DNO reaches Settlement with KRG; Shares Rise
Shares in Norway's DNO ASA jumped 8.7 percent this morning following the announcement that the company has reached a "landmark settlement of outstanding receivables owed to the Company for past crude oil deliveries", and the announcement of half-year revenues up 43 percent from the same period last year. Under the settlement, DNO has been assigned […]
Genel Shares Rise on KRG Deal
Genel Energy has announced a definitive agreement with the Kurdistan Regional Government (KRG) relating to unpaid entitlements for past oil sales from the Taq Taq and Tawke fields. The company's shares were trading up 7 percent on Thursday morning. Cash flow is expected to be materially enhanced over the course of the agreement, delivering significant […]
DNO announces Strong Revenues
DNO ASA, the Norwegian oil and gas operator, today announced half-year 2017 revenues were up 43 percent from the same period last year following regular export payments in the Kurdistan region of Iraq. Free cash flow jumped four-fold to USD 157 million on operated production of 114,000 barrels of oil equivalent per day (boepd) during […]
Iraq may Change Oil Pricing Benchmark for Asia
By John Lee. Iraq is considering changing its price benchmark for Basra crude oil sales to Asia. From January, the State Oil Marketing Organization (SOMO) proposes to price relative to Dubai Mercantile Exchange (DME) Oman futures, rather than the average of Platts’ Oman-Dubai quotes. According to a report from Reuters, this would mark a significant […]
Jordan keen to Reopen Border with Iraq
Jordan has announced its readiness to reopen the Trebil border crossing with Iraq. Ghaleb Zubi, Jordan’s Minister of Interior said "Jordan is keen to reopen the border with Iraq at any time." The Trebil Border Compound, also known as Karameh Border Crossing, connects the Jordanian town of Ruwaished to the Iraqi town of Trebil. "The […]
Germany, UNDP agree $2.8m Funding for Reconciliation
The United Nations Development Programme (UNDP) and the German Embassy in Baghdad signed a cooperation agreement to support civic and community-based reconciliation across Iraq. Under the leadership of the Implementation and Follow Up National Reconciliation Committee (IFNRC) of the Office of Iraq’s Prime Minister, UNDP has recently launched a major project to support local peace […]
Justice Essential to help Victims of ISIL’s Sexual Violence
Justice essential to help Iraqi victims of ISIL’s sexual violence rebuild lives The Iraqi Government needs to ensure that the thousands of women and girls who survived rape and other forms of sexual violence by ISIL fighters receive care, protection and justice, and that children born as a result of such violence do not face […]
More Strikes Target ISIS in Syria, Iraq
U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria yesterday, conducting 16 strikes consisting of 36 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday's strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition […]
Hutchison Ports Partnering with Iraq Terminal Operator
Hutchison Ports and the Pritzker Family Business Interests (“PFBI”), advised by The Pritzker Organization, L.L.C. (“TPO”), announced today that the leading Hong Kong-based port operator has agreed to partner with NAWAH Port Management, L.L.C. (“NPM”) to manage existing and future operations at the historic Port of Basra in southern Iraq. Hutchison Ports will assume oversight […]
Key Water Treatment Plant Reopened in Mosul
The Government of Iraq and UNDP’s Funding Facility for Stabilization (FFS) officially reopened the Al Qasoor Water Treatment Plant at a ceremony yesterday in Mosul. Al Qasoor is the second largest water treatment plant in eastern Mosul, providing safe drinking water for 35 percent of residents. The plant provides 12,000 cubic metres of fresh water […]
Iraq’s Legendary Fashion House Revived
By Wassim Bassem for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Models dressed in clothes reminiscent of Iraq’s multicultural past walked among the imposing statues at the Iraqi Museum in an impressive show in July that celebrated the liberation of […]
New AMAR School almost Complete
Work is almost complete on AMAR's latest exciting educational project in Iraq. The state-of-the-art Secondary School in Basra is expected to begin teaching its 500+ students in October. Ten percent of that number will be orphans who will receive a fantastic education completely free of charge, thanks to AMAR's generous supporters. Please help ensure Iraq’s […]