Iraq signs $2bn Oil Deal with Chinese Firm
By John Lee. Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year's supply of oil. Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but […]
IOC buys its First Cargo of "Basra Medium" Oil
By John Lee. The Indian Oil Corporation (IOC) has reportedly loaded its first cargo of Iraq's new "Basra Medium" crude grade. According to the Financial Post, the ship is expected to arrive at Chennai port for IOC's subsidiary Chennai Petroleum Corp (CPCL) around 14th January. More here. (Source: Financial Post)
Market Review: "Stock Market Rallies on Currency Devaluation"
By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Market Review: "Stock Market Rallies on Currency Devaluation" For Iraq and its equity market the year ended the same way it began, with a bang […]
ShaMaran achieves 40m Barrels Production at Atrush
ShaMaran Petroleum has announced that the January 2021 interest payment due on its 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) has been timely made to all Bondholders. In addition, ShaMaran said the Atrush field total cumulative crude oil production has exceeded 40 million barrels. The Atrush field is located 85 km northwest of […]
UAE Firm to supply Drones to UNMAS Iraq
By John Lee. UAE-based Intertech FZC has won a contract with the United Nations Office for Project Services (UNOPS) for the supply of drones for UNMAS Iraq The contract is valued at $39,200. (Source: UNGM)
Opinion: The Iraqi Dinar needs Political Support!
By Dr Amer K. Hirmis, Capital Business Strategies Ltd. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraqi Dinar needs political support...to serve the economy! The Iraqi Dinar (IQD) was devalued by nearly 23 percent on Saturday, December 19, 2020, from its previous (official) […]
Jordan "negotiating New Oil Contract with Iraq"
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has reportedly said that Jordan is negotiating with Iraq to resume purchases of crude oil. Shafaq News Agency quotes the company's Director, Alaa al-Yasiri, as saying that Iraq exported no crude oil to Jordan in December due to the expiration of the old contract. More here. […]
Iraq to Participate in Buna Payment Platform
By John Lee. The Central Bank of Iraq (CBI) has reportedly announced its participation in the Arab Monetary Fund's Buna payment platform. The AMF describes Buna as a multi-currency payment platform, providing clearing and settlement services, in Arab and international currencies. More here and here. (Sources: Shafaq News Agency, AMF)
Peter Hunt MBE
By Padraig O'Hannelly. It is with great sorrow that we report the passing of our dear friend Peter Hunt MBE. A founding member of the Iraq Britain Business Council (IBBC), Peter was well known for his knowledge and love of Iraq, its history, people and culture. He was so passionate about rebuilding the country and […]
GKP appoints New CEO
By John Lee. Gulf Keystone Petroleum (GKP) has announced the appointment of Jon Harris as Chief Executive Officer (CEO). Mr Harris has over 30 years' experience in the oil and gas industry and joins GKP from SASOL Limited, an integrated energy and chemicals company based in South Africa where he was Executive Vice President, Upstream. […]
Iraq to use Euro Account to pay Iran Debts
By John Lee. Iran's Minister of Energy has said that a euro account is to be opened in Baghdad so that Iraq can pay its debts to Iran for electricity and natural gas purchases. IRNA reports that Reza Ardakanian added that the same account can be used for Iraq's debts to Iranian private sector companies. […]
KRG proposes new Minister of Natural Resources
By John Lee. The Prime Minister of the Kurdistan Regional Government (KRG), Masrour Barzani, has nominated Dr. Kamal Atroshi to the post of Minister of Natural Resources, a position which includes responsibility for the oil and gas portfolio. A statement from KRG spokesperson Dr. Jotiar Adil said, "It is our hope that the Kurdistan Parliament […]