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Iraq Business News: Chinese Company to Supply Iraqi Railways

Iraq Business News

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Chinese Company to Supply Iraqi Railways

Nov 10th 2012, 08:52

By John Lee.

The Ministry of Transportation’s General Company for Railways has reached an agreement with a Chinese supplier to provide equipment for the Iraqi rail system, according to a report from AIN.

Iraq Business News believes the Chinese company is China South Locomotive & Rolling Stock Corporation (CSR).

(Source: AIN)

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Iraq Business News: Kurdish-Arab Feud: Russians and Exxon Making Things Worse

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Kurdish-Arab Feud: Russians and Exxon Making Things Worse

Nov 10th 2012, 08:51

By Abdul-Khaleq Dosky.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The tension between Iraqi Kurdistan and the leadership in Baghdad doesn't seem to have diminished lately. NIQASH asked the Iraqi Kurdish why the Russians and Exxon Mobil are making things worse and why the planned national reconciliation conference won’t work.

For some time now, the important Kurdish bloc in the Iraqi Parliament has been at loggerheads with the current Prime Minister Nouri al-Maliki's bloc.

Al-Maliki has been accused of consolidating power at the expense of other parties and not sticking to promises made when he formed his government in 2010. In fact, because of this, various political groups, including the Iraqi Kurds, came together earlier this year to make plans to oust him. These failed however and the most recent aim was to hold a conference for national reconciliation that would unite all political groups and get the country moving forward.

Over the course of the past year, Kurdish politicians have gone from demanding that the PM be removed from power to being the prime movers behind conciliation.

NIQASH talked to Muayad al-Tayeb, Baghdad-based spokesperson for the Kurdish voting bloc in Iraq’s federal parliament, about recent events that appear to have worsened the relationship between Iraq's Kurds and the current Prime Minister recently.

Iraq Business News: Iraq to buy 50,000 Dell PCs for Schools

Iraq Business News

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Iraq to buy 50,000 Dell PCs for Schools

Nov 10th 2012, 08:53

By John Lee.

Thousands of Iraqi schoolchildren are entering classrooms equipped with new Dell technology that will help improve how they access information, and ultimately, work and compete with their peers around the world.

This development is the result of a close collaboration between the Iraqi Ministry of Education (MOE) and Dell, who assessed the complex education system and the local infrastructure prior to agreeing to a multi-phase deployment of 50,000 Dell Optiplex 380 desktop computers and monitors to 4,000 schools benefitting more than 200,000 Iraqi students.

Prior to 1991, Iraq’s education system was one of the best in the Middle East. However, in recent years, international sanctions and import challenges due to conflict have precluded access to classroom technology in Iraq. This disparity has resulted in the country’s Information & Communication Technology (ICT) facilities becoming weak and most teachers have little or no ICT literacy.

Access to technology is a cornerstone of the Iraqi Ministry of Education’s plans to build, restructure and improve the country’s education system. The strategy includes rehabilitating schools damaged by conflict and under-investment, building new schools, updating curricula and academic skills, as well as improving educational policy and departmental management. The Ministry is working to enhance the use of classroom technology by providing teachers with ICT training and certifications.

Iraq Business News: Ex-Im Bank Approves $35m Loan Guarantee to Devco

Iraq Business News

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Ex-Im Bank Approves $35m Loan Guarantee to Devco

Nov 9th 2012, 20:14

By John Lee.

The board of the Export-Import Bank of the United States (Ex-Im Bank) voted to guarantee a JPMorgan Chase loan totaling $35 million to Devco International LLC (Devco) of Tulsa, Okla., for the design and construction of a sulfur purification plant in Mosul, Iraq.

Ex-Im Bank’s financing will support approximately 380 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

“This significant transaction not only supports American small-business jobs here at home, but it also supports the sulfur and agricultural industries in Iraq,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “By providing a working-capital guarantee, Ex-Im Bank is demonstrating that we are always looking to support U.S. exporters and grow our economy by creating quality jobs here at home.”

Devco utilizes as part of its design a modular concept that maximizes labor concentration in a fabrication-shop environment. The company will design, procure, fabricate, and pre-assemble the plant in the United States and then ship the plant in modular form to Iraq. Upon arrival, Al Hawarth, an Iraqi-owned company, will re-assemble the facility outside the riverside city of Mosul.

