By John Lee. The Chairman and former CEO of Genel Energy is reportedly planning to set up an investment fund to buy distressed oil and gas assets. The Sunday Times reports that Tony Hayward (pictured) has held talks in recent weeks with potential backers including private equity firms and sovereign wealth funds in the Middle East. […]
The Governor of Anbar, Mr. Sohaib al-Rawi, and the United Nations Development Programme (UNDP) Resident Representative and UN Resident and Humanitarian Coordinator for Iraq, Ms. Lise Grande, visited Ramadi today to assess conditions and provide urgently needed support to families returning to their homes. The delegation met with security forces and representatives of the local […]
By John Lee. Iraqi forces have launched an operation to retake Mosul from so-called Islamic State group (IS, ISIS, ISIL, Daesh), which seized the city in June 2014. Iraqi military sources say the first part of the long-awaited offensive has recaptured several villages. The aim, according to a BBC report, is to retake Mosul within […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met with Mr. Kamal Kharrazi, the Head of the Foreign Relations Strategic Council in the office Mr. Ali Khamenei, the Supreme Leader of the Iran. At the meeting on Tuesday they discussed development of relations in the energy sector. (Source: Iraqi Ministry of […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Wednesday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Ground-attack, attack, fighter, […]
The foundation for the Islamic Reporting Initiative (IRI) has appointed two new members to its Board of Directors; senior academic Dr Abdel-Aziz Sharabati and the award-winning entrepreneur Ms Amal Daraghmeh-Masri (pictured). Established in December 2015, the foundation has been set up to provide funding for the IRI, which is headquartered in the United Arab Emirates. […]
By John Lee. Genel Energy has decided to repurchase a nominal amount of USD 55.4 million of Bonds in connection with the Buy-Back Offer announced last week. The company will pay 63 percent of par value plus accrued unpaid interest. Settlement of the repurchases will occur on 30th March 2016. Shares in the company closed […]
By John Lee. The Iraqi ministry of oil has declared its final oil exports for February 2016. Assim Jihad, spokesman of the ministry, said it exported 93,500 million barrels, equating to 3,224 barrels per day, all of it from the southern ports. Final statistics from the State Oil Marketing Organization (SOMO) show revenue of 2.249 […]
By John Lee. Iran and Iraq have signed a memorandum of understanding (MoU), covering cooperation in the banking sector, in Baghdad on Wednesday. IRNA reports that the MoU was inked at a meeting attended by the visiting Governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), and his Iraqi counterpart Ali Al Alagh […]
By John Lee. US Presidential candidate Donald Trump has said that America "should have never been in Iraq". "It was one of the worst decisions ever made in the history of our country," he told The Washington Post. "We then got out badly, then after we got out, I said, 'Keep the oil. If we don’t […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 13.46 million from the Kurdistan Regional Government for February crude oil deliveries to the export and local markets from the Tawke field under the payment arrangement announced earlier this year. The funds, to be shared pro-rata by DNO and partner Genel Energy […]
By John Lee. Gulf Keystone Petroleum (GKP) has announced that a gross payment of $7.5 million has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil exports in February 2016. This gross payment comprises the Company's monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in February […]
