By John Lee. The Chief Executive of Russia's Lukoil has said he expects further investment in Iraq, now that the country "actively repaying" the international oil companies for their investment in the country. Vagit Alekperov (pictured) told Reuters: "Iraq is very actively repaying the operators. The situation has changed dramatically. "We know about the IMF […]
By John Lee. Russian oil company Lukoil has announced that, in the first quarter of 2016, the Group received 2.6 million tonnes of compensation crude from Iraq's state-owned South Oil Company as cost compensation within the West Qurna-2 project (in the first quarter of 2015, the Group received 2.3 million tonnes of compensation crude oil). […]
WesternZagros Receives Approval for Garmian Field Development Plan and Submits Kurdamir Field Development Plan WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan ("FDP") from the Kurdistan Regional Government ("KRG") and the submission of the Kurdamir Block FDP. Garmian Block Field Development Plan Approval WesternZagros and its co-venturer, Gazprom Neft Middle […]
By John Lee. Iraq has taken over from Russia as Turkey's biggest market for citrus fruits. In 2015, Russia took $90.52 million worth of the product, while so far in 2016 Iraq has taken citrus fruit to the value of $84.54 million. (Source: Fresh Plaza) (Picture Credit: Layth Mahdi)
By John Lee. In a Management Report released to the markets, Gazprom gave the following update on its operations in Iraq: The Badrah field (pictured) (30% held by Gazprom Neft Group): In 2015 production was 1.4 million tons of oil, a level sufficient for the project to pay back. The Garmian block in Iraq (Kurdistan) […]
By Simon Kent. Iraq's Ministry of Defence has announced that a delivery of three SU-25 ground attack aircraft have arrived in the country for the fight against the so called Islamic State. The Russian made SU-25, known by its NATO code name "Frogfoot," is a slow moving but heavily armed ground attack jet, and several […]
By John Lee. Iraq's Ministry of Oil quotes a report by Rystad Energy as saying that Iraq has the world's third-lowest-cost crude oil. Kuwait came in lowest at $8.50 per barrel, with Saudi Arabia at $9.90, followed by Iraq at $10.70. Fourth place went to UAE at $12.30, and Iran took fifth place with $12.60. […]
By John Lee. KRG Minister Falah Mustafa met with Russian Ambassador to Iraq Mr. Ilya Morgunov and Russian Consul General in Kurdistan Mr. Viktor Simakov on Sunday to discuss strengthening bilateral ties and challenges facing Kurdistan and the wider region. Minister Mustafa and Ambassador Morgunov reviewed ways of strengthening bilateral cooperation between the Russian Federation […]
By John Lee. Reuters reports that Russia is ready to sell Sukhoi Superjet civil airliners to Iraq. On a trade mission to Baghdad, accompanied by nearly 100 government and business officials, Deputy Prime Minister Dmitry Rogozin said Russia could provide Sukhoi Superjet airliners for Iraq's civil aviation, adding that Moscow would continue providing Iraq with […]
Gazprom Neft has announced that a new process train (process train B) has been brought into operation at the central processing facility at Iraq’s Badra field (pictured). The commissioning of this new infrastructure facility increases capacity at the central processing facility from 45,000 to 85,000 barrels per day. Process train B is intended for the […]
Since its launch in March 2014, cumulative production of Iraq’s West Qurna-2 field, operated by PJSC LUKOIL, has exceeded 30 million tonnes of oil. On December 24, 2015 LUKOIL achieved its annual production target for the West Qurna-2 field in full: 20 million tonnes of oil were produced since the beginning of the year. As […]
From RT News. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Russian intelligence has spotted up to 12,000 tankers and trucks on the Turkish-Iraqi border, the General Staff of Russia’s armed forces has reported. “The [aerial] imagery was made in the vicinity of Zakho […]