The plant will process sulfur from underground deposits utilizing a priority process, Submerged Combustion Distillation, developed by CTI Consulting of New Orleans, La. The Al-Mishraq Sulphur State Company, which will own and operate the facility, plans to retail the purified sulfur output in Iraq for domestic use. Sulfur is a key ingredient in fertilizer and therefore is in demand within the agricultural sector.

Iraq Business News: Iraq Pressures Gazprom to Quit Kurdistan

Iraq Business News

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Iraq Pressures Gazprom to Quit Kurdistan

Nov 9th 2012, 20:14

By John Lee.

The Iraqi Government has reportedly told Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, to abandon oil deals in Kurdistan or face losing the lucrative Badra oilfield contract.

The field, which is estimated to have reserves of 100 million barrels, is being developed by Gazprom (30%), Korea's KOGAS (22.5%), Malaysia's Petronas (15%), Turkey's TPAO (7.5%), and Iraq (25%).

Faisal Abdullah, a spokesman for Deputy Prime Minister for Energy Hussain Shahristani, confirmed on Friday that a letter had been sent to Gazprom last week warning the company, which acquired interests in two blocks with the Kurdistan Regional Government (KRG) in August.

According to Reuters, Gazprom Neft Chief Operating Officer Alexander Dyukov (pictured) declined to comment. The company reportedly denied freezing contracts in Kurdistan in October.

(Sources: BBC, Reuters)

Iraq Business News: Ex Central Bank Chief Accuses Govt

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Ex Central Bank Chief Accuses Govt

Nov 9th 2012, 20:14

By John Lee.

Sinan al-Shabibi (pictured), the former head Iraq’s Central Bank who was removed for suspected mismanagement and currency manipulation, has dismissed the charges against him as baseless and trumped up.

Speaking to AFP, he said authorities had compromised the bank’s independence to access its reserves, adding that the government had been “spoiled” by a stable exchange rate for several years.

He said a warrant for his arrest had blown relatively minor foreign exchange fluctuations out of proportion.

While diplomats and analysts have interpreted the move as a power grab by Nouri al-Maliki, the premier’s office has reportedly nsisted it was not behind the moves.

Speaking from Geneva, Shabibi said:

“Since 2009, they wanted to fire me, and they wanted money from the reserves … I think the main problem… is basically the reserves, because they thought we have a lot of reserves, and they want to use it for financing … The government wanted some money from the central bank… Of course, the law does not allow that, the central bank law.

“And of course, they say that there are differences in exchange rate policy. I don’t think these differences require firing the central bank governor.“

Asked if the warrants for him and other officials affected the bank’s independence, Shabibi replied: “I’m sure, yes.”

Iraq Business News: Al-Araji: Iraq Needs $1 Trillion to Rebuild

Iraq Business News

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Al-Araji: Iraq Needs $1 Trillion to Rebuild

Nov 9th 2012, 20:14

By John Lee.

Iraq needs up to $1 trillion over the next 10 years to rebuild its crumbling infrastructure and battered economy, the head of the National Investment Commission (NIC), Sami al-Araji (pictured), said at the Baghdad International Fair.

“We are talking about the reconstruction of Iraq, a minimum requirement of money … is about $600-700 billion dollars, and could go all the way to $1 trillion”, he said.

He added that much of that money could come from Iraq’s rocketing exports of crude oil, which account for the lion’s share of government income, but “some will have to come from foreign and domestic direct investment.”

According to a report from AFP, the figure is a marked increase from $186 billion targeted for 2010 to 2014 — $100 billion of which would be from oil sales and the balance from private investment.

For now, however, investment levels remain sharply lower than those the investment commission chief predicts will be necessary.

According to Araji, Iraq had granted investment licences to both foreign and domestic investors in the past three years worth around $32 billion, most of which was from local sources.

The International Energy Agency (IEA) said last month the country needed to direct $530 billion solely towards energy infrastructure in the next 23 years, peaking at an annual average of $25 billion this decade.

(Source: AFP)

Iraq Business News: Dubai Chamber to Open Office in Kurdistan

Iraq Business News

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Dubai Chamber to Open Office in Kurdistan

Nov 8th 2012, 23:03

By John Lee.

Dubai Chamber of Commerce and Industry is to set up representative office in Iraqi Kurdistan next yea, the chamber’s chairman has announced.

