Author: Editor

Posted on

Vinson and Elkins to advise Iraq on Arbitration with Turkey

By John Lee.

Iraq’s Ministry of Oil has engaged the Texas-based law firm Vinson and Elkins as a legal advisor in the US.

Partner James Lloyd Loftis will meet with representatives of the Department of State, at their request, regarding a pending arbitration proceeding between Iraq and the Republic of Turkey.

The Ministry will pay Mr Loftus a fee of $900 per hour for his advice in this matter.

During the period beginning 60 days prior to the date of the registrant’s obligation to register under US’s Foreign Agents Registration Act (FARA), the firm received more than $2.1 million from the Ministry for non-registrable legal services.

The firm has advised Baghdad on other matters in the past.

(Source: FARA)

The post Vinson and Elkins to advise Iraq on Arbitration with Turkey first appeared on Iraq Business News.

Posted on

Construction Starts at 1.6 GW Power Plant in Anbar

By John Lee.

Prime Minister Mustafa Al-Kadhimi has laid the foundation stone for a new power station in the Al-Furat district of Anbar Governorate.

According to a statement from the Media Office of the Prime Minister, the total capacity of the plant is 1,642 megawatts, at a cost of one billion dollars, and the project will take 3 years to complete.

The project consists of four GT26 gas turbine units [from GE], with a unit capacity of 273 megawatts, and two steam units with a capacity of 275 megawatts.

(Source: Media Office of the Prime Minister)

The post Construction Starts at 1.6 GW Power Plant in Anbar first appeared on Iraq Business News.

Posted on

New Plastics Plant opened in Basra

By John Lee.

The Minister of Industry and Minerals, Manhal Aziz Al-Khabbaz, has re-opened a factory making low density polyethylene in Basra.

The plant, run by the General Company for Petrochemical Industries, had been idle for more than 12 years.

Capacity is said to be 120 tons per day, with high quality and high purity.

The Minister wished the company further success in its plans to rehabilitate the high-density polyethylene granules production plant.

(Source: Minister of Industry and Minerals)

The post New Plastics Plant opened in Basra first appeared on Iraq Business News.

Posted on

Iraq confirms June Oil Exports

By John Lee.

Iraq’s Ministry of Oil has announced finalised oil exports for June of 101,191,236 barrels, giving an average for the month of 3.373 million barrels per day (bpd), up from the 3.300 million bpd exported in May.

The exports from the oilfields in central and southern Iraq amounted to approximately 97,980,589 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,910,887 barrels.

While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan totalled 299,760 barrels for the month.

Revenues for the month were $11.354 billion, at an average price of $112.209 per barrel.

May’s export figures can be found here.

(Source: Ministry of Oil)

The post Iraq confirms June Oil Exports first appeared on Iraq Business News.

Posted on

Production at Khor Mor field unaffected by Rocket Attacks

By John Lee.

The Khor Mor field in Kurdistan has again been subjected to rocket attacks.

In a statement to the Abu Dhabi Securities Exchange, operator Dana Gas said:

“Dana Gas (PJSC) informs the market that two small rockets landed within the Khor Mor Block in the Kurdistan Region of Iraq on the evening of Monday, 25th of July.

“There were no injuries and production operations continue as normal.“

The field was also attacked last month, with two people injured.

(Source: Dana Gas)

The post Production at Khor Mor field unaffected by Rocket Attacks first appeared on Iraq Business News.

Posted on

Baker Hughes wins Four-Year Contract in Missan

By John Lee.

Baker Hughes has said its oilfield services (OFS) division has secured a four-year contract to provide artificial lift solutions for the Missan [Maysan] oilield in Iraq.

In a statement announcing its results for the second quarter of 2022, the US-based company said the contract includes the supply of electrical submersible pumps (ESP), surface equipment and dedicated field services.

The ESPs will be utilized to maximize oil recovery and extend system run-life in harsh environments, it added.

The company, which also has contracts at the Nasiriyah and Garraf [Gharraf] oil fields, recently committed to pulling out of operations in Iraqi Kurdistan, following the Federal Supreme Court ruling that oil contracts signed with the Kurdistan Regional Government (KRG) are unconstitutional.

(Source: Baker Hughes)

The post Baker Hughes wins Four-Year Contract in Missan first appeared on Iraq Business News.

Posted on

IDC completes two Drilling Projects in Iraq

By John Lee.

