Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Turkish mills’ pipe exports to Iraq have reportedly risen by 10.3 percent year-on-year for the first three quarters of this year.
According to S&P Global Platts, Iraq bought 139,000 mt of steel pipe during the period.
(Source: S&P Global Platts)
From Peace to prosperity:
The Conference to find out what’s happening for Iraq business.
The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.
Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.
The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.
The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.
The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.
At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.
The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.
Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.
While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.
For further information and to find the latest updates on speakers – more are expected – please contact london@webuildiraq.org or visit the website to register for tickets.
https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai
The year it’s all on the up…
From Peace to prosperity:
The Conference to find out what’s happening for Iraq business.
The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.
Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.
The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.
The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.
The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.
At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.
The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.
Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.
While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.
For further information and to find the latest updates on speakers – more are expected – please contact london@webuildiraq.org or visit the website to register for tickets.
https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai
The year it’s all on the up…
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
When Iraqi Prime Minister Adel Abdul Mahdi led a delegation to China in September, Baghdad and Beijing activated an “oil for reconstruction” and investment program. Under the arrangement, Chinese firms work in Iraq in exchange for 100,000 barrels per day.
Iraq has said it needs more than $88 billion to develop and mend its rickety infrastructure after three years of combating the Islamic State (IS).
Speaking to the press, Abdul Mahdi said that, including this new deal, about 20% of Iraq’s daily oil production is being exported to China.
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
When Iraqi Prime Minister Adel Abdul Mahdi led a delegation to China in September, Baghdad and Beijing activated an “oil for reconstruction” and investment program. Under the arrangement, Chinese firms work in Iraq in exchange for 100,000 barrels per day.
Iraq has said it needs more than $88 billion to develop and mend its rickety infrastructure after three years of combating the Islamic State (IS).
Speaking to the press, Abdul Mahdi said that, including this new deal, about 20% of Iraq’s daily oil production is being exported to China.
U.S. Agency for International Development (USAID) Administrator Mark Green announced the first tranche of recipients under USAID’s New Partnerships Initiative (NPI) on Thursday during his remarks at the Accord Network’s Annual Forum.
The organizations will carry out programs that improve global health outcomes in USAID’s partner countries, and assist populations in the Republic of Iraq that are recovering from the genocide perpetrated by the so-called Islamic State in Iraq and Syria (ISIS).
Administrator Green launched the NPI in May 2019 to expand and diversify USAID’s partner base and change the way the Agency does business. By working with new or underutilized partners, the Agency hopes to bring more innovative approaches to U.S. foreign assistance; focus on strengthening capacity and commitment in partner countries by tapping into existing networks of community- and faith-based organizations; and reach new populations.
Administrator Green also announced a new $18 million award to the International Organization for Migration (IOM) to support the return and recovery of displaced religious and ethnic minority communities in the Nineveh Plains and Western Nineveh Province. Long-time USAID partner Samaritan’s Purse will receive $9 million of that total.
New USAID Assistance Through the NPI Direct to Local Iraqi Groups That Are Helping Victims of ISIS Genocide
USAID is awarding small grants through the NPI that total approximately $4 million to six local groups in Northern Iraq to help religious and ethnic minorities targeted by ISIS. The new NPI implementers in Northern Iraq are the following:
Philadelphia Organization for Relief and Development: The award will establish a community center in the town of Qaraqosh to provide services for people with disabilities, training in employment skills, child care, and a community food bank.
Catholic University of Erbil: The award will provide classes in business language and computer software for widows, victims of abuse, and former captives of ISIS.
Top Mountain: The award will support a business incubator and employment program for Iraqi youth, which will promote entrepreneurship, provide business training, and build commercial networks.
Shlama Foundation: The award seeks to improve job opportunities through training engineers on the installation on solar power, provide electricity for families, and install solar-powered pumps for farms and street lighting for villages.
Beth Nahrain: The award will help re-establish a local, women-led organization decimated by ISIS. The organization will also provide small-business vocational training to women in the Nineveh Plains.
Jiyan Foundation for Human Rights: The award will provide trauma-rehabilitation and resilience services to survivors of genocide; legal services and programs in justice/reparations; and activities to promote inter-religious and inter-ethnic dialogue.
The United States remains committed to supporting persecuted religious and ethnic minorities in Northern Iraq. With these new awards, the total assistance the U.S. Government has provided since 2017 in Northern Iraq is now more than $400 million. These programs complement H.R. 390, the Iraq and Syria Genocide Relief and Accountability Act of 2018, which passed with bipartisan support in the U.S. Congress and which President Donald J. Trump signed into law on December 11, 2018. Additional U.S. humanitarian assistance has also benefited the same Iraqi communities.
New Funding for the IOM and Samaritan’s Purse to Help Victims of ISIS Genocide
Administrator Green also announced at the Accord Network that Samaritan’s Purse will receive $9 million as a part of a new $18 million award to the International Organization for Migration (IOM), to support the return and recovery of displaced religious and ethnic minority communities in the Nineveh Plains and Western Nineveh Province in Iraq.
