The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
By John Lee. A Greek shipping company has reportedly agreed to settle with Baghdad over its role in the export of crude oil from Iraqi Kurdistan, which Baghdad regards as illegal. Last September, the federal government in Baghdad filed a $300-million lawsuit against Marine Management Services (MMS), and subsequently banned three of its oil tankers from […]
By John Lee. IQ Networks, a wholesale internet provider based in Sulaymaniya, expects to open a $100-million (120-billion-Iraqi-dinar) broadband cable from Turkey to Iraq's Gulf coast by the end of this year. Reuters reports that, after spending an extra $30 million to replace lines and equipment overrun by Islamic State (IS, ISIS, ISIL), the company […]
On Saturday, the Head of KRG Foreign Relations, Minister Falah Mustafa, received Mr. Jean Asselborn, Minister of Foreign and European Affairs of Luxemburg and his accompanying delegation to discuss strengthening of bilateral relations as well as developments in the region. Minister Mustafa welcomed Minister Asselborn in his first visit to Kurdistan and expressed the desire […]
Minister for Foreign Affairs of the Republic of Cyprus, Ioannis Kasoulides, received Minister Falah Mustafa on Thursday to discuss bilateral ties between the Kurdistan Region and the Republic of Cyprus as well as latest developments in the wider region. In welcoming Minister Mustafa and his accompanying delegation, Foreign Minister Kasoulides said, “We are determined to […]
By John Lee. Genel Energy has announced that it has priced an issue of U.S. $230 million in senior unsecured bonds due 14 May 2019 on the same commercial terms as the existing GENEL01 PRO U.S. $500 million bond. The Bonds were issued at a market price in line with the trading level of GENEL01 […]
By John Lee. Analysts expect Dublin-based Petroceltic International to incur a write-off of just under €114 million ($125 million; 146 billion Iraqi dinars) as a result of abandoning its operations in Iraqi Kurdistan. According to a report from the Irish Independent, it is also expected to take a cash cost hit of about €6.4 million ($7 […]
By John Lee. Irish-based Petroceltic International has announced that it and its partner Hess will abandon their Dinarta licence in the Kurdistan Region of Iraq. The company told the stock market: "As previously announced on 15 January, drilling operations on the Shireen-1 exploration well in the Dinarta licence (Hess ... (Operator) 64%, Petroceltic 16%, and […]
Gazprom Neft is to conduct a 2D seismic survey on the south-eastern section of the Halabja block. The technical equipment and personnel required for the survey are currently being transferred from the south-western section, where the company has already successfully completed a survey spanning 225 linear km. 2D seismic surveys covering approximately 870 linear km […]
Kurdistan Region Prime Minister, Nechirvan Barzani, has received Mr. Levon Sargsyan, Ambassador-at-large and Special Envoy of the Armenian Government, and Mr. Karin Gregorian, Ambassador of Armenia to Iraq. Mr. Sargasyan conveyed the greetings of the President and Prime Minister of Armenia to Prime Minister Barzani and stressed his country’s desire to build solid ties with […]
By John Lee. Ashti Hawrami (pictured), KRG energy minister, has said that Iraqi Kurdistan is expected to reach financial self-sufficiency from Baghdad within months, despite central government withholding the region’s 17 percent share of budget. Speaking to Rudaw, he outlined plans to increase oil production to 750,000 bpd by the end of this year. In a […]
Minister Falah Mustafa, Head of KRG Department of Foreign Relations today received Mr. Kentaro Sonoura, Parliamentary Vice-Minister for Foreign Affairs of Japan and his accompanying delegation to discuss latest developments and bilateral ties. Minister Mustafa briefed the Vice-Minister on the military, humanitarian, and economic challenges facing the Kurdistan Region as well as the political process […]
Kurdistan Regional Government Deputy Prime Minister, Qubad Talabani, chaired a meeting to discuss and assess the state of airports and flights in the Kurdistan Region. The meeting was attended by KRG Ministers of Interior, Natural Resources, Planning, Transportation and the Head of the Department of Foreign Relations and the Government Spokesperson along with the Governor […]
