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Iraq, Saudi Arabia “to sign $billions of Energy Contracts”

By John Lee.

Iraq and Saudi Arabia are reportedly about to sign energy deals worth tens of billions of dollars.

The state-run Al-Sabaah newspaper quotes Oil Minister Ihsan Abdul Jabbar (pictured) as saying that Iraq is negotiating with oil giant Saudi Aramco to enter as a partner in contracts for gas exploration in the Western Desert.

He added that Iraq has intensified discussions with the Saudi company ACWA Power to build water desalination facilities and clean energy plants.

ACWA Power launched a successful IPO on the Saudi Stock Exchange last month, the biggest IPO on that exchange since Saudi Aramco’s in 2019.

(Source: Al Sabaah)

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Fighting Climate Change “an Economic Opportunity” for Iraq

Writing in the Financial Times, Iraqi President Barham Salih argues that addressing climate change represents an opportunity for Iraq and the region to introduce measures that will leave them on a more solid foundation as they face the challenges of the decades to come.

Click here to read the full article (subscription required)

(Picture: Tigris river in central Baghdad; Credit: Christian Lindgren)

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The Massive Challenge of Climate Action in Iraq

By Lizzie Porter, for The New Statesman. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

The massive challenge of climate action in oil-dependent Iraq

Oil provides 90 per cent of Iraq’s revenue. Even as farmland dries up, fractured governance makes reform seem almost impossible.

Click here to read the full story.

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CITIC Construction Wins $3.7bn Iraq Power Deal

By John Lee.

China’s CITIC Construction has won the bid for the first and second phases of AI Khairat heavy oil power plant in Iraq.

Yang Jianqiang, Deputy President of CITIC Construction, held talks with Mazin Wajih, Chairman of Harlow International, in Dubai representative office, and received the letter of acceptance issued by Mazin Wajih.

It is estimated that the contract value of each phase of the project is about $2.85 billion.

The AI Khairat heavy oil power plant is located in Karbala Province in south-central Iraq, about 100km away from Baghdad, next to the Karbala refinery, which provides its by-product heavy oil for the power plant as fuel.

The total installed capacity of the project consists of 8 power generating units of 400MW each, of which 4 units will be constructed in each phase and put into operation in batches.

As the EPC general contractor of the project, CITIC Construction will be responsible for designing, procurement, construction, installation, commissioning and operation and maintenance of the project for a period of ten years, and assist in financing on the premise that the owner is guaranteed by the Iraqi government.

Wining the bid has made CITIC Construction see another major breakthrough in electric energy market of Iraq following the project of Maisan combined cycle power plant. After the completion of the project, it will become an energy hub around the capital, which will provide power for the reconstruction of Iraq’s post-war industry, help ease the power shortage of residents in central and southern Iraq, improve people’s livelihood and safeguard social stability.

(Source: CITIC)

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GE Healthcare signs deal for 22 Neonatal ICUs in Iraq

By John Lee.

General Electric Healthcare (GE) has reportedly signed an agreement with the Iraqi Ministry of Health to build 22 neonatal intensive care units (NICUs) across the country.

A spokesperson for GE Healthcare in the Middle East is quoted as saying that each unit will be designed and developed to focus on providing the attention needed by high-risk newborns and various medical conditions.

He added that the company will provide all the technology, including incubators, heaters, ultrasound machines, mobile X-ray units, baby ventilators, and monitors dedicated to the requirements of neonatal intensive care units.

The units are to be built in all governorates, with five centres in Baghdad. .

(Source: Basra Governorate)

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First Women’s Protection Centre in Diwaniyah

The Governorate of Diwaniyah and UNFPA inaugurated today the first Women Protection Centre in the Governorate, with funding from Canada and Sweden.

The Centre will offer psychosocial and legal assistance,  medical counselling and protection for survivors of gender-based violence. Women and girls will be able to benefit from special programmes on empowerment, life skills and livelihood education.

The inauguration was attended by Mr Zuhair Ali Al-Shaalan, Governor of Diwaniyah,  Dr Yousra Al-Allak, Head of Women Empowerment Department and Dr Rita Columbia, UNFPA Representative to Iraq, as well as representatives from the civil society and women-led organisations.

Speaking at the event, the Governor highlighted the centre’s importance to women and girls in Diwaniyah:

“Women play an important role in our society. Diwaniyah is proud to establish a centre that provides a comprehensive package of services for survivors of gender-based violence. When women are protected and provided with the right tools, they can thrive.”

For his part, Dr Yousra Al-Allak reiterated:

“Establishing a Protection Women Centre is a very good first step. However, to ensure the proper development of Iraq, we need legislation that protects women and girls from gender-based violence and ensures their rights are preserved”.

In her speech, Dr Columbia emphasised the importance of safe spaces for women and girls survivors of any form of violence. She thanked the local authorities, Women Empowerment Department and civil society for their efforts to prevent and respond to GBV.  She called on other governorates to follow this example to take concrete steps towards eliminating gender-based violence in Iraq.

