Heritage Oil Down 4% Following Final Results
Shares in Heritage Oil Plc (LSE: HOIL) fell 4% this morning following the announcement of its results for the twelve months ended 31 December 2010. All figures are in US dollars unless otherwise stated. 2010 Operational Highlights · Discovered the largest gas field in Iraq in the last 30 years · Highly productive Jurassic reservoir […]
Heritage Oil Updates on Miran Block
Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, has provided an update on the work programme and development options for the Miran Block in the Kurdistan Region of Iraq ("Kurdistan"). Highlights · Rig secured to commence a multi-well exploration and appraisal drilling campaign on the Miran Block · Miran West-3 well […]
DNO's New Statement of Oil Reserves
DNO has today presented its Annual Statement of Reserves ("ASR") as of 31.12.2010. The total remaining P50 reserves for DNO as of 31.12.2010 are estimated at 194.2 million barrels of oil equivalents, on a working interest (WI) basis, which represent the commercial reserves, class 1-3, under Norwegian Petroleum Directorate classification. This is an increase of 30% […]
Zain Links Iraq to Jordan via Fiber-optic Cable
Dr. Abdulmalek Al-Jaber, CEO of Zain Jordan, part of Kuwait's Zain Group, has announced the full hook-up of its network to neighbouring Iraq via an optical fibre cable, Kuna has reported. The Jordanian network has been linked to the Iraqi network using an optical fiber cable that continues to Baghdad, he said. "The hook-up enables […]
Kuwait May Attempt to Seize Iraqi Assets
Kuwait Airways will seek compensation from Iraq for having allegedly stolen its aviation equipment and 10 aircrafts worth $1.2 billion during the first Gulf war, according to a report from Al-Arabiya. A lawyer from the Airline is quoted as telling Iraq Oil Report that the company will seek to enforce a 2006 English Supreme Court […]
Iraq Keen on Czech Business
Iraq is interested in Czech investments in agriculture, water management and energy industry, parliamentary speaker Osama Al Najafi [al-Nujaifi] (pictured) said on Friday after a meeting with the Czech Senate chairman Milan Stech. According to the report from Prague Daily Monitor, he said the investments will be boosted by an investment protection agreement to be […]
National Railway Company Reports March Revenue
The Iraqi Railway Company [Iraqi National Rail Company] has announced that its revenues for March totalled $1.4 million [1.7 billion Iraqi dinars], according to a report from AKnews. The company’s assistant general manager, Salam Jaber Salloum, told the agency that proceeds from the transfer of freight reached $310,000 with the remaining revenues coming from the […]
Adulterated Tea Seized by Iraqi Customs
The Customs Directorate of the Iraqi Finance Ministry announced that 11 vehicles were seized carrying 200 tons of tea mixed with wood shavings and sticks imported by an Iraqi trader through the Traibil [Tirbil, Tarbiel] border crossing (pictured). The Director-General of the Customs Directorate Nawfal Khalil told AKnews that the Directorate has opened an investigation […]
Lanco Infratech Lowest Bid for Anbar Power Plant
Six companies, including the world’s biggest power-grid supplier, ABB Ltd, have been selected to bid to develop a power plant in western Iraq, according to a report from Bloomberg. Lanco Infratech Ltd. (LANCI) of India, Techint Group of Italy, Hyundai Engineering & Construction Co. from Korea, as well as Turkish and Iraqi companies were preselected […]
Turkish Airlines Now Flies to Erbil
Several Kurdistan Regional Government ministers joined Turkey’s Minister of Finance Mehmet Şimşek and other officials at a ceremony to celebrate Turkish Airlines’ first flight into Erbil International Airport today. Turkish Airlines’ first flight from Istanbul to the Kurdistan Region’s capital of Erbil arrived at 11.40 this morning, carrying more than 40 businessmen who were the […]
Sunni Endowment to Build 100,000 Houses
The Sunni Endowment, during its 1st investment conference, offered opportunities on Saturday to build 100,000 housing units all over Iraqi provinces, on lands it owns, within a three-year period, according to a report from Aswat al-Iraq. “The Endowment has already obtained a go-ahead from the Iraqi National Investment Commission (NIC) to build these units as […]
Busy Trade Fair Schedule in Kurdistan
The Kurdistan Region is once again preparing to host more than ten trade shows this year. Now firmly established as the centre for Iraq’s largest trade exhibitions, the fairs provide a meeting point for international companies, local firms and government officials from all parts of Iraq. The trade fairs are held in dedicated exhibition spaces. […]