Shamaran Buys Up Bonds

By John Lee.

ShaMaran Petroleum has reported in connection with the Company’s 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) that the Company has purchased Bonds in the market at commercially attractive rates.

As a result, Bonds in the principal amount of $4.95 million have been retired.  The Company’s Bond amortization payment due in December 2021 has accordingly been reduced by 33%.

Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran commented:

We are very pleased that, as a result of continued sustained production in the Atrush field and the first quarter 2021 increase in oil prices, the Company has been able to utilize its free cash to make purchases in the market as permitted by the January 2021 amendment to our Bond terms. 

“ShaMaran is committed to reducing its debt obligations and looks forward to making another positive report to the market at the end of the next quarter.

(Source: ShaMaran Petroleum)

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Iraqi Kurdistan sticks with AstraZeneca Vaccine

By Adam Lucente for Al Monitor. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraq’s Kurdistan region sticks with AstraZeneca vaccine, reports no issues

Kurdish authorities say they will continue administering the vaccine following the European Union’s conclusion that blood clots should be listed among “rare side effects” of the British-Swedish vaccine.

Click here to read the full story.

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Japan Invests Additional $600k for Life-Saving Services in Iraq

Japan Invests Additional US$ 607,500 for Life-Saving Maternal and Protection Services

The Government of Japan approved an additional US$607,500 to support the continuation of reproductive health and gender-based violence-related services provided by UNFPA.

In 2020, Japan contributed US$ 1.3 Million to increase the utilisation, access, and continuation of life-saving, survivor-centred, multi-sectoral gender-based violence and sexual reproductive health (SRH) services in Baghdad, Salahuddin, Anbar, and Nineveh governorates of Iraq.

The new funding will ensure that people in need, particularly returnees in the targeted areas, receive comprehensive reproductive health and gender-based violence services while supporting the prevention of COVID-19 through raising awareness of the most vulnerable communities including the people with disabilities and through the provision of Personal Protection Equipment to services providers.

His Excellency Mr Suzuki Kotaro (pictured), Ambassador of Japan to Iraq, stated: “Japan has recently decided to provide a new assistance package for Iraq amounting over US$50 million including this project as assistance for women and girls.”

“With this package, the total amount of Japan’s assistance to the people affected by the crisis reaches US$590 million since 2014. I hope that the assistance from the Government and people of Japan will help ensure the protection of women and girls among internally displaced persons, returnee and host community”, he added.

“The complexity of challenges faced by the people of Iraq, particularly women and girls, has grown due to COVID-19. The pandemic is deepening pre-existing inequalities and exposing gaps in social systems. UNFPA strives to ensure that vulnerable women and girls receive a comprehensive package of services, a continuum of care, as well as timely referrals,” said Dr Rita Columbia, UNFPA Representative to Iraq.

Japan has been a UNFPA strategic partner with contributions amounting to a total of US$12,459,585 over the last six years ensuring most vulnerable women and girls affected by the crisis across Iraq have access to health and protection services.

UNFPA is thankful for the Government of Japan for their commitment to the reproductive rights of women and girls and ending gender-based violence.

(Source: UN)

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Dhi Qar Protests: PM Replaces Governor

By John Lee.

Iraq’s Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

The Prime Minister addressed the developments in Dhi Qar province, and confirmed that, following consultations with key stakeholders, a new governor has been appointed to run the province and his name will be announced shortly.

He told the Cabinet that an advisory council will be appointed in Dhi Qar, reporting to him, and that he he will follow up on a daily basis with the new governor and the council on all matters related to the reconstruction of Dhi Qar.

He also indicated that the results of the investigation into the violence during the recent demonstrations in Dhi Qar will be announced.

(Source: Govt of Iraq)

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Iraq passes $89bn Federal Budget Bill

By Joe Snell for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iraq passes $89 billion federal budget bill

The budget confronted issues of unemployment, currency devaluation and non-oil revenues and was passed as lawmakers prepare for October’s general election; the challenge is implementation.

Click here to read the full article.

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Iraq to Exploit Massive Natural Gas Reserves

Iraq Moves To Exploit Its Massive Natural Gas Reserves

Writing in Oil Price, Simon Watkins says that despite Iraq’s huge potential gas resources, it has made little progress on developing this potential either for associated or non-associated gas.

But last week, a heads-of-agreement deal was announced with Total, to work jointly on four major projects that include developing the associated gas sector.

Click here to read the full story.

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COVID-19: Iraqi Kurdistan reinstates Travel Ban

By Al-Monitor staff. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraqi Kurdistan reinstates travel ban

Daily coronavirus cases are approaching historical highs in the autonomous part of northern Iraq as vaccination efforts proceed at a crawl.

The Kurdistan Regional Government in Iraq restricted domestic travel on Tuesday to curb the spread of COVID-19.

Click here to read the full story.

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Iraq Oil Exports slightly Down in March

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February.

These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, while exports from Kirkuk amounted to 3,071,745 barrels.

Revenues for the month were $5.783 billion at an average price of $63.329 per barrel.

February’s export figures can be found here.

(Source: Ministry of Oil)

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Protesters Block Entrances to Oil Facilities

By John Lee.

Protesters have reportedly blocked the entrances to the Dhi Qar Oil Company (DQOC), Dhi Qar Refinery, and the Oil Products Distribution Company.

According to Anadolu Agency, they were protesting the passing of the 2021 budget by the Iraqi parliament, which did not meet their expectations regarding guaranteed employment.

More here.

(Source: Anadolu Agency)

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Iraqi Parliament Approves 2021 Budget

By John Lee.

Iraq’s Parliament (House of Representatives) has approved the Federal Budget Law for 2021 on Wednesday night.

The budget is reportedly based on an oil price of $45 per barrel, and oil exports of 3.25 million barrels per day, giving a budget of 129 trillion Iraqi dinars ($89 billion) and a budget deficit of 28.7 trillion trillion Iraqi dinars ($19.79 billion).

The 2021 budget set an oil price of $45 a barrel with expected oil exports of 3.25 million barrels per day.

More here, here, and here.

(Sources: Iraqi Parliament, Bas News, Shafaq, AP)

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