By John Lee. Malaysia's Petronas has said it has shut down production and safely evacuated all of its Malaysian employees from Iraq due to coronavirus (COVID-19). In a statement, the company said: "In view of the COVID-19 pandemic and as a precautionary measure to ensure the health, safety and well-being of our employees, PETRONAS has […]
By John Lee. Bina Puri Sdn Bhd, a wholly-owned subsidiary of Malaysia's Bina Puri Holdings Bhd, has successfully secured a new contract for the proposed dual-lane road from Al-Islah Junction to Al-Jabayish at Nasirya City, in Thi Qar [Dhi Qar] province. The project, worth IQD87 billion ($73 million), includes the construction of 74.5 km dual […]
By John Lee. FBM-KNM FZCO, an indirect wholly-owned subsidiary of Malaysia's KNM Group, has been awarded a contract for the supply and delivery of replacement heat exchangers to the Khor Al Zubair’s gas processing plant in Basrah Province. According to a regulatory statement, the contract from Basra Gas Company (BGC) is worth USD 2.096 million […]
By John Lee. Malaysia-based Wah Seong Corporation Berhad (WSC) has announced that its indirect wholly-owned subsidiary Wasco Engineering International Ltd (WEIL) has been awarded a contract by Basrah Gas Company (BGC) for the design, packaging and sale of gas compressor packages and associated plant and site facilities. The contract is valued at $34.6 million. The […]
By John Lee. Malaysia's Petronas has reportedly confirmed that it will exit from Iraq's Majnoon oil field along with joint stakeholder Shell. A spokeswoman for Petronas told The National: "Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the […]
By John Lee. Malaysia's Petronas has reportedly decided to withdraw from its 30-percent participating interest in Iraq’s giant Majnoon oil field. According to Bloomberg, the decision came as the company considers the returns to be too low. It is expected to hire advisers to help find an interested party to take up the holding. Shell is […]
By John Lee. Janus Global Operations (JGO) has announced that it has been selected by "an integrated oil and gas multinational corporation based in Malaysia", to provide security and risk management services for the company’s operations in central Iraq. Some 600 JGO U.S. and foreign national employees will be responsible, during the two-year contract, for […]
By John Lee. Oil giant Shell is trying to sell its stake in the Majnoon oilfield (pictured) in southern Iraq, following a failure to reach agreement with Iraq's Ministry of Oil. A Shell spokesman told UAE-based newspaper The National: “Following extensive discussions with the Ministry of Oil, the oil minister of Iraq formally endorsed a […]
The end of 2016 saw several new members join the Iraq Britain Business Council (IBBC), each of which are underpinned by strong reputations for innovation, reliability and a commitment to investing in Iraq. GE, Khudairi Group, Pell Frischmann, Petronas and Siemens join 51 other world- and region-leading companies that form IBBC’s Council of Members. “IBBC […]
By Ibrahim Malazada for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. On Sept. 22 and 23, the Dwryan Organization held its second conference in Sulaimaniyah with the participation of researchers and specialists in the field of education. The conference focused […]
By John Lee. Reuters reports that Baghdad has reached agreement with BP, Shell and Lukoil to restart stalled investment in Iraqi oil fields, allowing production to increase by 250,000-350,000 bpd in 2017. According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed […]
By John Lee. According to a report from Reuters, the new Basra Heavy crude oil grade has been trading at a widening discount. Malaysia's Petronas reportedly sold 2 million barrels for June loading to Indian refiner Essar Oil at a discount of more than $1 a barrel to its official selling price. bigger than expected […]
