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Iraq Business News: Lack of Federal Oil Law Cripples Iraq’s Recovery

Iraq Business News

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Lack of Federal Oil Law Cripples Iraq's Recovery

Oct 20th 2012, 11:59

By Thomas W Donovan, attorney at the Iraq Law Alliance.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Foreign “experts” like to depict Iraq’s oil industry as a cesspit of corruption, turmoil and factional politics. In fact, however, Iraq has made real progress, and is aiming for more. But it is true that serious legal, political and technical challenges must be met if the sector’s ambitious plans are to become reality.

Remember that the events of the last decade, beginning with the US-UK invasion of March 2003, have presented Iraq with far more social, economic, military, legal, political and infrastructure challenges than any of its Opec neighbours have faced.

Getting oil production up to the current level of about 3 million barrels per day (bpd) is an accomplishment in itself. Baghdad says production is at a 20-year high; the US says Iraq has now surpassed Iran in daily production.

The Iraqi government plans to keep pumping, and is bringing in major international oil companies. The government has now held four petroleum licensing rounds: in the first three, private companies bid to take over certain producing oil and gasfields from the old state monopoly company; the fourth was for exploration rights in promising areas not yet producing.

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Iraq Business News: Iraq Stock Market Report

Iraq Business News

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Iraq Stock Market Report

Oct 20th 2012, 11:59

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th October 2012).

Please click here to download a table of listed companies and their associated ticker codes.

ID1,438 / $1,556 (-2.8%) (weekly change). The number of week traded shares was 16.9bn and the weekly trading volume was ID21.8bn ($18.2mn).

ISX Company Announcements

Original shares of Al-Mansour Pharmaceuticals Industries (IMAP) will resume trading on Oct. 21, after the capital increases from ID3.234bn to ID6.468bn through 100% rights issue. The opening price will be ID1.28 per share with +/- 50% limit for the first session.

A cross transaction occurred on 9.0bn Iraqi Islamic Bank (BIIB) shares on October 18, 2012. This represents 5.9% of BIIB capital.
Commercial Bank of Iraq (BCOI) will hold AGM on October 24, 2012 to discuss 2010 and 2011 financial results, cash dividend ratio (7.5%), IFC participation in the capital of the bank and the capital increase from ID100bn to ID150bn through rights issue. In addition, electing new board members and changing of the bank’s name to United National Private Bank/Iraq will be discussed. ISX suspended trading of BCOI starting on Oct. 17.
Iraqi Agricultural Prod. Marketing Meat (AIPM) decided in its AGM held on Oct. 17 to increase the capital through 10% bonus issue.
Kirkuk for Producing (IKFP) resumed trading on October 16,2012 after submitting the annual financial results of 2011 and quarterly results of 2012.
AL-Nukhba General Contracting (SNUC) resumed trading on Oct 14, 2012 with no change in its capital.
Al-Mansour Pharmaceuticals Industries (IMAP) decided in its AGM held on Oct. 13 to increase the capital through 100% rights issue.

For the full RS Weekly Bulletin in PDF go to: www.rabeesecurities.com.

Iraq Business News: Iraq’s Oil Exports Head for Another Record

Iraq Business News

All the latest business news from Iraq

Iraq's Oil Exports Head for Another Record

Oct 20th 2012, 12:00

By John Lee.

Reuters reports that Iraq’s crude oil exports from its southern ports have risen by 120,000 bpd so far in October compared to last month, suggesting the country is on course to reach its highest export rate in decades.

According to shipping data, exports from Basra have averaged 2.30 million bpd in the first 18 days of October, up from 2.18 million bpd in September. Shipments in August of 2.25 million bpd were the highest since before the 2003 invasion.

With around 400,000 bpd from the northern oil fields, Iraq looks on course to export more in October than September’s level of 2.6 million bpd, which was its highest total exports in more than 30 years.

The country is aiming to boost shipments to over 2.8 million bpd this month, an Iraqi oil official said last week; this would require exports to increase even more in the coming days.

“[Iraq has] the production and the export capacity, so they are ramping up,” said a source at a Western oil company which buys Iraqi oil. “And for once, Iraq is having smooth export programs and operations.”

(Source: Reuters)

Iraq Business News: Implications of the IEA Iraq Energy Outlook

Iraq Business News

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Implications of the IEA Iraq Energy Outlook

Oct 20th 2012, 11:59

By Ahmed Mousa Jiyad.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The following is an extended version of my brief intervention delivered before IEA' Energy Business Council virtual meeting held in Paris, 19^th Oct 2012 on the Agency's World Energy Outlook Special Report "Iraq Energy Outlook". The meeting was held under the Chatham House Rule.

