand and at bank was IQD369.7 billion, compared to IQD 343.9 billion in 2010. The monetary credit […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 23rd February 2012). Please click here to download a table of listed companies and their associated ticker codes. ID1,345 / $1,476, -0.15% (weekly change). The number of weekly traded shares was 5.4 bn and the weekly trading volume was ID8.5bn ($7.2mn). ISX […]
Petrofac Confirms $330m Badra Contract
Following the reports earlier in the week that Petrofac has won a major contract in Iraq, the company has issued the following statement to the markets this morning: Petrofac, the international oil & gas service provider, has been awarded a US$330 million lump-sum engineering, procurement and construction (EPC) contract by Gazprom Neft Badra B.V. ('Gazprom') […]
Iraq Invites Bids for 500-MW Power Plant
Bloomberg reports that Iraq has invited companies to submit bids to build a 500-megawatt electricity plant fuelled by natural gas in the eastern province of Maysan [Missan]. An electricity ministry spokesman, Mussab Serri, told Bloomberg that the contract will be awarded in March. The four turbines that will generate the electricity in the plant will […]
Genel Energy Sets Out Its Plans
In the three months since its creation, the Anglo-Turkish independent, Genel Energy plc, has moved with "remarkable speed to build the foundations of what I believe will become a major regional oil and gas company," its chief executive Tony Hayward said on Thursday. Previewing a presentation he will make to capital markets, Hayward said revenues […]
Iran vs EU: Iraq Plays Go-Between in Oil Export Crisis
Iraq is demonstrating its unique position in the Middle East again, flexing its new diplomatic muscle to resolve an oil exporting crisis between the West, OPEC and Iran, according to this article from NIQASH. But who’s behind these efforts: Iran, the US or Iraq itself? Any opinions expressed are those of the author, and do […]
Genel Energy Presentation
The following pages show some key slides from Genel Energy's presentation on Thursday. You can also click here to read the statement by the chief executive, Tony Hayward.
LUKoil May Start Production at West Qurna-2 in 2014
LUKoil, Russia's largest private oil company, may start production at the giant West Qurna-2 oilfield in early 2014, according to a report from RIA Novosti. "We will launch [production at the oilfield] at the end of 2013 or at the beginning of 2014," company head Vagit Alekperov said on Wednesday. The Russian company will invest […]
Genel Won’t Buy Gulf Keystone or DNO at Current Prices
Tony Hayward, CEO of Genel Energy, said today that the company will not buy Gulf Keystone Petroleum or DNO International because the entry of ExxonMobil into the region has forced up prices, reports Bloomberg. “It’s too expensive for us ... What changed is Exxon coming in. We don’t need any more Kurdistan.” "We are not […]
Saudis Appoint First Envoy to Baghdad in 20 Years
Saudi Arabia has named an ambassador to Baghdad for the first time since Saddam Hussein invaded Kuwait in 1990, Iraqi Foreign Minister Hoshiyar Zebari (pictured) told Reuters on Tuesday. "This is a very positive development," he added. A Saudi Foreign Ministry spokesman said: "We nominated our ambassador in Jordan [Fahd al-Zaid] as ambassador for Iraq […]
Transparency and Integrity Board Launched in Kurdistan
The establishment of a new transparency board to promote integrity and anti-corruption practises in Kurdistan was announced on this week, according to AKnews. The so-called Transparency Development and Impeachment Board will investigate government conduct, identify shortcomings and inform the relative bodies. Husam Barzinji [Hisam Hakim Barzinji], the General director of the Kurdistan Economic Development Organization, […]
Oil Ministry Denies Changing Site for Karbala Refinery
The Iraqi Oil Ministry has denied any changes to Karbala's refinery, as reported by its spokesman. Asim Jihad told Aswat al-Iraq that all agreements on Karbala's refinery site were set with the Transport Ministry, and denied reports that the site had been changed due to its proximity to Al-Furat Airport. Karbala's Energy and Fuel Commission […]