Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Contrary to recent reports that the US had granted a waiver to Iraq to allow it to continue buying power from Iran, a State Department spokeswoman reportedly said on Wednesday that this was not the case.
Reuters quotes Morgan Ortagus as telling reporters that Secretary of State Mike Pompeo has not made a decision on this issue.
(Source: Reuters)
Iraq faces a tough challenge in developing its potential
Writing in the Financial Times, Nick Butler argues that while the security situation across Iraq is probably better than at any time in the past three decades, success is not preordained.
Iraqi Foreign Minister Mohammad al-Hakim said his country would stand by the Iranian nation and government in the era of US sanctions against Tehran.
Iraq stands with Iran and is willing to act as an intermediary between its neighbor and the United States, Hakim said on Saturday speaking in a press conference with his Iranian counterpart Mohammad Javad Zarif in Baghdad.
He added that Baghdad does not believe an “economic blockade” by the US could be fruitful, according to Reuters.
Zarif, for his part, condemned the US sanctions and said Tehran would strongly defend itself against any military or economic aggression and called on Europe to do more to preserve the 2015 nuclear deal between Tehran and world powers.
In May 2018, the US president pulled his country out of the JCPOA, which was achieved in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Ever since, the EU has failed to make good on its promise to save the nuclear deal and facilitate Iran’s economic trade with the international community.
The Iranian minister also said that the Islamic Republic wanted to build balanced relations with its Persian Gulf Arab neighbors and that it had proposed signing a non-aggression pact with them.
(Source: Tasnim, under Creative Commons licence)
Washington has exempted Baghdad from some of its unilateral sanctions against Tehran, allowing Iraq to continue importing energy from Iran, according to the US envoy to Baghdad.
Baghdad can now buy energy from Iran, US charge d’affaires Joey Hood told reporters on Wednesday, Iran’s Press TV reported.
The waiver will allow Iraq to continue buying gas and electricity from Iran.
The administration of US President Donald Trump said in March it was extending a 90-day waiver for the second time to let Iraq continue energy imports from Iran.
The US envoy did not explain whether he was referring to the same waiver Washington gave Baghdad in March or he was declaring the issuance of new exemptions.
Gas imports from Iran generate as much as 45 percent of Iraq’s 14,000 megawatts of electricity consumed daily. Iran transmits another 1,000 megawatts directly, making itself an indispensable energy source for its Arab neighbor.
Iraq and Iran share a 1,400-kilometer-long border. For their run-of-the-mill maintenance, Iraqis depend on Iranian companies for many things from food to machinery, electricity, natural gas, fruits and vegetables.
(Source: Tasnim, under Creative Commons licence)
By John Lee.
The Iraq Britain Business Council (IBBC) has welcomed four new members, bringing its membership to 71 companies:
Crescent Petroleum: Sharjah-based Crescent Petroleum is the only foreign oil and gas company to maintain a continuous presence in Iraq for three decades, and is the largest private oil and gas investor in the Kurdistan Region of Iraq.
Sardar Trading Agencies (STA): One of the core companies of Sardar Group, with more than 50 years of experience in the Iraqi private business field, mainly in the automotive segment.
Stirling Education: The Luxembourg-based company is committed to providing excellent affordable education and pastoral care for students in Iraq. Across Iraq, they have around 17,000 students, 42 schools and two university campuses.
Tube Tech International: UK-based Tube Tech is a world leader in the removal of fouling from refinery, petrochemical and energy process assets.
(Source: IBBC)
By John Lee.
Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports.
His comments come as the US increases sanctions pressure on Iran.
According to Reuters, Ghadhban added that he hopes no such disruption will take place.
(Source: Reuters)
By Padraig O’Hannelly.
Building a successful business means delivering what you promise.
When I recently needed to go to Baghdad at short notice, I remembered a conversation I had with Abir Burhan, Operations Director of Al-Burhan Group: “Any time you want to go to Iraq,” he said, “we can take care of your visa, flights, accommodation and security – just give me a call.”
So I did, and a few days later I was on a plane from London Gatwick to Baghdad with Iraqi Airways, booked via IKB Travel; conveniently, a direct flight, which saves the time and trouble of getting a connecting flight somewhere else.
Staying at the Al-Burhan Centre, just minutes from the terminal building at Baghdad International Airport, was also very convenient, and probably the most secure location in Baghdad, situated as it is within the heavily guarded airport complex.
While in Iraq, I (and my family!) also needed to know that I’d be safe when travelling about in the capital; Gethin Wilson, Operations Manager at Al-Burhan Security, and his highly professional team, ensured that I was always where I needed to be, on time and in total safety.
But it’s not just about convenience and security. The success of the Al-Burhan Centre owes as much to the friendliness and hospitality of its people as it does to their efficiency and professionalism.
These factors are even more important for those staying long-term. Many of the guests at the Al-Burhan Centre are ex-pats, staying on rotations that can last weeks or months at a time, so it’s important not only that that they feel safe, but also that they are well catered for and enjoy their time at the centre.
