Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Iraq and Jordan have reportedly agreed to re-start the export of crude oil from Kirkuk to the refinery at Zarqa in Jordan.
The most recent deliveries to Jordan by truck were in January, and according to Jordan Times they are expected to resume in April.
Exports have previously been agreed at 10,000 barrels per day (bpd).
(Source: Jordan Times)
The post Iraq to Resume Oil Exports to Jordan first appeared on Iraq Business News.
From the Iraq Britain Business Council (IBBC):
Baroness Nicholson and Christophe Michels led a 30-strong delegation of IBBC Members to Riyadh to meet with Members of the Saudi Iraqi Business Council.
The high profile meeting of Members of both Councils met under the auspices of the Saudi Minister of Commerce at the head quarters of the Saudi Chambers of Commerce.
Mr Mohammed Al Khorayef, Chairman of SIBC presided over a 3 hour seminar at which 10 different IBBC member companies presented and discussed challenges and opportunities in doing business in Iraq. Mr AlKhorayef and Baroness Nicholson gave opening addresses on behalf of their respective organisations and attendees also heard short presentations from the Saudi Foreign Investment Authority and the Export Finance Authority.
The seminar was followed by an extensive networking Lunch.
The Saudi Minister of Commerce hosted members of both councils for dinner at the Ritz Carlton Hotel. The dinner was attended by the Governor of the Saudi Investment Authority, the Chairman of the Saudi Chambers of Commerce and other senior Saudi officials.
Both sides voted this first meeting a huge success which allowed for ample business to business meetings and the exchange of valuable experiences and information. Baroness Nicholson highlighted the important role IBBC can play in a triangular relationship between Iraq, Saudi Arabia and Britain. Christophe Michels emphasised the depth and knowledge of IBBC and its members, having worked in Iraq since 2009 if not longer and the willingness of IBBC Members to do business with their Saudi Companies in Iraq, but also in Saudi Arabia.
The meeting concluded with an invitation to SIBC members to attend the IBBC Spring Conference at The Mansion House in London on 24th May.
Christophe Michels stated that this was a first historic visit to Saudi Arabia for IBBC and that he was confident that IBBC and SIBC will build on it to further strong cooperation between their members in Iraq, Saudi Arabia and the United Kingdom. He added that today in Iraq business to business relationships really mattered and would lead to substantial measurable outcomes.
The IBBC delegation included, Mr Zaid Elyaseri, President of BP Iraq, Mr Sardar Al Bebany, Chairman of Sardar Group, Mr Mohammed Delaimy, CEO of SCB Iraq, Mr Ismail Maraqa, Chairman of PWC Middle East, Mr Khalil Nezir, Director of UB Holding, Mrs Sarah Akbar, MD of Oilserv, Mr Stuart Mackay, Corporate Development Director at G4S Risk Management, Mr Jaber Aljaberi, CEO of AA Global Trading Company, Ms Hadeel Hasan, Managing Partner of Al Hadeel Al Hasan LLC; Mr Khalil Al Salem, Deputy CEO of Al Majal; Mr Anmar Al-Gharifi, Partner, Saudi Arabia of Eversheds Sutherland (International) LLP, Mr Amar Shubar, Partner of Management Partners, Mr Hamed Silmi of Martrade Shipping & Logistics, Mr Hal Miran, Founding CEO of MSELECT, Mr Yaser Al Abbadi, Head of Business at NB of Iraq, National Bank of Iraq / Capital Bank and Mr Zeid Barghouti, NBI- Head of Treasury, Invest & FI, National Bank of Iraq / Capital Bank, Mr Faisal AlTamimi, Senior Associate- Business Development, PwC, Ms Leena Zeyad, Group BOD Administration Manager of Sardar Trading Agencies, Mr Habib Bitar, CEO of TBI Saudi Arabia and Mr Hussam Chakouf, Senior Associate of Zaha Hadid Architects, and was joined by IBBCs GCC Representative Mr Vikas Handa, Mr Richard Cotton, Commercial Advisor and Professor Mohammed Al Uzri, Health and Education Advisor.
On Saturday 26th March, our hosts organised visits to Riyadh Fort, now fully refurbished to its original state, the site now designated as the place where the modern Saudi state began in 1902 and to the Saudi National Museum, which records in fabulous settings, the geology, the history of the country over centuries, and the large diversity of cultures across the country.
On the evening of Sunday 27th March, the Trade Bank of Iraq in Saudi CEO Habib Bitar kindly hosted a dinner for the IBBC delegates who were able to exchange ideas with senior bank officials and other distinguished Saudi guests.
(Source: IBBC)
The post IBBC meets with Saudi Iraqi Business Council in Riyadh first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for February of 92,790,173 barrels, giving an average for the month of 3.314 million barrels per day (bpd), up from the 3.203 million bpd exported in January.
The exports from the oilfields in central and southern Iraq amounted to approximately 91,314,828 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 1,475,345 barrels. Although not stated explicitly, this implies there were no exports to Jordan by truck.
Revenues for the month were $8.809 billion, at an average price of $94.936 per barrel.
January’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Finalises February Oil Exports first appeared on Iraq Business News.
By John Lee.
The UK’s Court of Appeal has reportedly overturned the conviction of Paul Bond, who was jailed last year in relation to the Unaoil bribery scandal in Iraq.
Mr Bond (69), a former senior sales manager at SBM Offshore (SBM), had been sentenced to three and a half years in prison on two counts of conspiracy to give corrupt payments to Iraqi public officials to secure lucrative oil contracts in post-occupation Iraq.