Abdul Rahman Saif Al Ghurair said:

“The new office will help boost the presence of Dubai businesses in the Northern region of Iraq as the country was the second largest destination for Dubai Chamber members' exports and re-exports accounting for 14 per cent of total goods traded with regional partners during the first half of this year.

“The rising profile of Kurdistan's investment potential can be gauged from the fact that Iraq which ranked 14th on the list of Dubai's top trading partners in 2008 jumped to 7th position in 2011 with non-oil trade between Dubai and Iraq rising by 60per cent last year in comparison to the year 2008.“

Kurdistan constitutes 50 percent of Dubai's trade with Iraq, he added.

Sinan Celebi [Chalabi] (pictured), the KRG’s Minister of Trade and Industry, said that Dubai is one of the top five investors in Kurdistan.

“The provincial government is working hard to provide a healthy investment environment while new regulations to enhance business growth through the implementation of attractive investment laws and other related laws were underway.“

(Sources: Khaleej Times, Gulf News)

Iraq Business News: OMV Comments on Kurdistan Operations

Iraq Business News

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OMV Comments on Kurdistan Operations

Nov 8th 2012, 23:04

By John Lee.

In its third quarter results, Austria energy company OMV had the following comments on its operations in Iraqi Kurdistan:

Clean EBIT increased by 28% to EUR 617 million, mainly due to higher sales volumes in Libya and favorable FX effects which more than offset the lower oil price and higher exploration expenses (EUR 179 million vs. EUR 67 million in Q3/11). The latter was mainly driven by the write-off of unsuccessful wells and exploration licenses in the Kurdistan Region of Iraq (Mala Omar and Shorish) and the write-off of an exploration licence in Tunisia (El Hamra).

Production costs excluding royalties (OPEX) in USD/boe decreased by 19% mainly due to positive FX effects and higher production volumes. At Petrom, OPEX in USD/boe was down by 12% mainly due to a weakened RON against the USD. OMV Group's total exploration expenditure declined by 7% to EUR 107 million as a consequence of less intensive exploration activities in Norway and the UK in Q3/12 which were not counterbalanced by higher activity levels in Tunisia and the Kurdistan Region of Iraq (Bina Bawi).

In the Kurdistan Region of Iraq, extended well test facilities for Bina Bawi are in preparation and production testing for sale in the local market is expected to start in H1/13. Further appraisal drilling is ongoing.

(Source: OMV)

(Picture: Gerhard Roiss, CEO of OMV)

Iraq Business News: Petrofac JV Wins $229m Contract at Rumaila

Iraq Business News

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Petrofac JV Wins $229m Contract at Rumaila

Nov 8th 2012, 23:05

By John Lee.

Petrofac has won a further inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq with its joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC). The US$229 million contract was awarded by BP Iraq NV (BP), via the Rumaila Operating Organisation (ROO), following a competitive tender.

The three-year contract, which is worth more than US$160 million to Petrofac, will be led by its Offshore Projects & Operations (OPO) business. The contract covers the inspection, maintenance and repair of degassing stations, rotating machinery and cluster pumping stations and came into effect on 1 November 2012.

Marwan Chedid (pictured), Chief Executive of Petrofac’s Engineering, Construction, Operations & Maintenance (ECOM) division, commented:

“We are delighted to have been awarded a further contract for the Rumaila field. This award is testament to Petrofac’s ability to deliver to a high standard in Iraq and builds on the success we have achieved over the past year in this field. Alongside our partner CPECC, we look forward to developing further our relationship with BP Iraq and the Rumaila Operating Organisation and helping to ensure a safe and successful future for this flagship field.“

(Source: Petrofac)

Iraq Business News: Kobler Pushes for Expanding UN Progs in Basra

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Kobler Pushes for Expanding UN Progs in Basra

Nov 8th 2012, 23:01

By John Lee.

The Special Representative of the Secretary-General (SRSG) for Iraq, Mr. Martin Kobler, has concluded a two-day visit to Basra, where he met with the Governor, Dr. Khalaf Abdul-Samad, and with the Director of the Basra office of the Independent High Electoral Commission (IHEC), Mr. Hazim Joda.

