Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Iraq’s Ministry of Oil has announced that it will start rehabilitation of the Salahuddin refineries 1 and 2 in Baiji district.
Through its North Refineries Company (NOC), it has called on local and international companies to supply the equipment outlined below:
(Source: Ministry of Oil)
By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has hosted a meeting in Baghdad with the French Minister of State for Foreign Trade, Jean-Baptiste Lemoyne, confirming the significance of the economic and financial relations between the two countries.
Both sides expressed hopes for major cooperation in all sectors, including oil, industrial, agricultural, commercial, transportation, and housing.
Mr. Lemoyne said that he saw a keenness from the Iraqi side to encourage and invite the French companies to invest in Iraq.
(Source: Office of the Iraqi Prime Minister)
Genel Energy has announced that it has instructed the trustee for the GENEL01 bonds (ISIN: NO 001 0710 882) (‘GENEL01’ or ‘the Bonds’) to summons a bondholders’ meeting to resolve a refinancing of the existing Bonds.
The Company proposes to refinance GENEL01 through a partial early redemption and debt reduction by replacing the existing Bond Agreement with a new USD 300 million bond agreement. Bondholders holding a significant proportion of the Bonds have confirmed their commitment to vote in favour of the proposal.
In the proposal, the Company seeks to reduce its existing bond debt from the currently outstanding USD 421.8 million to USD 300 million, and at the same time extend maturity through amending and restating terms to a new 5 year bond with a coupon of 10% per annum.
Bondholders will, on a pro-rata basis, receive a partial early redemption of USD 121.8 million in cash at the prevailing call premium of 103% of par value. The remaining USD 300 million outstanding Bonds will remain outstanding with the same ISIN but with new and amended terms as set out in the term sheet described in detail in the summons for bondholders’ meeting (available at www.stamdata.com).
The bondholders meeting will be held on 20 December 2017 at 09:00 CET at the premises of Nordic Trustee AS. If approved, cash settlement and amendment of terms are expected to take place on 22 December 2017, subject to approval by the bondholders’ meeting.
The Company has mandated DNB Markets and Pareto Securities as managers for the contemplated transaction.
(Source: Genel Energy)
Iraq Britain Business Council holds successful Autumn Conference in Dubai
Following on from the first Iraq Britain Business Council conference in Dubai in 2016, the IBBC was delighted to host its Autumn Conference in the UAE once again. The event was strongly supported by the UAE authorities.
Alongside Baroness Nicholson, the UK Prime Minister’s Trade Envoy to Iraq and President of the IBBC, the conference was opened by H.E. Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry, UAE Ministry of Economy.
The Minister reminded delegates that non-Oil & Gas related trade between the UAE and Iraq had already passed 11 Billion USD in 2016, with Dubai in particular being a hub for local and international companies in the region.
The Minister firmly believes that the UAE’s role in the rebuilding of Iraq will continue to expand and expressed his wish to cooperate with organisations such as the IBBC to accomplish this crucial task.
Vikas Handa, IBBC UAE Representative and the Managing Director of the Emirati Company DrillTech, warmly thanked the minister and stated that the IBBC stands ready to work even more closely with the UAE in Iraq.
The Government of Iraq sent a high calibre ministerial delegation led by H.E. Mr Qasim Al-Fahdawi, The Minister of Electricity, to the conference. The delegation included H.E. Mrs Ann Naufi Aussi Balbool, Minister of Construction Housing and Public Municipalities; H.E. Kadhim Fijan Al Hamami, Minister of Transport; H.E. Dr Sami Al Araji, Chairman of the National Investment Commission (NIC); and H.E. Mr Fayadh Hassan Nima, Deputy Minister of Oil for refining affairs.
The conference was structured around several sessions in which the Iraqi officials and international companies operating successfully in Iraq, most of which are members of the IBBC, exchanged their views and experiences.
These sessions focused on strengths, weaknesses and opportunities of the economy in Iraq, Reconstruction & Infrastructure, Transport, Power and Oil & Gas. In parallel, a series of high level round-table discussions between investors and Iraqi Government representatives took place.
The conference included for the first time a presentation on the rapidly developing Tech sector in Iraq , given by the CEO of Zain.
