Indian Firm Wins $37m Seismic Contract in Iraq
By John Lee. Indian-based Asian Oilfield Services Limited has announced that it has won orders totalling $37 million in Iraq. The orders relate to seismic acquisition at Block 12, with $12 million for a 2D survey and $25 million for a 3D survey. Block 12, located in the Najaf and Muthanna provinces, is being developed […]
Iraq Britain Business Council welcomes 2 New Members
By John Lee. The Iraq Britain Business Council (IBBC) has welcomed two new members. Protechnique -- a British contractor providing premier technical, engineering, construction, management and capacity building support throughout the world; to federal, regional, and local government agencies, as well as private industries and multi-lateral agencies; UniHouse -- a global professional training, consultancy and […]
Rocket attack on Oil Workers' Camp
By John Lee. A rocket has hit a residential and oil operations headquarters near Basra city, wounding three workers at an Iraqi drilling company. The short-range Katyusha missile hit a compound in Burjesia which is used by several international oil companies (IOCs), including ExxonMobil. Oil production and exports are not expected to be affected. (Sources: […]
Iraq keen to join China's Belt and Road Initiative
By John Lee. Iraq's Minister of Transport, Abdullah Luaibi [Abdul Allah al-Leibi], has said that Iraq is actively seeking to join China's Belt and Road Initiative ["One Belt, One Road (OBOR)"]. In statements on Monday, the Ministry confirmed that the Minister met with China's Ambassador to Iraq, Zhang Tao, to discuss the plan. It added […]
GE "Poised for Significant Orders in Iraq"
By John Lee. General Electric (GE) is reportedly expected to win a large share of the multibillion-dollar contracts to rebuild Iraq’s electricity system. According to a report from Reuters, "under U.S. prodding, Iraq is asking both Siemens and GE to bid on contracts and expects to make awards to each of the companies". Following a […]
Exxon Increases Production at West Qurna 1
By John Lee. Production at the West Qurna 1 oilfield has reportedly reached 465,000 barrels per day (bpd), following the completion of new crude processing facilities and oil storage tanks. Officials told Reuters on Monday that the field was previously producing about 440,000 bpd. Exxon's foreign staff were present at a ceremony to launch the […]
Russia's Gazprom Neft interested in Expanding in Iraq
By John Lee. Russia’s Gazprom Neft is reported to be interested in expanding its operations in Iraq. Reuters says boss Alexander Dyukov told the annual general meeting on Friday that the company, which is already developing the Badra oilfield, is also "looking at" the Mansuriyah gas field near the Iranian border. It says that Iraqi […]
2019 Budget: Appeasement, Non-Compliance and Extortion
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. 2019 Budget Law: Politics of Appeasement, Non-Compliance and Extortion Data from different sources indicates that KRG oil exports, so far in this year, ranged between 418.8 and 438 thousand barrels daily-kbd and […]
$1bn Japanese Financing for Basrah Refinery
JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah Refinery Signing of Japanese ODA Loan Agreement for Iraq On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million […]
Stabilisation of Mosul Dam "Successfully Completed"
By John Lee. The US Ambassador to Iraq, Matthew H. Tueller, joined Minister of Water Resources Jamal al-Adili and Italian Ambassador Pasquino to celebrate the successful completion of emergency efforts to stabilize Mosul Dam. The United States provided $124 million for the U.S. Army Corps of Engineers (USACE) to serve as the "Engineer" for the […]
US Grants Iraq Waiver to Buy Iranian Electricity
By John Lee. The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather. The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel […]
KNM Wins Contract at Khor Al Zubair
By John Lee. FBM-KNM FZCO, an indirect wholly-owned subsidiary of Malaysia's KNM Group, has been awarded a contract for the supply and delivery of replacement heat exchangers to the Khor Al Zubair’s gas processing plant in Basrah Province. According to a regulatory statement, the contract from Basra Gas Company (BGC) is worth USD 2.096 million […]