My brief intervention focuses on the adopted three scenarios by the IEA Report and their implications for Iraq.

IEA Report presents three scenarios for oil production in 2020 and 2035. A 'High' case gives 9 million barrels per day-mbd and 10.4 mbd respectively; the 'Central' scenario gives 6.1 mbd and 8.3 mbd respectively, and 'Delayed' case of 4 mbd and 5.3 mbd respectively.

The IEA Central Scenario sounds in its first part (6.1 mbd in 2020) similar to the previously adopted but aborted targets. Namely, the 5.5 mbd of early eighties that was aborted by Iran-Iraq war; the 6.0 mbd of early nineties that was aborted by the invasion of Kuwait, the subsequent wars, sanctions and invasion, and the 6.0 mbd adopted by the Ministry of Oil Plan 2009/19 that was soon "forgotten" by the inflated plateau targets resulting from bid rounds one and two. In a way IEA vindicates the feasibility and soundness of these targets drawn between 3 to 30 years ago, though the conditions in 2012 and beyond are very different from those prevailed prior to 2003 regime change.

The Booze & Co study: Iraq Integrated National Energy Strategy-INES (supported by the World Bank)considers also three scenarios but with higher production levels than the IEA's in all scenarios. 'High' scenario of ca.13.5 mbd by 2017 based on the concluded contracts; 'medium' production of 9 mbd in 2020/1; and 'Low' scenario of 6 mbd by 2025.

Iraq Business News: WesternZagros Confirms Oil at Kurdamir-2

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WesternZagros Confirms Oil at Kurdamir-2

Oct 19th 2012, 19:20

By John Lee.

WesternZagros has announced that during the post-perforation clean up period of the Eocene testing program, an initial low rate flow of 42 to 45 degrees API oil to surface has been achieved at the Kurdamir-2 exploration well.

The Company advises that flow rates and the potential for commerciality cannot be confirmed until the test is completed.

Acidization of the Eocene interval is currently underway in order to improve the flow rates and a further update of results will be issued when post-stimulation testing is complete.

The operator, Talisman (Block K44), is currently conducting a cased hole test between the depths of 2,830 metres and 3,040 metres in the Eocene-age formation. The Eocene is a secondary target in Kurdamir-2.

Kurdamir-2 is the second deep exploration well to be drilled on the Kurdamir structure. WesternZagros and Talisman each have a 40 percent working interest in the Kurdamir Block, with the Kurdistan Regional Government holding the remaining 20 percent.

(Source: WesternZagros)

Iraq Business News: Paris Gallery to Enter Iraq Luxury Goods Market

Iraq Business News

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Paris Gallery to Enter Iraq Luxury Goods Market

Oct 19th 2012, 19:20

The Dubai-based Paris Gallery plans to open five new stores in Iraq over the next three years, according to a report from Gulf News.

Randa Al Akkad, the head of franchise at Paris Gallery, said the first store is scheduled to open in Baghdad in 2013, with another two in Erbil and one in Basra by 2015.

Mohammad Al Fahim, chief executive of Paris Gallery, told Gulf News: "The Iraq market has always been one of the biggest markets in GCC and with the most potential."

The deal is a franchise agreement with the Baghdad-based Al Handal International Group. Its chief executive, Mohammad Al Handal, said that a 10 per cent annual rise in salaries has meant that consumers have more income to spend on luxury products.

With fake products, especially perfumes and cosmetics, flooding the Iraq market, it will be an opportunity for Paris Gallery to enter with original brands, he added.

Al Handal Group is also negotiating other tie-ups with UAE companies in the fashion, manufacturing and food and beverage industries, he said, but would not disclose the details until the deals were signed.

(Sources: Gulf News, Khaleej Times)

Iraq Business News: Nechirvan Barzani Address to 2nd World Kurdish Congress

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Nechirvan Barzani Address to 2nd World Kurdish Congress

Oct 19th 2012, 19:20

(Note: the speech was read by Minister Ali Saeed, as the Prime Minister was unable to attend).

Ladies, gentlemen and distinguished guests, good morning.

I wanted very much to be here with you today, but unfortunately I have had to change my plans due to some unforeseeable circumstances.

In any event, I would like to welcome you to the second day of this important forum and assure you that this initiative has my full support.

This congress has been designed to draw on your expertise in order to help address the many challenges that we face, and I have no doubt that this is a project that will continue to benefit all of us for many years to come.

