Shell hands over Majnoon Oilfield
By John Lee. Shell has reportedly exited the Majnoon oilfield and handed over its operations to the Basra Oil Company (BOC). Sources told Reuters that the handover was formalised on Wednesday, and that the process was "smooth". According to the news agency, Anton Oilfield Services (AntonOil) and Petrofac will now operate the giant oilfield on […]
UK Starts Corruption Proceedings against Unaoil
The UK's Serious Fraud Office (SFO) has commenced criminal proceedings against Unaoil Monaco SAM and Unaoil Ltd as part of an ongoing corruption prosecution. This follows charges already brought against four individuals for alleged conspiracy to make corrupt payments to secure the award of contracts in Iraq. Unaoil Ltd has been summonsed with two offences […]
Iraq may soon be Without a Government
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq may soon be Without a Government, as Clock Runs Out The term of Iraq's current parliament ends June 30, but a mandated manual recount of votes cast in the May 12 election hasn't even begun, and […]
IFC arranges $269m Financing for Zain Iraq
The International Finance Corporation (IFC), a member of the World Bank Group, is providing a financing package of $269 million to Zain Iraq, a leading mobile network operator, to help reconstruct the country’s telecom operations and spur economic growth. IFC arranged a $269 million debt package including $100 million from IFC’s own account, and $169 […]
GKP may issue $100m Bond
Gulf Keystone Petroleum (GKP) has mandated Pareto Securities to arrange fixed income investor meetings in conjunction with a potential bond issue. Following these meetings, and subject to market conditions and acceptable terms, a 5-year senior unsecured bond issue of $100 million (the "New Notes") may take place. The proceeds from the New Notes will be […]
Hope Bus for At-Risk Kids in Iraq
The Iraqi Children Foundation intervenes in the lives of children who are vulnerable to abuse, neglect, and exploitation by criminals, human traffickers, and extremists. Street lawyers offer legal protection to orphans, street kids, and children displaced by conflict. Social workers provide help with trauma, health care, abuse, and child labor. Now, a brand new mobile […]
A Roadmap to Drive the Iraqi Economy Forward
By Sadek Ali. Resounding Victory At the height of its reach, Daesh occupied almost 40% of Iraq’s territory. A tragedy for the communities they enslaved and also for Iraq’s economy: the area occupeid produced 80 thousand barrels of crude oil in 2014. The December 2017 liberation of Iraq was therefore a significant release for both […]
Lockheed Martin wins $86m Iraq Contract
Lockheed Martin Aeronautics Corp., Marietta, Georgia, has been awarded an $86,798,783 five-year contract order under the basic indefinite-delivery/indefinite-quantity contract (FA8553-17-D-0004) for support to the Iraqi Air Force. The support will include contractor logistics support, technical assistance and logistics, to include aircraft and aerospace ground equipment, spares, repairs and familiarization training on their six C-130J aircraft. […]
Will Abadi have a Role in Forming New Govt?
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. On June 21, Iraq's Supreme Federal Court ruled that parliament's decision to cancel the votes of Iraqis living abroad, displaced people and members of the peshmerga forces was unconstitutional. The […]
An Integrated Approach for Iraq/Iran Border Fields
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. An Integrated Approach for Investment in Joint Development-Unitization for Iraq/Iran Border Petroleum Fields & Exploration Blocks This article provides brief note in panel discussion and abstract of a keynote PowerPoint presentation prepared […]
Video: Farmers Furious at Suspension of Farming Rice, Corn
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Farmers in Iraq’s southern agricultural province of Diwaniyah were left fuming this week after the country’s agriculture ministry announced it would suspend the cultivation of rice, corn and other cereals that demand large amounts […]
KRG Barzani, US CENTCOM discuss Security Developments
Prime Minister Nechirvan Barzani received the commander of the US Central Command (CENTCOM) General Joseph Votel, US Consul-General in the Kurdistan Region Ken Gross and their accompanying delegation. They discussed security and political developments in Iraq and the wider region, highlighted steps towards the formation of the new Iraqi government and the role of the […]