Halliburton Wins Exxon Contract in Iraq
Halliburton (NYSE: HAL) has been awarded a wellwork integrated services contract by ExxonMobil Iraq Ltd. for refurbishment of wells in the West Qurna (Phase 1) field in southern Iraq. Halliburton will provide on-site logistics and technical support for both rigless and rig-assisted workovers. Other services provided by Halliburton include provision of a workover rig, coiled […]
KCA Deutag Starts Drilling in Iraq
KCA DEUTAG, the international drilling and engineering contractor, announced that it has commenced operations in Iraq, with the deployment of one rig in the north of the country and a second being mobilised shortly. KCA DEUTAG established its presence in the country with its first rig, now operating in Northern Iraq. The company’s second Iraqi […]
Kurdistan "New Hotbed for M&A Activity"
The recent declaration by Hunt Oil CEO Ray Hunt that his company was willing to work with partners in Iraq to develop its oil and gas assets in Kurdistan underlines the Region’s position as a likely new hotbed for M&A activity, according to a report from mergermarket.com. Hunt’s comments about oil and gas sector partnerships […]
Russia Eyes Deals in Iraq
Reuters reports that Russia is talking directly with Iraq's oil-rich Kurdistan region about investment opportunities there, Russia's ambassador to Iraq said on Tuesday, a strategy that could irritate Iraq's central government. Baghdad is at odds with the semi-autonomous northern region and has strongly opposed oil deals the Kurds have signed independently with foreign companies. The […]
Iraq Ready for Ports Deals
The Iraqi Minister of Transportation said on Friday that the Iraqi ports are ready to sign contracts with companies receiving oil investment licenses in Iraq now that the country’s ports are ready for such traffic. AKnews reports that Abdul Jabar said that the ports authorities had completed reconstruction work on many of the docks and […]
Dates in Basra
An official in the Iraqi Ports Department reported on Wednesday that a ship carrying Iraqi dates is en-route for one of the Gulf States, the first shipment of this once world-famous Iraqi product to leave the country since the U.S.-led invasion in 2003. AKnews reports that the director of the Department’s media office, Ammar al-Safi, […]
World Bank’s MIGA Open for Business in Iraq, Insures First Investment
The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, today underscored its commitment to supporting investment into Iraq with an announcement of its first contract of guarantee for the country. The guarantee of $5 million backs a Turkish investment into a Baghdad plant that manufactures polyethylene terephthalate (PET) […]
Jordanian Company Looking for Energy Projects in Basra
The deputy chairman of Basra's local council, Ahmad al-Sulieti, met representatives of the Jordanian al-Barq company to discuss the possibility implementing projects in the energy sector, according to a statement of his office reported by Aswat al-Iraq. (Source: Aswat al-Iraq)
Iraqi, Syrian Oil Ministers Sign MoU in Damascus
Oil Minister Hussein al-Shahristani has signed a Memorandum of Understanding on strategic cooperation in oil and gas field with his Syrian counterpart Sufian Allaw, according to Syrian news agency (SANA). “In the presence of Prime Minister Nouri al-Maliki and his Syrian counterpart, Naji Otri, a Memorandum of Understanding on strategic cooperation in the field of […]
$18bn Cut From 2011 Iraqi Budget
An Iraqi official said on Thursday that some $18 billion [21 trillion Iraqi dinar] will be reduced from Iraq's proposed budget for next year. Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister said that the requested budget for 2011 amounts to over $87 billion but the income of the country falls […]
‘New Iraq’ Cause for Concern as Investors Toggle Between Security or Growth
By Anthony J Permal, Online Communications Manager, IQPC Lafarge, the world’s biggest cement contractor, maintains a presence in Iraq because of its booming housing development market, yet other companies shy away from taking a piece of the multi-billion dollar construction pie. Sigma Paints, the coatings leader, sponsors investment meetings in order to partner with attending […]
Army Engineer Accused of Iraq Contract Bribes
Federal authorities say a U.S. Army engineer took hundreds of thousands of dollars in bribes for funneling Iraq reconstruction contracts to friends, building a $1.1 million mansion with the proceeds. John Alfy Salama Markus, 38, was arrested at his home on Wednesday and charged in New Jersey with money laundering and conspiracy to commit bribery […]