Waterford Increases Stake in Gulfsands
Gulfsands Petroleum (LSE: GPX) announced after the close of trading on Monday that Waterford Finance & Investment Limited had increased its stake in the company to 15%. The shares closed up 2.1% at 167.37p
GKP Jumps on Takeover Rumours
Shares in Gulf Keystone Petroleum (JKP) jumped on Monday following yesterday's report that U.S. oil major ExxonMobil was considering a takeover bid at five times the company's closing share price on Friday. The shares were up as much as 34% in early trading on Monday, but had given up half those gains by mid-afternoon. Reuters […]
Parliament on Holiday again after Kurdish Abstentions
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. […]
Harris CapRock Contract with Nabors in Iraq
Harris CapRock Communications, a global provider of fully managed communications for remote and harsh environments, has signed a two-year contract to provide Nabors Industries with satellite communications for multiple land rigs and a base office in Iraq. Harris CapRock’s Very Small Aperture Terminal (VSAT) services will provide Nabors personnel working on remote Iraq land drilling […]
Farab of Iran Wins Sadr City Power Project
Reuters reports that the Iraqi Ministry of Electricity has signed a contract valued at a total of $69.8 million with the Iranian Farab Company. The deal is to double the generation capacity of the gas-fired power plant in Sadr City in Baghdad. According the contract, production should reach 640 megawatts within 12 months. (Source: Reuters)
Fake Dinar Gang Busted
Security forces in Sulaimaniyah City have detained two people on charges of forging Iraqi money, reports AKnews. The two men were arrested by the security forces with fake money and arms in their possession, after another man who had been detained the previous day on similar charges admitted the charges and identified the other two. The […]
Etihad Airways Becomes Biggest Shareholder in airberlin
Etihad Airways, the national airline of the United Arab Emirates, has agreed to increase its stake in airberlin, Europe’s sixth largest airline, to 29.21 per cent, becoming airberlin’s largest single shareholder. The strategic move, announced today in Berlin by Etihad Airways Chief Executive Officer James Hogan and airberlin CEO Hartmut Mehdorn, connects the airlines’ extensive […]
Exxon to Pounce on Gulf Keystone?
ExxonMobil is reportedly considering an $11 billion takeover of Kurdistan-focused explorer Gulf Keystone Petroleum. Reuters, citing the Independent on Sunday newspaper, said that Exxon is considering making an estimated 800 pence per share bid for the British company, which has made huge oil finds Iraqi Kurdistan. Neither company could be reached for comment by Reuters […]
ShaMaran Finishes Testing at Pulkhana-9
ShaMaran Petroleum has issued an operational update on the Pulkhana-9ST2 geological sidetrack: The Pulkhana-9 original hole reached a Total Depth ("TD") of 2333 meters in the Cretaceous Balambo formation. A comprehensive testing program of six well tests (“DST”) recovered oil from four separate reservoir intervals, including two new reservoirs that predrilling had not been recognised […]
Sweden Enhances Presence in Iraqi Kurdistan
In an effort to enhance cooperation and trade relations with the Kurdistan Region, the Swedish Minister of Health and Social Affairs, Mr Göran Hägglund, visited the region with a business delegation this week. During his visit, Sweden announced that it will upgrade its diplomatic presence from an honorary consulate to an Embassy Office. The visit […]
Iraq Stock Market Report
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th December 2011). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,500 / $1,664, +2.6%. The number of weekly traded shares was 11.5 bn and the weekly trading volume was ID30.4bn […]
Iraqi Inflation Reported at 5%
The Statistics Department of Iraq's Ministry of Planning reported on Sunday that that prices rose by 5% for the period November 2010 to November 2011, according to Aswat al-Iraq. Monthly inflation was "increased by 0.1%". The report concentrated on the commodities and services for consumption, including foodstuffs, beverages, clothes, shoes, housing, fuels (benzene, gasoline), household […]