1. Challenges facing the Kurdish nation

Never before in our history have the Kurds seen as much opportunity, nor as much at risk as we do today. The challenge for all of us is to find ways through the current uncertainties to build a bright future for all generations of Kurds, wherever they may live.

In all of the different places we live, we each have our unique challenges. Here in the Kurdistan Region we enjoy a greater level of political and economic freedom than we have ever had before. Yet, we find ourselves locked in a struggle to see the implementation of the constitutional guarantees that give the greatest hope for the future of all Iraq's peoples.

Iraq Business News: Exxon “Nears Sale of South Iraq Stake”

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Exxon "Nears Sale of South Iraq Stake"

Oct 19th 2012, 19:21

ExxonMobil is in talks to sell its 60% stake in the massive West Qurna-1 oil field, while gearing up to start a controversial drilling program in Iraqi Kurdistan, the Wall Street Journal reports, citing what it described at “people familiar with the matter”.

Exxon’s 2010 deal with the Iraqi central government to improve production in the West Qurna-1 field was never expected to be lucrative under the best of circumstances, one source said. The company would receive $1.90 for each additional barrel of oil they pumped after refurbishing the already-producing field, barely be enough to cover costs.

The Guardian reports that Exxon has informed Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani and the U.S. State Department of its intentions.

This comes as talks between Erbil and Baghdad aimed at resolving differences over oil rights appear to have stalled again after a brief period of progress.

Shell has a 15% stake in West Qurna-1, with the remaining 25% owned by the Iraqi state oil company; Shell reportedly declined to comment when asked whether it is interested in buying Exxon stake in West Qurna-1 field.

Exxon’s exploratory drilling in Kurdistan could start as soon as early 2013. It has already ordered oil-well casing heads and is negotiating a contract with an oil-services firm, said another person familiar with its operations in the region.

(Sources: Wall Street Journal, The Guardian)

The Currency Newshound: Vietnam central bank unable to lay hands on privately-held gold

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Vietnam central bank unable to lay hands on privately-held gold

Oct 19th 2012, 16:24

Though the central bank is yet to find a way to mobilize the massive volume of gold held by private individuals in the country to serve economic needs, it has banned banks from accepting gold deposits with effect from late November.

Media files:
currencynewshound

The Currency Newshound: Abtan: getting lost in the economic policy of the country and fighting side prevented the realization of a good standard of living for Iraqis

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Abtan: getting lost in the economic policy of the country and fighting side prevented the realization of a good standard of living for Iraqis

Oct 19th 2012, 16:37

MP for the bloc of parliamentary Abdul Hussein Abtan confusion in economic policy of the country and the lack of a clear vision and side battles prevented the achievement of a good standard of living for the Iraqis.

Media files:
currencynewshound

The Currency Newshound: Iraq and Kuwait agree on the management of joint oil fields by a third-party, global company

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Iraq and Kuwait agree on the management of joint oil fields by a third-party, global company

Oct 19th 2012, 16:36

The Oil Ministry announced reach Iraq and Kuwait to an agreement that runs international oil company common fields between the two countries.

Media files:
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The Currency Newshound: Fayad: CBI should not be based on political considerations

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Fayad: CBI should not be based on political considerations

Oct 19th 2012, 16:35

MP for the coalition of state law, Ali Fayad, the need not to be the work of the Central Bank of Iraq based on political considerations, according to the convictions of the decision-maker.

Media files:
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The Currency Newshound: Finance Committee emphasizes the need to meet the deadlines set up and approve the financial budget

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Finance Committee emphasizes the need to meet the deadlines set up and approve the financial budget

Oct 19th 2012, 16:25

stressed the Finance Committee in the Iraqi Council of Representatives on the need to meet deadlines for the preparation and adoption of the general budget of the country to ensure their implementation as required.

Media files:
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The Currency Newshound: Financial expert: slow movement in the country has affected the stock market activity

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Financial expert: slow movement in the country has affected the stock market activity

Oct 19th 2012, 16:26

Baghdad (newsletter) ... Financial expert attributed the Salem aldaini, weak market activity Iraq Stock Exchange to slow the growth of the investment process in the country, due to legal constraints against investors.

Media files:
currencynewshound

The Currency Newshound: Shabibi between charges and citations by parliamentary integrity

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Shabibi between charges and citations by parliamentary integrity

Oct 19th 2012, 16:28

Announcement of sacking Central Bank Governor Sinan al-Shabibi and the issuance of an arrest warrant against him with 17 employees in the prestigious institution representing the sovereignty of Iraq Economic was the focus of the economic community and the Iraqi political, and the surprise of many, especially after trading media a lot of accusations on the Bank's work, whether addressed to him or addressed to the government which accuses of trying to control and influence the independence.

