Dana Gas Announces 180% Increase in Net Profit
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, and which has operations in Kurdistan's Khor Mor, has announced its financial results for the quarter ended 31st March 2011, with a Net Profit after tax of AED 92 million, a 180% increase compared to the first quarter of 2010, and a […]
How the Iraqi Govt Can Help Iraqi Growers
By Ronald P Verdonk, Agricultural Counselor at the U.S. Embassy in Baghdad. In my last piece I made mention of a sizable irrigation equipment purchase by Iraq’s Ministry of Agriculture and underscored the role the private sector needs to play to contribute to the revitalization of the agricultural sector. In this edition of the blog, […]
Four Oil Wells Drilled at Halfaya
The consortium of Chinese, Malaysian and French companies working on the Halfaya oil field, 35 km east of Amara, in Maysan [Missan] province, have completed drilling four oil wells. Ali Altarfi, the media department of Missan Oil Company, told Aswat al-Iraq that, "the plan is to drill 300 wells in this gigantic oil field within […]
Parliament Approves Three Vice-Presidents
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. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
New Conference on Mining Opportunities in Iraq
Iraq Mining 2011, a new international exhibition, conference and trade fair for the mining, mineral and material industries in Iraq, will be held from 7th to 8th September in the Royal Garden Hotel in London. THE AIM To facilitate constructive dialogue and exchanges between all the key players for rebuilding world-class mining, mineral and material […]
Acquirers unlikely to overpay for Iraqi banks
May 12 was the last day of trading for Mosul Bank (BMFI) ahead of its proposed merger with Union Bank (BUOI). The stock closed up 7% bringing its year-to-date gain to 29%. BUOI ended the day unchanged and is up only 12% year-to-date. While the deal is being described as a merger, it would in […]
SNC Lavalin Wins $13.5m Iraq Contract
Reuters reports that Iraq has signed a consultancy contract valued at around $13.5 million with Canada's SNC Lavalin Group (SNC.TO) for a strategic oil pipeline project. "Today we have signed a contract with an international consultancy company to execute an important and vital project, which is an oil export facility," Oil Minister Abdul-Kareem Luaibi said […]
Anti-Corruption Measure Sparks Constitutional Confusion in Iraq
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. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
British Companies Considering Iraq
UK major companies and businesspeople are seeking to develop business cooperation with their Jordanian and Iraqi counterparts, an official from the British embassy in Amman said on Monday, according to a report from AKnews. Steven Anderson, head of trade and investment section at the UK embassy in Amman, pointed out that representatives of 15 companies […]
Loans up to $83,000 for Kurdistan's Farmers
The KRG's Ministry of Agriculture has said that any farmer can get an agricultural loan of up to 100 million Iraqi dinars [$83,000] from the Government. The agriculture minister said that the Kurdistan Regional Government has allocated 100 billion Iraqi dinars from the budget for the current year, in order to enable farmers to borrow […]
Iraq Lags on Oil Metering
An audit of Iraq's oil revenue management and accounting system found the plan to fully install and calibrate a full crude oil and products metering system by 2012 is only 39% complete, according to a report from Platts. US auditing firm PricewaterhouseCoopers, the UN mandated International Advisory and Monitoring Board, and Iraq's Committee of Financial […]
Shares in Petrel Jump on Iraq Update
Shares in Petrel Resources (AIM:PET) jumped 11% this morning following the company's update on its operations in Iraq. The board announced that Petrel has received the final US$2.5m payment due in relation to the Engineering, Procurement and Supervision of Services (EPC) contract on the Subba and Luhais oil field development. The company retains a 10% […]