Iraq Hopes to Fix Turkey Pipeline by Thursday
Iraq's Oil Ministry hopes to resume supply through the Kirkuk-Ceyhan pipeline by Thursday, after a rupture halted the flow of crude, a spokesman said on Sunday. Pumping was halted early on Saturday; the cause of the rupture was not immediately clear but an official at Iraq's North Oil Co said on Sunday that it was […]
Iraq Investors Wary but Optimistic
A survey of more than 300 senior executives by the Economist Intelligence Unit (EIU) found that foreign investors are still put off by violence in Iraq, but most companies believe the security situation will improve, despite the withdrawal of international troops. The EIU surveyed 367 senior executives from 52 countries about their perceptions of investment […]
Zain Iraq to Start Ops in Kurdistan
The Iraqi unit of Kuwait telecoms firm Zain (ZAIN.KW) will start operating in Iraqi Kurdistan in January and expects to boost its subscriber base by up to two million in 2011, its chief executive said on Sunday, in an interview with Reuters. Emad Makiya, the new CEO of Zain Iraq, said Zain group, the Gulf […]
Basra Sheraton to be Re-Opened
The Basra Sheraton hotel, which has been undergoing renovation for the past six months, will be opened in the middle of September. “The refurbishment project has been executed by a local firm at a total cost of $55 million [66 billion Iraqi dinars],” a local media source told Aswat al-Iraq news agency. He noted that […]
150 Power Transformers Arrive in Maysan
Around 150 electricity transformers have arrived on Saturday in Maysan [Missan] as part of an Iraqi government’s grant to the province. “The grant totals at $100 million [120 billion Iraqi dinars],” a local media source told Aswat al-Iraq news agency. He explained that the new transformers will be installed within the coming days. “The new […]
Dhi Qar to Build Civil Airport
The technical assistant of head of Dhi Qar provincial council, Abdul Hussein Hajar, revealed that the Defense Ministry approved the allocation of part of Al Imam Ali air base to build a civil airport, subject to the approval of the Transport Ministry. The airport construction requires further legal and technical investigations in order to be […]
Halliburton's $150m Majnoon Deal
Further to our report last week Halliburton has confirmed that it has been awarded a letter of intent by Shell Iraq Petroleum Development B.V. for the development of the Majnoon field in Southern Iraq. Dow Jones suggests the contract for the 15 wells could be worth $150m. The giant Majnoon field is one of the […]
Kurdistan Seeks Oil Revenues of $25 Billion
Minister of Natural Resources in the Kurdistan Regional Government, Ashti Hawrami, announced on Thursday that his ministry seeks to increase the daily oil production in the region to 3-4 million barrels in the next four years, noting that revenues will increase during this period to $25 billion [30 trillion Iraqi dinars]. “The region has 45 […]
$42m Fine For Security Company
Xe Services, the private security company formerly known as Blackwater Worldwide, has reached an agreement with the State Department for the company to pay $42 million in fines for hundreds of violations of United States export control regulations, according to a report in the New York Times. But by paying fines rather than facing criminal […]
More Details on Petrofac Contract
More details are coming to light regarding Petrofac's new contract in Iraq, about which we reported last week. Dow Jones reports that the two crude-oil processing plants will be at Iraq's super giant Majnoon oil field, which is run by Iraq's state-run South Oil Co., Royal Dutch Shell PLC (RDSA) and Malaysia's state-run Petronas, and […]
Italians Win Giant Ports Contract
A group of Italian firms will provide advisory services to the project of the al-Faw Big Port [Grand Faw] in Basra province, southern Iraq, according to a contract with the Iraqi Transportation Ministry. The ministry reported the event in a statement on Sunday as received by Aswat al-Iraq news agency, explaining that the project will […]
Oil Companies in Iraq too Ambitious
An Iraqi oil industry veteran, Dr Thamir Al Uqaili, says there is a general belief that the production plateau targets (PPTs) of the international oil companies who have won contracts in Iraq are too ambitious and that export will face a marketing problem. The exploration of Iraq’s rich oil and gas fields will be under […]