"This has been a very fruitful visit," Mr. Kobler said. "I had excellent discussions with the Governor over the UN's ongoing role in the development of the province, and progress made on Chapter VII. I shared with the Governor that the UN has some ideas on reinvesting part of the compensation money in projects in Iraq," the SRSG said.

During his visit to the Basra office of IHEC, Mr. Kobler was informed that preparations for the 2013 Governorate Council elections are on track.

Mr. Kobler visited Basra Children's Hospital as well as a UNICEF accelerated learning programme for juvenile detainees at Basra Central Prison, the first school of its kind in Iraq, which is delivering education and training to help young prisoners adjust to life after their release.

Following his visit to an NGO in Zubayr that works for the rights of black Iraqis, the SRSG reaffirmed that, "UNAMI will continue to advocate for the political participation and right to development for Iraqis from all backgrounds."

(Source: UN)

Iraq Business News: Video: Baghdad Divided over Obama Re-Election

Iraq Business News

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Video: Baghdad Divided over Obama Re-Election

Nov 8th 2012, 23:02

The news of Barack Obama’s re-election as US President did not quite bring the world to a stop on Wednesday. But in the heart of Baghdad, there were plenty of ordinary Iraqis willing to take a minute out of their day to express an opinion on it:

(Source: AFP)

Iraq Business News: GKP Up on Oil Find in Kurdistan

Iraq Business News

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GKP Up on Oil Find in Kurdistan

Nov 8th 2012, 23:06

By John Lee.

Shares in Gulf Keystone closed up 5.5% on Thursday following the announcement that it has struck oil at the Sheikh Adi block in Iraqi Kurdistan.

The notification of the discovery follows the completion of a well testing programme of the Sheikh Adi-2 exploration well on the block, located immediately to the west of the Company’s Shaikan Block, which is a major commercial discovery.

Sheikh Adi-2 spudded in May 2012, 1.45 km to the north of the Sheikh Adi-1 exploration well, and was drilled to a total depth of 2,754 metres in September 2012. In the course of the Sheikh Adi-2 well testing programme the Company has successfully tested four reservoir zones at measured depths of between 1,420 metres and 1,700 metres, achieving total stabilised aggregate flow rates of 4,235 barrels of oil per day across the Upper Butmah, Adaiyah, Mus and Sargelu formations in the Jurassic. Provisional results indicate the oil gravity is similar to that found in the same formations in the Shaikan Block namely 15-18 API.

In line with the Sheikh Adi PSC, following the notification of discovery, the Operator will submit a Discovery Report to the Sheikh Adi Block Management Committee within 30 days.

Gulf Keystone is the Operator of the Sheikh Adi Block with an 80 per cent working interest, while the Kurdistan Regional Government has a 20 per cent carried interest.

Todd F. Kozel (pictured), Gulf Keystone’s Executive Chairman and Chief Executive Officer commented:

“We are very pleased with the outcome of the second exploration well on the Sheikh Adi Block, which is in on trend with Shaikan, our major commercial discovery declared earlier this year. This most recent exploration success points to the significant potential for further growth and future synergies across our world-class acreage in the Kurdistan Region of Iraq.“

(Sources: GKP, Yahoo)

The Currency Newshound: The National: Shabibi criticizes Iraqi Government

The Currency Newshound

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

The National: Shabibi criticizes Iraqi Government

Nov 8th 2012, 22:37

The former governor of Iraq's central bank who was removed from his job amid allegations of financial impropriety has vowed to clear his name.

Media files:
currencynewshound
SinanAl-Shabibi.jpg

The Currency Newshound: Government defends decision to sack Iraq’s central bank governor

The Currency Newshound

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

Government defends decision to sack Iraq's central bank governor

Nov 8th 2012, 15:50

BAGHDAD - Ahmed Jawad said the deputy governor of the Central Bank the appearance of Mohammed Saleh said that the government's decision sacking Governor Sinan al-Shabibi and appointment of the Director of Financial Supervision temporary substitute him are decisions normal, provided that their motives are good, and stressed that the changes approved by the Council of Ministers during Tuesday's session did not Ttalh.

Media files:
currencynewshound

The Currency Newshound: Financial Supervision Office reveals financial violations in daily auction of CBI

The Currency Newshound

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

Financial Supervision Office reveals financial violations in daily auction of CBI

Nov 8th 2012, 15:49

Baghdad (AIN) -A report by the Financial Supervision Office revealed the results of the oversight and scrutiny on the activities of the foreign currency auction since the start of 2012 till 30th of last August which confirmed the existence of administrative and financial irregularities in the banking transactions in the foreign currency auction at the Central Bank of Iraq.