George Mansour and his staff really understand that excellent food and a comfortable and friendly environment are essential for well-being, morale and productivity. And despite all the good food, there’s no excuse for putting on weight, as the centre even has two gyms to help work off the calories.
The al-Burhan family have created a real home from home, and take seriously the sign in their office: “Only promise what you can deliver.”
The Iraq Britain Business Council (IBBC) held its annual Spring Conference at the Mansion House in London on 10 April, hosting officials from the UK and Iraqi Governments and delegates from the major companies operating in Iraq covering all sectors of the economy.
The conference was entitled ‘Iraq – Financing a Modern Economy’ and was organised in conjunction with the Central Bank of Iraq and the Iraq Private Banks League. H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance lead a high level delegation of Government officials alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Mr Abbas Imran Mousa, DG Technical Department, Ministry of Transport, Dr Falah Al-Amiri, Councillor for Oil & Gas supplies to the Iraqi Minister of Oil, officials from the Central Bank of Iraq, a delegation from the Union of Private Banks and the Governors of Erbil and Sulamania.
Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan opened the conference alongside Alderman Sir William Russell, H.E. Dr Fuad Hussein, The Rt. Hon. Alistair Burt MP, Graham Stuart MP, Minister for Investment, Department for International Trade and Jon Wilks CMG, Her Majesty’s Ambassador to Iraq.
Dr Mehdi Al Alak presented a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates received an exclusive insight into the Government’s planned measures and strategies to realise this ambition.
The event marked the 10th anniversary of the Iraq Britain Business Council and special awards were presented to Baroness Nicholson of Winterbourne and Eng. Rasmi Al Jabri, Deputy Chairman of IBBC as a token of gratitude for their contribution to the organisation over the last decade.
Dr Renad Mansour of Chatham House, produced a paper on ‘The present situation in Iraq’ which was commissioned especially for the IBBC conference.
Conference Sessions & Speakers
The Banking Sector in Iraq
Chairman: Gavin Wishart, Consultant
Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan
Stock Market & Investment Opportunities
Chairman: John Kemkers, Eversheds Sutherland
Panellists: Shwan Ibrahim Taha, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; Abdulla al Qadi, Crescent Petroleum
Keynote Address: Dr Mehdi Al Alak, Secretary General of the Council of Ministers
Oil & Gas
Chairman: Prof. Frank Gunter, Lehigh University
Panellists: Dr Mark Wharton, Shell; Lawrence Coleman, BP; Bob Dastmalchi, Chevron
Capacity Building in Iraq
Chairman: Ambassador Stuart Jones, Bechtel
Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq
The IBBC is especially grateful to the sponsors of the event: Shell, the International Islamic Bank, Standard Chartered, Rolls-Royce and Eversheds Sutherland.
Our Partners, Speakers & Contributors
(Source: IBBC)
Iraq – Financing a Modern Economy
10 April, The Mansion House, London
The Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League.
With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas.
Christophe Michels, Managing Director of IBBC states:
“The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”.
H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the Central Bank of Iraq, a delegation from the Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance.
Round-table discussions will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group.
Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company.
Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq.
Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF).
Conference Sessions & Speakers
The Banking Sector in Iraq
Chair: Gavin Wishart, Shire Oak International
Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan
Stock Marker & Investment Opportunities
Chair: John Kemkers, Eversheds Sutherland (tbc)
Panellists: Shwan Ibrahim Taham, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc)
Oil & Gas
Chair: Prof. Frank Gunter, Lehigh University
Panellists: Dr Mark Wharton, Shell; Lawrence Coleman BP; Bob Dastmalchi, Chevron
Capacity Building in Iraq
Chair: Ambassador Stuart Jones, Bechtel
Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq
Dr Mai Yamani will be presenting the closing remarks for this important event.
Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities.
You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house
The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland.
For more information email london@webuildiraq.org or telephone 020 7222 7100.
(Source: IBBC)
Iraq – Financing a Modern Economy
10 April, The Mansion House, London
The Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League.
With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas.
Christophe Michels, Managing Director of IBBC states:
“The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”.
H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the Central Bank of Iraq, a delegation from the Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance.
Round-table discussions will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group.
Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company.
Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq.
Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF).
Conference Sessions & Speakers
The Banking Sector in Iraq
Chair: Gavin Wishart, Shire Oak International
Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan
Stock Marker & Investment Opportunities
Chair: John Kemkers, Eversheds Sutherland (tbc)
Panellists: Shwan Ibrahim Taham, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc)
Oil & Gas
Chair: Prof. Frank Gunter, Lehigh University
Panellists: Dr Mark Wharton, Shell; Lawrence Coleman BP; Bob Dastmalchi, Chevron
Capacity Building in Iraq
Chair: Ambassador Stuart Jones, Bechtel
Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq
Dr Mai Yamani will be presenting the closing remarks for this important event.
Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities.
You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house
The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland.
For more information email london@webuildiraq.org or telephone 020 7222 7100.
(Source: IBBC)