IBBC thanks the International Finance Corporation (World Bank) and the IMF for its participation. Thanks also go to the IBBC members who sponsored the conference: Gold Sponsor International Islamic Bank; Silver Sponsors Serco and Gulftainer; Lunch Sponsor Rolls-Royce; pre-reception Sponsor Wood; and Coffee Break Sponsors Eversheds Sutherland and KCA Deutag.
IBBC Managing Director, Christophe Michels, stated that the increasing involvement of the UAE and wider GCC with Iraq was a game changer for the country. The IBBC very much welcomes this development and is delighted to be part of it and support it. The organisation will increase its presence in the UAE and the Autumn Conference in Dubai will become a regular feature in its calendar of events.
(Source: IBBC)
Iraqi ministers intend to announce and discuss up to 60 intended projects at the IBBC summit conference this weekend in Dubai.
In a surge of confidence, a number of Iraqi ministers will be unveiling a raft of infrastructure, oil, power and industrial projects across numerous industry sectors:
Vikas Handa, Director of IBBC Dubai says:
“We have been pleasantly surprised by the volume of opportunities the Iraqi Ministers have come forward with this Autumn, and it’s clear they are keen to drive forward economic development through major projects. There are also numerous adjacent opportunities on offer for a broad range of sectors.
“For those companies interested to attend the Conference, they will also be able to engage with the Delegation at more intimate round table discussions.
“We welcome companies to enjoy the inside track, to meet the attending ministers and discuss how your company can engage with these opportunities.”
To attend, register and sign up for the conference here: www.webuildiraq.org/ibbc-conference/autumn-conference/
Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.
The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.
Vikas Handa, the IBBC UAE representative agrees:
“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.
UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.
We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.
The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.
To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/
(Source: IBBC)
Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.
The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.
Vikas Handa, the IBBC UAE representative agrees:
“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.
UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.
We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.
The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.
To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/
(Source: IBBC)
Ahead of the Basra Oil, Gas & Infrastructure Conference taking place on the 30-31 October in Beirut, we caught up with one of the speakers, Ahmed Tabaqchali the CIO of AFC Iraq Fund on the importance of Iraq, the economy and what to look forward to at the event.
Q. Why Iraq is such an important market in the Middle East?
A. The size and quality of Iraq’s hydrocarbon wealth would alone make the country one of the most significant markets in the region. As a consequence of over 35 years of conflict, much of Iraq has not seen any meaningful exploration and thus the potential for significant discoveries is exciting. The rebuilding of its hydrocarbon industry since 2003 has a long way to go, and as such there are enormous opportunities for upgrading the sector across the whole spectrum.
Q. What are the positive implications for the economy and for Basra for the new era of reconstructing Iraq?
A. The reconstruction process will have far reaching implications for the overall economy and Basra in particular with the potential that the associated economic activities to contribute to the development of a diversified economy. The short term effect impact on the economy would be to add fuel to the expansionary economic effects produced by the reversal of the negative forces, i.e. escalating costs of war & collapsing oil prices, that crushed the economy over the last 3 years.
Q. While the Iraqi economy is driven by the state, how do you assess Basra province role as Iraq’s economic capital in driving multiple industries?
A. Arguably, the state’s domination of the economy has stifled the development of both the private sector and regional development in the country. Basra can and should play a leading role in reigniting economic growth given its position as the economic powerhouse of the country. Its rich history & traditions coupled with its mineral & human wealth are significant assets that would allow it to assume this leading role.
Q. How do you at Asia Frontier Capital assess Basra’s role?
A. Personally, Basra has a special place in my heart as it is the burial site of my grandmother since the 1940’s when my grandfather was the governor of Basra, and so I have a bias for the province and its people. It’s worth repeating that its rich history & traditions coupled with its mineral & human wealth give it an outsized role in Iraq’s future.
Q. What is the role of AFC in Iraq in enhancing projects performance and driving growth?
A. The AFC Iraq Fund, as an investor in Iraq’s equity market signifies AFC’s belief in the long-term economic potential of the country. As long-term institutional investors, we bring foreign capital into the country and contribute to the development of the country’s institutional investor sector, which like much of its frontier market peers is underdeveloped. The long-term horizon of Institutional investors allows them to invest counter cyclically especially during financial crisis by acting as shock absorbers which in the process provides the underlying companies with shareholder stability that allows them to rebuild, grow and expand.
