HSBC Analysts Review Iraqi Oil Valuations
Analysts at HSBC have reviewed on Monday the prospects for companies operating in the Iraqi oil sector, and issued new price targets: Afren: reduces its discounted-cash-flow-(DCF)-based target price to 175p from 179p, and maintains an overweight rating; Dana Gas: maintains an overweight rating and a sum-of-the-parts-(SOTP)-based target of AED 0.64; Genel Energy: initiates coverage with […]
Gulf Keystone Shares Slump on Kurdistan Worries
More than £1 billion ($1.6 billion) was wiped off the value of Gulf Keystone Petroleum (GKP) during trading on Tuesday, as its share price fell by one third to 228.5p. Some of those losses have been recovered on Tuesday afternoon and Wednesday morning, with the shares currently changing hands at 275p. The falls were attrributed […]
Exxon to Decide Iraq Strategy in Days
ExxonMobil has reportedly asked the Iraqi central government to give it a few more days to decide whether or not it will cancel an exploration deal with the Kurdistan Regional Government (KRG). Baghdad has asked the U.S. giant to choose between the KRG deal and the existing contract with central-government to develop the 370,000 barrels-a-day […]
Iraqi Oil Official Flees after Accusation of Corruption
A departmental head at Iraq's South Oil Company (SOC) has reportedly fled the country after being accused of accepting bribes from a subsidiary of Australia's Leighton Holdings to help it secure contracts in southern Iraq. Uday Awad, a member of the Iraqi parliament's oil and energy committee, told The Australian that the head of the […]
Iraq to Nominate Thamar Ghadban to Lead OPEC
Iraq is expected to challenge the Saudi contender for the post of Secretary General of Organisation of Petroleum Exporting Countries (OPEC), according to a report from Middle East Oil & Gas. An Iraqi official told the Gulf Times: “Iraq is working to nominate Thamer Ghadban for this position”. Ghadban is currently the top energy adviser […]
Metito Awarded Multi-million Dollar Contract in Iraq
Cementing its position as the leading provider of total, intelligent water management solutions in emerging markets, Metito announces its latest project in Iraq worth more than $9m. "Iraq is striving to improve infrastructure across the whole country which will create interesting opportunities for the water sector", insisted Mustafa Hasan, General Manager of Metito Jordan, Iraq […]
Middle East Association on 10th Mission to Kurdistan
A leading British trade association last week visited the Kurdistan Region for the 10th time, helping to cement Kurdistan’s commercial ties with the UK. The 26-strong Middle East Association (MEA) trade mission met universities, government ministers and officials, and business organisations. Mr David Lloyd, the mission leader and Senior Consultant to the MEA, said, “This […]
The Budget Aftermath: Another Quasi-Decision in the Iraqi Parliament
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. […]
US Embassy Warns of Travel Restrictions during Baghdad Summit
The U.S. Embassy wishes to inform U.S. citizens living and working in Iraq that the Government of Iraq will host the Arab League Summit in Baghdad March 27-29, 2012. During this period, the Government of Iraq may take extraordinary security precautions which could have a significant impact on travel throughout Baghdad. The Embassy recommends that […]
Kurdistan Oil Shares Lower on Miran West-3 Update
Shares in Heritage Oil have fallen more than 10% in the past two days following its announcement that drilling at Miran West-3 in Iraqi Kurdistan in taking longer than expected. The company owns 75% of the block, with Genel Energy owning 25%. Shares in Genel have shed 14% since Friday's close. CEO Tony Hayward commented: […]
Tutor Perini wins $55m Contract for Blast Protection
Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, has announced that its subsidiary, Perini Management Services, Inc. (PMSI), has been awarded a task order valued at $55 million by the U.S. Army Corps of Engineers (USACE) Middle East District. The task order was competitively bid under the multi-year USACE MATOC program […]
FDC Launches Service Center in Iraq
FDC, one of the largest Value Added Distributors (VADs) of IT products in the Middle East, has officially opened its first service center in Iraq. The launch of such a service center in Iraq has been much anticipated. Customers can now invest in their IT components and laptops with the peace of mind that the […]