Speeches also called the Parliament to adopt the Anti-Domestic Violence Law and endorse the legal framework for gender-based violence service provision and protection of women.

(Source: UN)

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IBBC’s Autumn Conference – Open for Business Engagement

IBBC’s Autumn conference is back with a bang and open for business engagement.

On 22nd November this year the overarching conference topic is looking to the future with ‘sustainability’- whether in terms of energy and renewables, the Iraqi economy and its diversification, or sustaining finance, logistics and training. Underpinning much of this is the application of technology and modernising ways to run a successful economy, with the tech forum’s online sessions.

With a successful election now completed and a new government being formed, it’s a good time to discuss the prospects for reform and sustainability.

IBBC members find that the Autumn conference is probably the best forum to meet the leaders in the region and those engaged with provision of supply chains and decision making. Many of Iraq’s industry sectors have regional headquarters in Dubai, which enables the high turnout and interest in the networking opportunities.

The current speaker line-up is probably the best for some years, featuring the Iraqi Minster of Oil H.E. Ihsan Abdul Jabbar Ismaael giving a keynote speech, H.E. Dr Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade. Dr Salem Chalabi, President and Chairman of the Trade Bank of Iraq, Iraqi Ambassador to the UAE H.E. Mudaffar Mustafa Al Jubouri and UK ambassador Mr Mark Bryson-Richardson, Mr Simon Penny, UK’s Consul General and Trade Commissioner for the region, and top academic Professor Frank Gunter on the economic outlook for Iraq.

For those engaged with energy, Mr Zaid Elyaseri from BP will be speaking, and Dunia Chalabi will be representing new Iraqi entrants Total, who have signed contracts to invest USD 27 billion in and plan to bring in hundreds of expatriates into Iraq to develop the Ar-Ratawi oil field and build gas capture, solar power and injection water facilities. Leading figures from Oilserve, Ms Sara Akbar, and Hydro-C, Mr Hassan Heshmat, will discuss sustainable energy, and a separate session will be voted to Basrah Gas Company.

The Finance panel includes a stella line up with Emirates Credit Insurance Co, Standard Chartered Bank and IFC. Mr Aziz Khudairi heads the Industry panel and a significant group including Martrade and IBBC Autumn Conference Principal Sponsor Sardar Group.

Finally, and in parallel, an online Tech forum session on Data and its benefits to Government, Economies, business, and citizens, will include speakers from UK’s GDS, British Water, Agri-epicentre, Serco and Mastercard with more to be confirmed.

Overall, the panels will be exploring in more detail how to ensure the current high oil and gas prices can bring investment and rebalance the economy and promote and develop agriculture and enhance the food chain to increase employment and reduce food poverty. These discussions will also address how to improve the water supply and waste reduction and consider the role of clean power generation in relation to climate change and initiatives to improve sustainability.

We look forward to welcoming you to Dubai, or even following us online if you are unable to make it in person.

A pre-conference reception will be held at the Iraqi Pavilion at Dubai EXPO2020 in the evening of 21st November.

Finally, we’d very much like to thank our sponsors: Principal Sponsor Sardar Group, Gold Sponsor: Hydro-C, Silver Sponsor: Serco and Reception Sponsor: Basra Gateway Terminal

(Source: IBBC)

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Iraq Finalises September Oil Exports

By John Lee.

Iraq’s Ministry of Oil has announced finalised oil exports for September of 92,422,485 barrels, giving an average for the month of 3.081 million barrels per day (bpd), up slightly from the 3.054 million bpd exported in August.

The exports from the oilfields in central and southern Iraq amounted to approximately 89,224,354 barrels, while exports from Kirkuk amounted to 2,922,857 barrels. Exports to Jordan by truck totaled 275,274 barrels.

Revenues for the month were $6.777 billion at an average price of $73.328 per barrel.

August’s export figures can be found here.

(Source: Ministry of Oil)

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Iraq to Invest in Greener Technology

By John Lee.

Iraq reportedly plans to invest $3 billion annually to transition from burning liquids to burning natural gas in its power plants.

Deputy Prime Minister and Finance Minister, Ali Allawi (pictured), told the Middle East Green Initiative Forum in Saudi Arabia that Iraq will also end gas flaring by 2025.

He also recommitted Iraq to working towards a greener future.

More here.

(Sources: The National, Arab News)

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Petrofac expects “Significant Upside Potential” on return to Iraq

By John Lee.

Oil services company Petrofac has said it is “anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE“.

In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer in 2020. This resulted from investigations into corruption involving the company.

Earlier this month, Petrofac was ordered to pay GBP 77 million [$105 million] after the UK’s Serious Fraud Office (SFO) secured further convictions in its investigation into bribery and corruption.

The company today raised £199.6 million in the bond markets, part of which will be used to pay the fine.

Iraq, Saudi Arabia and the UAE accounted for 27 percent of total revenue in the period 2015-2019, prior to the first suspension, and revenue from these countries decreased to 12 percent in 2020.

(Source: Petrofac)

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