Weekly Security Update for 16th September 2010
National Overview The national level of hostile incidents increased in this reporting period from 126 to 140. The number of incidents peaked towards the start of the reporting period but declined as the Eid Festival approached. The number of incidents during 2009 Ramadan was higher than for the same period this year, although the August/September […]
Iraq, The 'Awakening Economic Giant'
The Financial Times ran an article on Wednesday by Farouk Soussa, Citigroup’s Chief Economist for the Middle East. While we're all used to hearing the statistics and projections, Mr Soussa gave us a more engaging metaphor for Iraq's potentially prosperous future: “Beneath the unsettled surface, Iraq is an economic giant, slowly but surely awakening after […]
Belgian Dredger Arrives at Umm Qasr
A Belgian dredger has arrived at Umm Qasr on Wednesday to work on increasing the depth of the shipping channel. The vessel is the 18,620 tonne trailing suction hopper dredger, the 'Francis Beaufort'. It is 142m in length, and has a maximum dredging depth of 71.5m. The report from AKnews says the project was facilitated […]
500 New Power Transformers for Maysan
The Iraqi government has purchased 500 power transformers from its Industry Ministry to upgrade the electricity supply in the Maysan province. “The total cost of the deal is around $4.4 million [5.3 billion Iraqi dinars],” the ministry said in a statement of Wednesday, according to Aswat al-Iraq news agency. It explained that according to the […]
Terms Clarified for Iraqi Gas Contracts
Gas companies bidding to develop three Iraqi gas fields (Mansouriya, Akkas, and Siba) have had the terms of the deal clarified. Reuters reports that the companies will not have to develop export facilities or pipelines, and that the Oil Ministry will pay the companies anyway so long as they have done the required work (even […]
Iraqi Gas Auction to be Delayed?
Iraq is still planning to hold a licensing auction to award three major gas field licences as scheduled on 1st October, but according to Dow Jones, an Iraqi oil official has conceded that a delay is possible. Eleven international companies have paid the participation fees. They are reported to include Italy's Edison (EDN.MI), France's Total […]
National Food Industries Raising Funds
National Food Industries has announced that it will be issuing 100% paid up shares at the price of IQD (1 per share) for those shares purchased and owned prior to the holding of its general assembly meeting. Shareholders trading through Warka Bank are advised to submit their authorization letters to purchase the paid up shares […]
168 Investment Permits, Worth $30m, in August
Iraq's Industry Ministry granted 168 permits for new industrial projects during the month of August. “The total investment value of the projects is around $30.254 million [36 billion Iraqi dinars],” said a press release issued by the ministry on Wednesday, according to Aswat al-Iraq news agency. The projects are related to food, textile, wood, paper, […]
Total CEO Cautious on Halfaya Ramp-Up
Total's Chief Executive, Christophe de Margerie, said on Wednesday that he expected the company's output in Iraq to grow slowly. "We are still in an insecure environment," he said, according to a report from Reuters. "Don't tell me security is there, don't tell me that after the departure of certain soldiers that will create more […]
Petrel's Shares Jump 14%; Focus "Remains Firmly on Iraq"
Shares in Petrel Resources (LSE: PET) were up 14% this morning following the release of its interim results. Chairman John Teeling confirms that "the focus of Petrel remains firmly on Iraq, but the parameters of operating in the country are changing", and reflects in his summary on Petrel's continuing 'Iraqi odyssey': Interim Results for the […]
Tip of the Week: Heritage Oil 'Stands Out from the Crowd'
Leigh Himsworth, Head of UK equities at Gartmore, has tipped Heritage Oil (LSE: HOIL) in UK's Investment Week. Heritage, which operates in Kurdistan and Africa, is singled out because: it has a good record of success; it is well funded in comparison to its peers; and it offers differentiation and diversification from core oil holdings […]
Central Bank Wants to Drop Zeros from Iraqi Dinar?
Various websites are quoting the Governor of Iraq's Central Bank, Mohammed Salih, as saying the he wants to delete three zeros from the Iraqi currency after the formation of the new Iraqi government. In a reported interview with “Alsumaria News”, he said the amount of Iraqi dinars in circulation has increased from 25 billion in […]