Media files:
currencynewshound

The Currency Newshound: Shabibi in Switzerland; Says he will return to Baghdad soon to provide details

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Shabibi in Switzerland; Says he will return to Baghdad soon to provide details

Oct 19th 2012, 16:32

In his first statement after withdrawing his hand, said Central Bank Governor Dr Sinan Shabibi in a telephone interview with Al Qabas that he will return from Switzerland to Baghdad during the next two days.

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currencynewshound

The Currency Newshound: Saleh casts doubt over corruption charges facing Iraqi Central Bank Governor

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Saleh casts doubt over corruption charges facing Iraqi Central Bank Governor

Oct 19th 2012, 16:34

Complained the deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh ambiguity charges against bank governor Sinan al-Shabibi and some officials, which led to orders arrest, after being accused of causing volatility currency, stressing that Iraqi officials had not been identified if they want to go to a socialist economy or free.

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The Currency Newshound: Iraqi currency import between the hammer and the anvil of oil revenues

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Iraqi currency import between the hammer and the anvil of oil revenues

Oct 19th 2012, 16:39

BAGHDAD (Union) - The expert and economic analyst Iraqi and director of the International Center for Development Studies and the London-based Sadiq Hussain Rikabi yesterday for "Union", the Iraqi Central Bank Governor Economic known Shabibi did not realize it represents Iraq in the meetings of the International Monetary Fund in Tokyo, that arrest warrant issued against him by the Iraqi judiciary.

Media files:
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Iraq Updates - Economy: FDI Flows to the Middle East Shift from Developed Markets to Intra-regional Investments

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FDI Flows to the Middle East Shift from Developed Markets to Intra-regional Investments

Oct 18th 2012, 06:00

Launched to coincide with the Growing Beyond Summit 2012 in Qatar, Ernst

Iraq Updates - Economy: Governor of Iraq's Central Bank Removed over Corruption Inquiry

Iraq Updates - Economy

The latest news about Economy in Iraq

Governor of Iraq's Central Bank Removed over Corruption Inquiry

Oct 18th 2012, 06:11

Iraq's central bank governor Sinan al-Shibibi has been removed by the government over a corruption inquiry opened by lawmakers into bank officials suspected of abusing dollar sales, Reuters has reported.

Iraq Updates - Economy: CBI Dollar Sales Reach 294 Million Dollars

Iraq Updates - Economy

The latest news about Economy in Iraq

CBI Dollar Sales Reach 294 Million Dollars

Oct 18th 2012, 05:52

The Central Bank of Iraqs (CBI) dollar sales reached today (Monday) to 294 million dollars, compared to $344 million in the previous session.

Iraq Updates - Economy: Paris Gallery to Make Iraq Foray

Iraq Updates - Economy

The latest news about Economy in Iraq

Paris Gallery to Make Iraq Foray

Oct 18th 2012, 06:04

Dubai group Paris Gallery is set to open five stores in Iraq over the next three years through a franchise agreement with Al Handal International Group, the two companies announced during a signing...

Iraq Updates - Economy: Iomega Appoints Metra Computer As a VAD Distributor

Iraq Updates - Economy

The latest news about Economy in Iraq

Iomega Appoints Metra Computer As a VAD Distributor

Oct 18th 2012, 06:11

The storage specialist has signed Metra as a B2B VAD distributor for UAE, Oman, Bahrain, Iraq and Yemen, with the aim of increasing its reach into SMBs, SMB resellers and value-added resellers.

The Currency Newshound: Economic Committee Member: Global economic crisis will stimulate investment in Iraq

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Economic Committee Member: Global economic crisis will stimulate investment in Iraq

Oct 18th 2012, 12:11

predicted a member of the Committee on the economy and investment MP Abdulhussain Abtan, that forced the global economic crisis European companies, American and even Asian to enter into Iraq for the purpose of investment, given his country of great investment opportunities and all economic fields.

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The Currency Newshound: Fears of a new volatility may occur to the dollar exchange rate

The Currency Newshound

Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar

Fears of a new volatility may occur to the dollar exchange rate

Oct 18th 2012, 12:09

 Baghdad / Ahmed Abed Rabbo _ agencies amid fears the Iraqi street from a new high would happen to the dollar exchange rate is due the stock market to the volatility that witnessed months ago expressed Financial experts have expressed concern for negative impacts on the economic reality by recent news.

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