Q. What is your main interest at the Conference? And what are you going to discuss at the Basra Oil, Gas & Infrastructure 2017 Conference in Beirut 30-31st of October?
A. The conference provides an opportunity to meet the players and participants in potentially one of the most dynamic drivers of Iraq’s economy through Basra’s industries spanning oil, gas, power, petrochemicals, infrastructure, construction, transport and logistics. I am hoping to discuss the role and challenges of the private sector in the reconstruction process. Specifically, to explore the role that institutional investors can play as shareholders in infrastructure projects both as an additional source of financing and as contributors to long-term stability as anchor investors.
(Source: CWC)
IBBC Autumn Conference 2017: ‘Together We Build Iraq’
12 November 2017, The Address Dubai Marina, Dubai
The Iraq Britain Business Council (IBBC) is pleased to invite you to the IBBC Autumn Conference at The Address Hotel Dubai Marina, United Arab Emirates, on Sunday 12 November 2017.
This years’ event follows IBBC’s successful inaugural conference of 2016 held in the UAE, a hub for global and regional companies that operate in the Middle East.
The theme of this year’s Autumn Conference is ‘Together We Build Iraq’ and will focus predominantly on the ongoing effects and needs of Iraq’s reconstruction and the opportunities of investment available to British and International companies during this process. There will also be panels discussing the Power and Oil & Gas sectors.
The five conference sessions will focus on:
The IBBC Autumn Conference 2017 will be chaired by Vikas Handa, IBBC UAE Representative and will be led by the following confirmed speakers:
A pre-conference reception and networking event will be held on Saturday 11 November at 18:00 at the Address Dubai Marina.
IBBC warmly thanks the International Islamic Bank, which has generously agreed to be the event’s Gold Sponsor, in addition to Silver sponsors Serco & Gulftainer. Completing the sponsorship line-up are Amec Foster Wheeler, which will serve as the Reception sponsor, and Coffee Break Sponsors KCA Deutag & Eversheds Sutherland.
Sponsorship opportunities are still available. Please email london@webuildiraq.org for details.
Registration is now open. The registration fee for non-members is £700. IBBC members and members of partner organisations are entitled to special discounted rates. To request the discount codes or if you need assistance, please email the team at london@webuildiraq.org or phone +44 (0) 20 7222 7100.
The IBBC team looks forward to seeing you in Dubai for the Autumn Conference.
Download the latest Agenda Here.
Investment in healthcare is urgently required to save the lives of mothers and newborn babies in Iraq
Decades of conflict and under-investment have placed a huge strain on Iraq’s healthcare system, and pregnant women and their babies are paying for it with their lives.
Although progress has been made to lower maternal mortality rates, there has been slow headway in reducing the mortality rates for children under five. Newborn babies are particularly vulnerable because of poor birth practices, inadequate referral mechanisms and inefficient neonatal care, particularly in remote areas.
Breastfeeding, neonatal resuscitation, kangaroo mother care for preterm babies, and the prevention and treatment of infections will help prevent these infant deaths.
With the support of UNICEF, the Ministry of Health has launched the Every Newborn Action Plan (ENAP), which was developed jointly with UNICEF, the World Health Organization (WHO), and the United Nations Population Fund (UNFPA). The ENAP is an evidence based strategy to invest in, and improve the quality of maternal and newborn care.
“Providing high quality care before and after birth not only saves lives, it is also an investment to ensure Iraqi children have the best start in life and meet their full potential,” said Peter Hawkins (pictured), UNICEF’s Representative in Iraq.
“WHO and other partners will work to support the Government of Iraq through the Ministry of Health to achieve equitable universal health coverage, including the provision of comprehensive services for every woman and newborn in Iraq in order to contribute to the substantial reduction of maternal and neonatal mortality and morbidity,” said Musani Altaf, WHO Representative in Iraq
“Neonatal mortality contributes significantly to child mortality in Iraq. UNFPA is proud to have played a part in the formulation of the Newborn Action Plan and commits to support the Ministry of Health in its implementation,” said Ramanathan Balakrishnan, UNFPA’s Representative in Iraq.
The Iraq ENAP has been developed in alignment with the Global Every Newborn Action Plan. It is expected to serve as a roadmap that redefines and focuses national and sub national strategies and activities to reduce deaths and disability, ensuring no newborn is left behind.
(Source: UN)