According to Bond’s legal team, key evidence was withheld from the defence during the trial.
In December, Ziad Akle, Unaoil’s territory manager for Iraq, has had his conviction for bribery quashed.
(Sources: Evening Standard, Reuters)
The post Another Unaoil Bribery Conviction Overturned first appeared on Iraq Business News.
By John Lee.
The Iraqi Cabinet has approved a plan to expand Diwaniya Refinery.
According to details released from the cabinet meeting this week, capacity at the plant will be increase to nearly 70,000 barrels per day (bpd),
(Source: Govt of Iraq)
The post Diwaniya Refinery to be Expanded first appeared on Iraq Business News.
By John Lee.
The Minister of Oil, Ihsan Abdul-Jabbar Ismail, has said that Iraq is committed to reducing carbon emissions through implementing a number of gas investment projects and developing gas fields, as well as projects to produce solar energy.
At a conference in Iraq under the title “Pathways for a lower carbon future for Iraq“, GE presented an integrated roadmap to support the energy transition sector in Iraq by focusing on specific areas, which include:
The conference included a presentation of a short film entitled “Renewable Energy – Our Way to Protect the Environment“, prepared by the Media Office of the Ministry of Oil, and another film prepared by General Electric Company about the company and the energy transition.
The conference was attended by a number of Advisers to the Prime Minister, Directors General of the Ministry of Oil affiliates, and a number of specialists and experts in the field of clean energy.
(Source: Ministry of Oil)
The post Iraq committed to Renewable Energy first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins says Iraq’s West Qurna 2 oilfield, run by Russian oil giant Lukoil, may see a quick increase in production from 400,000 barrels per day (bpd) to well over 600,000 bpd, rising to more than 1 million bpd further out.
Click here to read the full article.
The post Russian-Run Iraqi Oilfield may see Output Boost first appeared on Iraq Business News.
Genel Energy has announced its audited results for the year ended 31 December 2021.
Bill Higgs, Chief Executive of Genel, said:
“Our strategy and business model remain focused on cash generation. Prior to the invasion of Ukraine and the associated increase in the oil price, we were well positioned for our free cash flow to materially increase from $86 million in 2021 to around a quarter of a billion dollars this year. At the prevailing oil price, and given that there seems no quick resolution to the appalling events unfolding, this figure is expected to increase significantly.
“The forecast extent of our cash generation, from an existing position of financial strength, provides the potential to deliver significant growth and further returns to shareholders. Our priority is investment in production to maximise the value of our existing assets, and continuing to develop Sarta. Given the strong outlook and ongoing cash generation, we have increased our final dividend by 20%, continuing to fulfil our aim of paying a material and progressive dividend.“
Results summary ($ million unless stated)
| 2021 | 2020 | |
| Average Brent oil price ($/bbl) | 71 | 42 |
| Production (bopd, working interest) | 31,710 | 31,980 |
| Revenue | 334.9 | 159.7 |
| EBITDAX1 | 275.1 | 114.6 |
| Depreciation and amortisation | (172.8) | (153.7) |
| Exploration expense | – | (2.2) |
| Impairment/write off of oil and gas assets | (403.2) | (286.3) |
| Reversal of impairment / (impairment) of receivables | 24.1 | (36.9) |
| Operating loss | (276.8) | (364.5) |
| Cash flow from operating activities | 228.1 | 129.4 |
| Capital expenditure | 163.7 | 109.7 |
| Free cash flow2 | 85.9 | (4.4) |
| Cash | 313.7 | 354.5 |
| Cash after settlement of bonds3 | 313.7 | 273.5 |
| Total debt after settlement of bonds3 | 280.0 | 280.0 |
| Net cash4 | 43.9 | 6.2 |
| Basic LPS (¢ per share) | (111.4) | (152.0) |
| Underlying EPS / (LPS) (¢ per share)5 | 25.8 | (34.2) |
| Dividends declared relating to financial year (¢ per share) | 18 | 15 |
Highlights
Outlook
(Source: Genel Energy)
The post Genel Results: $400m Impairment, but Increased Divi first appeared on Iraq Business News.
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
In pursuit of gas, will Turkey choose Erbil over Baghdad?
Iraq’s federal supreme court last month ruled that a 2007 law allowing the Kurdistan Regional Government (KRG) to manage oil and natural gas resources independently of Baghdad is unconstitutional.
The top court also ordered Erbil to hand over all oil operations to the central government.
The Feb. 15 verdict followed a Feb. 2 meeting in Ankara between KRG President Nechirvan Barzani and Turkish President Recep Tayyip Erdogan.
Two days after the meeting, Erdogan said Turkey sought a “win-win” deal with Iraq’s government to import gas, and that Barzani promised to facilitate negotiations towards this end.
The court ruling may now jeopardize the energy agreements signed between Ankara and the KRG.
The full report can be viewed here (registration required).
The post In pursuit of Gas, will Turkey choose Erbil over Baghdad? first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced that the average daily exports and revenues generated from the export of crude oil for February 2022 are the highest in eight years.
The Minister of Oil, Ihsan Abdul-Jabbar Ismail, said that the Ministry, despite the economic and security challenges, fluctuations in global oil markets and the restriction of national production within OPEC+ agreement, managed to achieve a daily export rate of about 3.314 million barrels and financial revenues of more than $8.5 billion, the highest in eight years.
(Source: Ministry of Oil)
The post Iraq Achieves Highest Oil Revenue in 8 Years first appeared on Iraq Business News.