The Iraqi Drilling Company (IDC) has recently completed the drilling of oil well 48 at the Nasiriyah oil field.

The company’s general manager, Engineer Basem Abdel Karim Nasser, said this was part of the contract with Dhi Qar Oil Company (DQOC) to drill 20 oil wells at the field in cooperation with US-based Weatherford.

Drilling operations were carried out over 18 months using the IDC 44 drilling rig.

IDC has also recently completed the drilling of oil well J120P in the Al-Gharraf field, which reached a depth of 3,037 meters.

Nasser said this was the thirteenth well drilled as part of the contract with the Malaysian Petronas company to drill 28 directional oil wells in the Al-Gharraf oil field in Dhi Qar Governorate.

The work was carried out using the IDC 54 drilling rig (pictured), which has a power of 2000 HP.

The company owns 43 drilling and reclamation rigs distributed in the Iraqi oil fields.

(Source: Ministry of Oil)

The post IDC completes two Drilling Projects in Iraq first appeared on Iraq Business News.

Posted on

Deep Data: GCC Electricity and Iraq’s Reliance on Iran

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Deep Data: GCC Electricity and Iraq’s Reliance on Iran

In connection with the recent Arab summit in Jeddah, Iraq and Saudi Arabia are forging ahead with efforts to connect their electricity grids.

The plan revolves around a new power line between the two neighbors with a capacity of 1 gigawatt (GW). Separately, Iraq and the Gulf Interconnection Authority (GCCIA) are advancing a scheme to power southern Iraq.

While Iraq has long been under pressure from the US and some Arab states to reduce reliance on energy imports from Iran, informed sources in Baghdad characterize the shifts underway as a win-win for all sides-pointing to burgeoning domestic demand in Iran, and the possibilities offered by a new regional electricity market.

The full report can be viewed here (registration required).

The post Deep Data: GCC Electricity and Iraq’s Reliance on Iran first appeared on Iraq Business News.

Posted on

$25m agreement for Medical Waste Management in Iraq

Ministry of Health and UNDP partner to address medical waste management challenges under $25m agreement

The United Nations Development Programme (UNDP) in Iraq has signed a US$25 million agreement with Iraq’s Ministry of Health (MoH) to strengthen medical waste management in the country.

The agreement is part of the $100 million Iraq Covid-19 Vaccination Project (ICVP), a loan financed by the World Bank to support the Government of Iraq’s rollout of the COVID-19 vaccine.

Under the agreement, UNDP will procure and install approximately 180 shredder autoclaves which convert medical waste – largely from COVID-19 vaccinations – such as syringes, ampules, dressings and personal protective equipment like masks and gloves into ordinary waste for safe disposal. These efforts support MoH’s safe deployment of the vaccine throughout Iraq.

“We confirm the ongoing partnership between the Federal Ministry of Health and all local and international supporting bodies for their technical support, and for developing infrastructure to strengthen the provision of health services across all levels of government and the Kurdistan Region. We are grateful for all the efforts supporting the Federal Ministry of Health and its departments in addressing health sector challenges.” says the Federal Minister of Health, Dr. Hani Musa Badr Al-Uqabi.

“As the development partner of choice, UNDP is proud to have been selected by the Ministry of Health and the World Bank to implement this critical project.  The established and successful mechanisms UNDP Iraq has in place ensure agility, adaptability, flexibility, and transparency in our delivery.” says Resident Representative of UNDP Iraq Ms Zena Ali Ahmad.

“We also welcome the new collaboration with the World Bank who has provided the funds for this much-needed support for medical waste management in the country,” she adds.

(Source: UN)

The post $25m agreement for Medical Waste Management in Iraq first appeared on Iraq Business News.

Posted on

Fitch: Iraq’s Fiscal Outperformance May Not Last

By John Lee.

Fitch Ratings has said that Iraq’s government debt is set to fall steeply as a share of GDP in 2022, bringing it to pre-Covid-19 pandemic levels.

It adds that while this is positive for the sovereign’s creditworthiness, the decline may not be sustainable, as it partly reflects political tensions that have constrained public spending and reflect the high political risk captured in Iraq’s ‘B-‘ rating.

More here.

(Source: Fitch Ratings)

The post Fitch: Iraq’s Fiscal Outperformance May Not Last first appeared on Iraq Business News.