New USAID Assistance in Global Health Through the NPI
Administrator Green also announced two new awards under the Agency’s NPI for global health. These awards, which total $68 million, will leverage the expertise and reach of local and locally established civil society and faith- and community-based organizations to increase the quality, access, and sustainability of health care.
The new NPI implementers for global health are the following:
World Relief: Working with local partners, World Relief will expand and leverage existing community networks in four countries to help strengthen maternal, reproductive, and child health at the local level.
Palladium International: This program will help reach USAID’s goal of increasing access to, and the uptake of, high-quality health care across priority areas, in line with USAID’s Journey to Self-Reliance. The partner will provide sub-awards to local organizations, along with mentoring and technical support to strengthen their capacity. Palladium will be expected to pass sixty-five percent of the total award to new and underutilized sub-awardees.
(Source: USAID)
U.S. Agency for International Development (USAID) Administrator Mark Green announced the first tranche of recipients under USAID’s New Partnerships Initiative (NPI) on Thursday during his remarks at the Accord Network’s Annual Forum.
The organizations will carry out programs that improve global health outcomes in USAID’s partner countries, and assist populations in the Republic of Iraq that are recovering from the genocide perpetrated by the so-called Islamic State in Iraq and Syria (ISIS).
Administrator Green launched the NPI in May 2019 to expand and diversify USAID’s partner base and change the way the Agency does business. By working with new or underutilized partners, the Agency hopes to bring more innovative approaches to U.S. foreign assistance; focus on strengthening capacity and commitment in partner countries by tapping into existing networks of community- and faith-based organizations; and reach new populations.
Administrator Green also announced a new $18 million award to the International Organization for Migration (IOM) to support the return and recovery of displaced religious and ethnic minority communities in the Nineveh Plains and Western Nineveh Province. Long-time USAID partner Samaritan’s Purse will receive $9 million of that total.
New USAID Assistance Through the NPI Direct to Local Iraqi Groups That Are Helping Victims of ISIS Genocide
USAID is awarding small grants through the NPI that total approximately $4 million to six local groups in Northern Iraq to help religious and ethnic minorities targeted by ISIS. The new NPI implementers in Northern Iraq are the following:
Philadelphia Organization for Relief and Development: The award will establish a community center in the town of Qaraqosh to provide services for people with disabilities, training in employment skills, child care, and a community food bank.
Catholic University of Erbil: The award will provide classes in business language and computer software for widows, victims of abuse, and former captives of ISIS.
Top Mountain: The award will support a business incubator and employment program for Iraqi youth, which will promote entrepreneurship, provide business training, and build commercial networks.
Shlama Foundation: The award seeks to improve job opportunities through training engineers on the installation on solar power, provide electricity for families, and install solar-powered pumps for farms and street lighting for villages.
Beth Nahrain: The award will help re-establish a local, women-led organization decimated by ISIS. The organization will also provide small-business vocational training to women in the Nineveh Plains.
Jiyan Foundation for Human Rights: The award will provide trauma-rehabilitation and resilience services to survivors of genocide; legal services and programs in justice/reparations; and activities to promote inter-religious and inter-ethnic dialogue.
The United States remains committed to supporting persecuted religious and ethnic minorities in Northern Iraq. With these new awards, the total assistance the U.S. Government has provided since 2017 in Northern Iraq is now more than $400 million. These programs complement H.R. 390, the Iraq and Syria Genocide Relief and Accountability Act of 2018, which passed with bipartisan support in the U.S. Congress and which President Donald J. Trump signed into law on December 11, 2018. Additional U.S. humanitarian assistance has also benefited the same Iraqi communities.
New Funding for the IOM and Samaritan’s Purse to Help Victims of ISIS Genocide
Administrator Green also announced at the Accord Network that Samaritan’s Purse will receive $9 million as a part of a new $18 million award to the International Organization for Migration (IOM), to support the return and recovery of displaced religious and ethnic minority communities in the Nineveh Plains and Western Nineveh Province in Iraq.
New USAID Assistance in Global Health Through the NPI
Administrator Green also announced two new awards under the Agency’s NPI for global health. These awards, which total $68 million, will leverage the expertise and reach of local and locally established civil society and faith- and community-based organizations to increase the quality, access, and sustainability of health care.
The new NPI implementers for global health are the following:
World Relief: Working with local partners, World Relief will expand and leverage existing community networks in four countries to help strengthen maternal, reproductive, and child health at the local level.
Palladium International: This program will help reach USAID’s goal of increasing access to, and the uptake of, high-quality health care across priority areas, in line with USAID’s Journey to Self-Reliance. The partner will provide sub-awards to local organizations, along with mentoring and technical support to strengthen their capacity. Palladium will be expected to pass sixty-five percent of the total award to new and underutilized sub-awardees.
(Source: USAID)
By John Lee.
Genel Energy has confirmed that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with Dubai-based OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility (‘CPF’).
