GardaWorld Recapitalized in $4bn Deal
Alongside Founder, Chairman and CEO Stephan Crétier (pictured), funds advised by BC Partners, a leading international private investment firm, and others have reached a definitive agreement to acquire Rhône Group's equity interest in Garda World Security Corporation ("GardaWorld"), the largest privately-owned security and cash services company in the world, in a C$5.2 billion recapitalization. Following […]
UNCC Pays $270m to Kuwait
On Tuesday, the United Nations Compensation Commission (UNCC) made available $270 million to the Governmentof the State of Kuwait towards the Commission’s remaining claim with an outstanding award balance. The United Nations Compensation Commission was established in 1991 in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation […]
Iran Reassures Iraq over Strait of Hormuz
By John Lee. Iran has reportedly reassured Iraq that there will be freedom of international maritime navigation in the Strait of Hormuz. Iranian President Hassan Rouhani (pictured) gave the reassurances to an Iraqi delegation visiting Tehran. (Source: Reuters)
KRG Spokesman to be Foreign Relations Head
By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Former government spokesman tapped as KRG foreign relations head Iraq's Kurdistan Regional Government (KRG) has formally announced that Safeen Dizayee, the former spokesman of the KRG, will serve as […]
Hawrami to be Top Energy Official in new KRG Cabinet
By John Lee. The Kurdistan Regional Government's long-serving Minister of Natural Resources (MNR), Ashti Hawrami (pictured), is to be appointed to the post of Assistant Prime Minister for Energy Affairs in the new KRG cabinet. According to a report from Rudaw, it is not currently clear whether the move will result in the scrapping of […]
Rehabilitation of Al-Sumoud Refinery in Baiji
By John Lee. Iraq's Minister of Oil Thamer Ghadhban has announced the rehabilitation of the Al-Sumoud refinery in Baiji. He said initial production rates are running at 70,000 barrels per day (bpd). (Source: Ministy of Oil)
Water Crisis in Basra
By John Lee. Iraqi authorities have failed to ensure for almost 30 years that Basra residents have sufficient safe drinking water, resulting in on-going health concerns, Human Rights Watch (HRW) said in a report released today. The situation culminated in an acute water crisis that sent at least 118,000 people to hospital in 2018 and […]
Iraq to open Embassy in New Zealand
By John Lee. New Zealand's Ambassador to Baghdad, Tredene Dobson, has informed the Iraqi Foreign Ministry of her country’s agreement to open an Iraqi Embassy in New Zealand. The announcement followed a meeting between Ambassador Dobson and the Acting Head of the Iraqi Foreign Ministry's Department of Asia and Australia, Mr. Hamid Abbas. (Source: Iraqi […]
SOMO Reveals More Important Data
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. SOMO Reveals More Important Data on its Marketing Activities In my latest article I suggested that the State Oil Marketing Organization (SOMO) disclose details on its regular (term contract) marketing activities in […]
Former Unaoil Exec pleads Guilty to Iraq Corruption
Former Unaoil executive pleads guilty to conspiracy to give corrupt payments Basil Al Jarah, Unaoil’s former partner in Iraq, pleaded guilty on 15 July 2019 to five offences of conspiracy to give corrupt payments in connection with the UK Serious Fraud Office (SFO)’s investigation into Unaoil. The offences relate to the award of contracts to […]
Iraq plans New Oil Export Pipelines
By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq plans to launch pipelines to export oil through Jordan, Syria As Iraq exports most of its crude oil production, the Iraqi government is trying to diversify its oil […]
Nasdaq signs New Agreement with Iraq Stock Exchange
Nasdaq Inc. (Nasdaq:NDAQ) and the Iraq Stock Exchange (ISX) have signed a new agreement to extend their market technology relationship. As part of the agreement, Nasdaq will continue providing ISX with matching engine and central securities depository (CSD) technology. This new agreement marks the next chapter of a technology partnership between Nasdaq and ISX which […]