Media files:
currencynewshound

The Currency Newshound: Iraq parliament appreciates the efforts of the UN on its quest to eliminate the differences between Iraq and Kuwait

The Currency Newshound

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

Iraq parliament appreciates the efforts of the UN on its quest to eliminate the differences between Iraq and Kuwait

Nov 8th 2012, 15:58

MP praised for Rafidain bloc, Imad John, the role of the United Nations on its quest to remove the differences between Iraq and Kuwait and the consolidation of relations between them.

Media files:
currencynewshound

The Currency Newshound: CBI Daily Currency Auction for Nov 8, 2012

The Currency Newshound

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

CBI Daily Currency Auction for Nov 8, 2012

Nov 8th 2012, 15:45

The latest daily currency auction was held in the Central Bank of Iraq on the 08-NOV-2012. The results were as follows:

Media files:
currencynewshound

The Currency Newshound: Iraq, US embassy, UN’s representatives to discuss relieving Iraq from UN sanctions

The Currency Newshound

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

Iraq, US embassy, UN's representatives to discuss relieving Iraq from UN sanctions

Nov 8th 2012, 15:52

Baghdad (AIN) -The Parliamentary Foreign Relations Committee discussed in a meeting held on Wednesday a number of topics most notably the law of holding agreements and the topic of relieving Iraq from the UN sanctions as well as the file of Iraq's share of water resources.

Media files:
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The Currency Newshound: Maliki: Cash allowance for the ration card may increase to 25 thousand dinars

The Currency Newshound

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

Maliki: Cash allowance for the ration card may increase to 25 thousand dinars

Nov 8th 2012, 15:44

Favored by Prime Minister Nuri al-Maliki to increase cash allowance in return for the cancellation of the ration card, and Iraqiya quoted Maliki as saying that "the amount of [15] thousand dinars may grow to [25] thousand dinars."

Media files:
currencynewshound

The Currency Newshound: Economy Committee collects 100 votes to ratify “Strategic Economic Council”

The Currency Newshound

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

Economy Committee collects 100 votes to ratify "Strategic Economic Council"

Nov 8th 2012, 15:50

Baghdad (AIN) -MP Yousef al-Taie of the Parliamentary Economy Committee revealed collecting 100 signatures to establish the Strategic Economic Council in Iraq.

Media files:
currencynewshound

The Currency Newshound: Vietnam: 5.5 percent growth in GDP expected in 2013

The Currency Newshound

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

Vietnam: 5.5 percent growth in GDP expected in 2013

Nov 8th 2012, 15:41

A resolution on the country's socio-economic development plan for 2013 that will see growth of 5.5 percent GDP and a 10 percent increase in export turnover was adopted by The National Assembly (NA) on November 8.

Media files:
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The Currency Newshound: Vietnam: October CPI continues to climb

The Currency Newshound

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

Vietnam: October CPI continues to climb

Nov 8th 2012, 15:42

October's Consumer Price Index (CPI) saw a slight increase of 0.85 percent compared with the previous month and a year-on-year increase of 7 percent.

Media files:
currencynewshound

The Currency Newshound: Shabibi to bring his defense to the integrity commission; Demands to see evidence

The Currency Newshound

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

Shabibi to bring his defense to the integrity commission; Demands to see evidence

Nov 8th 2012, 15:47

BAGHDAD / JD / .. student central bank governor article Shabibi all documents which accused him of the Integrity Commission to money laundering in order to respond.

Media files:
currencynewshound

The Currency Newshound: Kuwait’s Emir promised better relations to remove Iraq from Chapter VII; Meetings in December to discuss CH VII and debts

The Currency Newshound

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

Kuwait's Emir promised better relations to remove Iraq from Chapter VII; Meetings in December to discuss CH VII and debts

Nov 8th 2012, 15:56

Kuwait (Iba) .. Iraqi Journalists Syndicate said pro-Lami and Kuwaiti Foreign Minister Sheikh Sabah Al-Khalid expected to be completed Kuwaiti reparations to Iraq and estimated at 5% per annum in just two years after Iraq's commitment to payment during the last period.

Media files:
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