OILSERV has been contracted for the facility through a lease agreement. The commissioning of the CPF and production start-up remains on track for the middle of 2020.
Phase 1A of the development represents a low-cost pilot development of the Mus-Adaiyah reservoirs, designed to recover 2P gross reserves of 34 MMbbls. Crude will be processed through the CPF and then transferred to a local facility for further distribution.
Subsequent expansion investment decisions will be based on production behaviour plus a subsequent two to three well appraisal/development campaign. Unrisked gross mid-case resources relating to the Jurassic Mus-Adaiyah reservoir alone are estimated by Genel at c.150 MMbbls, similar in size to the Peshkabir field.
(Source: Genel Energy)
TechnipFMC plc (NYSE: FTI) (Paris: FTI) has announced that its Board of Directors has unanimously approved its plan to separate into two industry-leading, independent, publicly traded companies: RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy transition. The separation would enhance both RemainCo’s and SpinCo’s focus on their respective strategies and provide improved flexibility and growth opportunities.
The transaction is expected to be structured as a spin-off of TechnipFMC’s Onshore/Offshore segment to be headquartered in Paris, France. The separation is expected to be completed in the first half of 2020, subject to customary conditions, consultations and regulatory approvals, at which time all outstanding shares of SpinCo will be distributed to existing TechnipFMC shareholders.
The 2017 merger of Technip S.A. and FMC Technologies, Inc. created a new subsea leader and established TechnipFMC as the only fully-integrated subsea provider. TechnipFMC has redefined subsea economics through its integrated model and accelerated technology development and innovation.
At the same time, the Company’s Onshore/Offshore business has consistently demonstrated operational excellence, successfully delivered landmark projects, built an unprecedented backlog, and positioned itself to continue capitalizing on growing demand for liquefied natural gas (LNG). The exceptional performance of TechnipFMC since the merger has made the proposed spin-off possible and, when completed, will enable the two companies to unlock additional value.
The two companies would have:
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Since the creation of TechnipFMC, we have pioneered the integrated business model for subsea and transformed our clients’ project economics. To further enhance value creation, our Board of Directors and management team have continuously evaluated strategic options and, after a comprehensive review, determined that it is in the best interest of TechnipFMC and all of our stakeholders to create two diversified pure-play leaders. We are confident that the separation would allow both businesses to thrive independently within their sectors, enabling each to unlock significant additional value.”
SpinCo
With approximately 15,000 employees, SpinCo would be one of the largest E&C pure-plays and is poised to capitalize on the global energy transition. SpinCo will be uniquely positioned to capture LNG opportunities as a result of its robust project delivery model, demonstrated capabilities and proven track record. In addition, the new company will benefit from its leadership position in the downstream market, as well as future growth opportunities in biofuels, green chemistry and other energy alternatives.
The company would comprise the Onshore/Offshore segment, including Genesis – a leader in front end engineering and design. SpinCo would also include Loading Systems, a leader in cryogenic material transfer products, and Cybernetix, a technology leader in process automation, that have historically been a part of the Surface Technologies and Subsea businesses, respectively.
SpinCo will be led by an experienced, proven management team. Catherine MacGregor, who currently serves as TechnipFMC’s President, New Ventures, will serve as Chief Executive Officer of SpinCo. Bruno Vibert will serve as Chief Financial Officer, and Marco Villa will serve as Chief Operating Officer. SpinCo will be incorporated in the Netherlands with its headquarters in Paris and listed on the Euronext Paris exchange. Bpifrance, a key shareholder of TechnipFMC, strongly supports the proposed transaction and recognizes SpinCo as a global leader with the potential for high value creation.
RemainCo
With approximately 22,000 employees, RemainCo would be a fully-integrated technology and services provider, continuing to drive energy development. The company’s role will be to support clients in the delivery of unique, integrated production solutions. As TechnipFMC has transformed the industry through its pioneering, integrated model in Subsea, RemainCo will apply the same winning formula to Surface Technologies.
As a standalone company, RemainCo will be the largest diversified pure-play in the industry. Doug Pferdehirt, Chairman and Chief Executive Officer of TechnipFMC, and Maryann Mannen, Executive Vice President and Chief Financial Officer of TechnipFMC, will continue to serve in their roles following the separation. RemainCo will remain incorporated in the United Kingdom with headquarters in Houston and listed on both the NYSE and Euronext Paris exchange.
Upon closing, RemainCo and SpinCo will have tailored capital structures and financial policies appropriate for each company’s business, and both companies are expected to have investment grade credit metrics. Both companies will be committed to disciplined capital allocation and prudent return of capital to shareholders. Both companies will have compelling and unique financial profiles well suited to their respective businesses.
(Source: TechnipFMC)
By John Lee.
Reuters has reported that the Iraqi government has authorised the Ministry for Oil to sign an initial agreement with Netherlands-based Royal Boskalis Westminster to build an “offshore oil export installation“.
IBN’s requests to the company for confirmation have not been returned.
(Source: Reuters)