The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News.
The Kurdistan Regional Government's Minister of Trade, Sinan Chalaby [Chalabi], told AKnews that the number of Jordanian companies in Iraqi Kurdistan is expected to double by the end of the year. Currently 50 Jordanian companies do business in the Kuristan Region. According to Chalabi, this figure is expected to increase to 100 by the end […]
Turkish entrepreneurs have been invited to bid in a 6,000 megawatt electricity grid tender with a total value of $7 billion in northern Iraq, the Habertürk daily has reported. The tender for the construction of the grid is due to be open for bids on Thursday. According to the Turkish daily, the invitation to participate […]
WesternZagros Resources has announced encouraging results from a recently-completed study of the drill cuttings from its Kurdamir-1 well (pictured) utilizing advanced technology. The study, by Weatherford Laboratories in Houston, confirmed the potential of a gross oil and gas interval over 1,900 metres thick in the Kurdamir-1 well. These results significantly increase the Company's confidence of […]
Tony Hayward (pictured), the Chief Executive Officer of Genel Energy Plc, a group formed via a merger of Vallares Plc and Turkey's Genel Enerji, said he plans acquisitions in Iraqi Kurdistan. Reuters reports that the former boss of BP told reporters in Istanbul that the company plans to make the acquisitions with its $2.2 billion […]
Just over two months after raising more than US$2.0 billion to invest in promising oil and gas projects in developing markets, Vallares PLC ("Vallares" or the "Company") today announces that it plans to merge with Genel Energy International Ltd ("Genel"), the largest oil producer in the Kurdistan Region of Iraq. Genel has stakes in two […]
Levels of violence fell considerably in Iraq last week, with a drop by half in the number of incidents being reported from the previous week. Violence was concentrated in Baghdad and Mosul whereas there was an improvement in conditions in the provinces of Anbar, Diyala, Salah ad-Din and Ta’mim. The south of the country was […]
Hilton Worldwide is set to open its first hotel in Erbil, the flourishing capital city of Iraqi Kurdistan, under a management agreement with New York based real estate developer The Claremont Group. Comprising of 200 serviced apartments, DoubleTree Suites by Hilton Erbil is expected to open at the end of 2013. The new hotel will […]
Gulf Keystone provided an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq on Monday: Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value […]
Hunt Oil Co. was warned before it signed a contract with the Kurdish government in Iraq that it might not be dealing in Kurdish territory, UPI reports. The Dallas-based energy company signed a production-sharing contract (PSC) with the Kurdistan Regional Government (KRG) in 2007. It was warned by the U.S. Embassy in Baghdad that the […]
Reuters reports that Iraq's Oil Ministry has excluded American oil firm Hess Corp from competing in its 4th energy auction because the company signed deals with Iraq's northern Kurdish region. As we reported last week, Hess was one of the 41 companies pre-qualified for the auctions, but it was not included on a new list […]
While last week was bloody in Iraq, levels of violence actually fell slightly in the country from the week before. Nonetheless, conditions should still be regarded as hostile, with dozens of people killed in a series of suicide bombings towards the end of Ramadan. As well as several such attacks in the centre of the […]
Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a licence in Kurdistan Region. The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output […]
