Trade Bank of Iraq recovers $400m
The Iraqi state-run Trade Bank of Iraq (TBI) has recovered around $400 million of a $900 million default on loans handed out with little or no security by the previous management, the bank's new chief has said. Former TBI president Hussein al-Uzri fled Iraq in early June after Prime Minister Nuri al-Maliki ordered a judicial […]
Shell Pulls Out of Oil Talks with KRG
The Financial Times reports on Thursday that Shell has pulled out of oil-development talks with the Kurdistan Regional Government (KRG) in an effort to protect lucrative investments in southern Iraq,. The newspaper cited people familiar with the discussions as saying Baghdad is seeking to impose a de facto ban on companies operating in Kurdistan. Following […]
Iraq to Act Against ExxonMobil over KRG Contract
In the continuing row over ExxonMobil's contract with the Kurdistan Regional Government, Baghdad has called the deal a violation of the law. Reuters reports that Iraq's government said it would move to end a major contract with ExxonMobil, apparently referring to the company's multi-billion dollar contract with Iraq's oil ministry to develop the 8.7 billion […]
Iraq Approves $540m Electricity Deal with Alstom
AFP reports that the Iraqi cabinet has approved a $540 million contract for French firm Alstom to build a 182.4 megawatt gas power plant in central Iraq. Ggovernment spokesman Ali al-Dabbagh said in a statement that the plant, which should be up and running 18 months after the signature of the contract, is to be […]
Exxon Moving into Seriously Disputed Territory
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. […]
Afren Presentation to Oil & Gas Conference
Afren plc Chief Operating Officer, Shahid Ullah, delivered the following presentation at the Kurdistan-Iraq Oil & Gas Conference in Erbil. The topic of his address was Growth Opportunities for the Oil & Gas Industry; Projects Potential. Please click on the following pages to see the presentation.
Boeing Iraq Contract
Iraq's transport minister, Hadi al-Amiri, said in an interview with Al Sumaria News that his ministry "has contracted with Boeing to buy 45 aircraft." The planes are to be delivered between 2013 and 2020. (Source: Al Sumaria News)
Weekly Security Update for 17th November 2011
Last week saw a notable decline in attacks in Iraq, but incidents have worsened once again over the past three days. Activity was concentrated in the central provinces, although Baghdad itself remained unusually quiet until Sunday. Conditions now appear to be returning to an unfortunate level of normality. Roadside bombings are currently the most commonly […]
New Deals and a Better Future for Iraq
The past week has seen two of the biggest oil stories in recent times in Iraq -- the approval by the Iraqi cabinet of the $17 billion project with Shell and Mitsubishi to capture gas from Iraq's main southern oilfields, and the confirmation that the KRG has signed an exploration agreement with the giant ExxonMobil. […]
Iraq to Compete with Russia and Iran in Natural Gas Market
Iraq is expected to compete with both Iran and Russia in the natural gas market in Turkey and Europe, thanks to its geographic location and prices, according to a report from Al Sumaria TV. A marketing expert on the sidelines of the Kurdistan Oil & Gas conference told the agency: “The European Union has real […]
Heritage Oil Updates on Miran West
As part of its interim management statement, Heritage Oil plc has issued an update on its operations in Iraqi Kurdistan. : Heritage successfully completed testing of the Upper Cretaceous reservoir in the Miran West-3 well after drilling to a depth of 876 metres. During testing the maximum measured rate achieved from this reservoir section was […]
Afren Updates on Kurdistan Operations; Shares Rise
As part of its interim management statement, Afren plc has issued an update on its operations in Iraqi Kurdistan. The shares are up 11% since the statement: On 2nd November, the Company announced completion of the acquisition of a 60% operated interested interest in the Barda Rash PSC and 20% non-operated interest in the Ain […]