Major New Guide to Business in Iraq
This morning saw the launch of a major new guide to business in Iraq: Entitled "The New Iraq: 2012 Discovering Business", it was launched simultaneously in Dubai and at the "Iraq: Untapped Opportunities" conference in London. Published by Allurentis, in association with UK Trade & Investment (UKTI), the guide containes a wealth of case studies, […]
Shell to Replace Exxon at West Qurna 1?
According to Dow Jones, the Iraqi oil ministry could ask Shell to develop Iraq's supergiant West Qurna Phase 1 oil field in southern Iraq, if the government decides to terminate ExxonMobil's contract after it signed a deal to explore for oil in Iraqi Kurdistan. "We have many options," said Abdul Mahdy al-Ameedi, head of the […]
32 Firms Buy Info-Packs for 4th Energy Round
Thirty-two international companies, including oil majors, have so far bought data packs for Iraq's 4th energy bidding round, according to Dow Jones. The Iraqi oil ministry has qualified 46 international companies to take part in the bid round, scheduled for March 7, in which 12 exploration blocks will be auctioned. The purchase of the data […]
WesternZagros Issues 3Q Results
WesternZagros Resources has issued its results for the periods ended September 30, 2011, key highlights, and activities to date. In September 2011, WesternZagros received approval from the Ministry of Natural Resources of the Kurdistan Regional Government to start an extended well test at Sarqala. First oil production from Sarqala-1 was achieved on October 18, 2011, […]
ShaMaran Issues 3Q Results
ShaMaran Petroleum has announced its financial and operating results for the three and nine months ended September 30, 2011. Highlights A major oil discovery in the Atrush Block was announced by the Company on April 13, 2011. The Atrush 1 well flowed at rates totalling over 6,393 bopd of 26.5 API oil from three tests […]
Gulf Keystone Updates on Shaikan block
Gulf Keystone provided an update on Monday on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis with a mean value […]
United Arab Shipping Co Considers Debut Bond
Reuters reports that the United Arab Shipping Company (UASC), which is jointly owned by a group of Gulf Arab states and Iraq, has picked banks for investor meetings in advance of a possible bond issue. Deutsche Bank, Mitsubishi UFJ and UBS will arrange meetings for the company. Roadshows will begin in Singapore on Thursday, and […]
KRG "Giving Out Land to Phantom Investors"
To encourage investment in Iraqi Kurdistan, state authorities are able to gift land to important projects. However the process is plagued by corruption and injustice and has resulted in empty plots, unfinished projects and some undeservedly wealthy locals, according to this article from Niqash. Any opinions expressed are those of the author and interviewee, and […]
Time to Keep your Head Down in Iraq
By Gavin Jones, Director of Iraq Business News, and Partner at consultancy firm Upper Quartile. This article was originally published on the Emerging Economics blog. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Last week hundreds of people were arrested all over Iraq in […]
Iraq Stock Market Report
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd November 2011). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,326 / $1,471, -6.7%. The number of weekly traded shares was 2.7bn and the weekly trading volume was ID161.0bn ($137.6mn). […]
"SME and Microfinance in Iraq not well developed"
By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy www.ideas-sYnergy.net, a local multiple bottom line advisory enterprise, driving innovation for social impact. According to the recently released World Bank Report The Republic of Iraq: Financial Sector Review, “SME and microfinance is not well developed in Iraq”. Over 85% of lending to Iraq SMEs […]
Iraq Courts Chinese Interest in Major Road Project
Construction Week Online reports that Iraq’s Minister for Construction and Housing, Mohammad Sahib Al Darraji [Muhammad Sahib al-Daraji], is in discussions with Chinese companies regarding the construction of the road linking Baghdad with Zakho on the Turkish border, known as Highway No. 2. Al Darraji spoke with specialist firms during a visit to Beijing and […]