Energy Taqa to sell entire stake in Kurdistan oilfield Abu Dhabi National Energy Company (Taqa) has agreed to sell its entire stake in the Atrush oilfield in Iraqi Kurdistan to Canada’s ShaMaran Petroleum. Through its subsidiary Taqa International, the company has entered into a definitive agreement with ShaMaran subsidiary General Exploration Partners (GEP), Taqa said in a filing to the Abu Dhabi Securities Exchange […] January 22, 2024
Manufacturing Iraq cement company gets $130m to double production A major Iraqi cement manufacturer has secured financing of up to $130 million to support plans to more than double annual production. The International Finance Corporation (IFC), part of the World Bank, is investing in Al-Douh Iraqi Company for Cement Industries to create thousands of jobs and to bolster reconstruction efforts. IFC is providing a […] January 18, 2024
Analysis Industry Iraq’s biggest telecoms firms tap into resurgent market Lower taxes, improved political stability and troubles at a smaller rival have helped Iraq’s top two telecoms operators reverse a decline in earnings. Now the duo, Zain Iraq, a subsidiary of Kuwait’s Zain, and Asiacell, which is majority owned by the former Qatari telecom monopoly Ooredoo, should prosper further in 2024. Zain and Asiacell have […] January 15, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Infrastructure Turkish minister hints UAE and Qatar joining mega project The United Arab Emirates (UAE) and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey, a senior Turkish minister has said. “We will implement the project hopefully, in collaboration with Iraq. The UAE and Qatar also seem to be interested in this process,” transport and infrastructure minister Abdulkadir Uraloglu […] January 8, 2024
Oil & Gas PetroChina takes control of Iraqi oilfield from ExxonMobil US energy giant ExxonMobil Corp has officially exited the West Qurna 1 oilfield in Iraq, handing over its operations to Chinese oil and gas major PetroChina as lead contractor. “We are meeting today to bid farewell to ExxonMobil, and at the same time we congratulate PetroChina for becoming the lead contractor,” Basim Mohammed, deputy oil […] January 2, 2024
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
Sustainability UAE pledges $150m for Mena water security A $150 million commitment from the UAE at Cop28 to fund water security solutions in vulnerable countries is a step in the right direction but more must be done to address the issue, say experts. Speaking at a panel discussion at the climate change conference in Dubai, Ramadan Assi, executive adviser for strategic partnerships at […] December 5, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Analysis Industry Future is rosy for Mena phosphate producers With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […] November 17, 2023
Finance Iraq becomes member of European development bank Iraq has become the 74th member of the European Bank for Reconstruction and Development, the multilateral lender said on Thursday, while Ghana and Senegal have also applied to join. Iraq first submitted its request to join the bank in 2018, and its shareholder status enables it to apply to become a recipient economy, which would […] November 17, 2023
EXCLUSIVE Renewable Energy Download our exclusive report on the Gulf’s path to net zero As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it? In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […] November 8, 2023
Oil & Gas Oil companies shun Iraq-Turkey Pipeline over payment International oil companies are refusing to sign up to using a newly reopened pipeline transporting oil from northern Iraq to the Mediterranean coast via Turkey over commercial disputes with Baghdad and Arbil. Alpaslan Bayraktar, the Turkish energy minister, told the Adipec conference in Abu Dhabi earlier this month that logistical issues over the Iraq-Turkey Pipeline […] October 23, 2023
Energy Russian investments in Iraq total $19bn, Putin confirms Russia’s investments in Iraq totalled around $19 billion, Russian President Vladimir Putin said in a televised excerpt of talks with the country’s prime minister. Putin hosted Iraqi Prime Minister Mohammed Shia Al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the Opec+ group of top oil producers, saying it had helped […] October 11, 2023
Finance Iraq to end all dollar cash withdrawals by January Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of US sanctions on Iran, a top Iraqi central bank official said. The move aims to stamp out the illicit use […] October 6, 2023
Energy Iraq sets deadline for oil firms in new licensing rounds Iraq has set a January 2024 deadline for international energy companies to submit formal letters of intent to take part in its so-called “fifth plus” and sixth licensing rounds, as the country strives to boost gas production and cut imports. Iraq, Opec’s second-biggest producer after Saudi Arabia, is awarding 30 new oil and gas projects […] October 4, 2023
Adipec Oil & Gas Iraq’s much-delayed new oil law aims to boost coffers Iraq’s passing of a long-awaited oil and gas law is expected to help the country attract more international investments into the hydrocarbon industry and boost government revenues. The key innovation of the law is to allow foreign companies to have a share of oil output in Iraq, in partnership with the government, and the transition […] October 2, 2023
Transport Erdoğan lauds $17bn link between Turkey and Iraq Turkish president Recep Tayyip Erdoğan has lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world”. The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform […] September 20, 2023
Finance US says Iraq must act to avoid further action on banks Iraq’s central bank must address continued risks of the misuse of dollars at its commercial banks to avoid new punitive measures targeting the country’s financial sector, a top US treasury official said, citing fraud, money laundering and Iran sanctions evasion. In July, the US barred 14 Iraqi banks from conducting dollar transactions as part of […] September 15, 2023
Energy Iraq’s oil flow to Turkey may resume after October Iraqi oil flows to Turkey are not expected to resume before October, when Turkish President Tayyip Erdogan will likely visit Baghdad, sources said, after the trip originally scheduled for August was postponed. Turkey halted Iraqi northern oil export flows on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara […] September 6, 2023
Oil & Gas Iraq to hike oil output to 8m barrels per day by 2027 Iraq’s energy committee has backed the government’s plan to produce eight million barrels per day of crude by 2027. The oil, gas and natural resources committee also supported the government’s plan to become self-sufficient in natural gas production, since it currently imports gas to operate power plants and industrial facilities, state-run Iraq News Agency reported. […] August 27, 2023
Oil & Gas Iraq begins talks with Turkey to resume oil exports Iraq’s oil minister Hayan Abdel-Ghani will visit Turkey to discuss issues including the resumption of oil exports through the Ceyhan oil terminal. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq’s northern oil exports via Turkey’s Ceyhan port, said an oil official. Turkey […] August 22, 2023
