Category: News

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Tabib Baghdad secures more Funding

By John Lee.

An online platform that connects Iraqi patients to doctors has reportedly raised a six-figure sum in its latest round of fundraising.

According to Startup MGZN, Tabib Baghdad raised the money through the recently-launched Iraqi Angel Investors Network, led by KAPITA and Nass Al Iraq.

It adds that the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) gave a grant of $20,000 towards this round, as part of its support to the Angel Network and the Iraqi startup ecosystem, as part of its “ICT for Youth in Iraq” scheme.

Tabib Baghdad started operations in Baghdad in 2018, and plans to cover the rest of Iraq in the coming year.

More here.

(Source: Startup MGZN)

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Iraqi Woman Sets Record, Calls Attention To Iraqi Children

Mais Abousy Sets Record as First Woman to Do Indoor Iron Distance Race, Calls Attention To Iraqi Children

Iraqi-American lawyer, Mais Abousy, set a record on Saturday, November 7, 2020, as the first known woman in the world to complete an indoor Iron Distance Race, using the feat to raise awareness of Iraq’s orphans and vulnerable children.

Abousy’s 140.6 mile indoor Iron Distance Race was a self-curated race at the St. James sports complex in the Washington, DC, area, featuring the theme “Suffer. Learn. Change.”   The race is a precursor to Mais’s anticipated 140.6 mile attempt in Iraq 2022.   The November 7th race – 2.4 mile swim, 112 mile bike ride, and 26.3 mile run – lasted 13 hours.

The race featured the US national anthem at the start and the Iraqi national anthem at the finish.  For the last mile of the race, she was joined by the State Department’s Principal Deputy Assistant Secretary of State for the Near East Affairs Joey Hood and the Deputy Chief of Mission for the Embassy of Iraq in Washington DC M. H. Al-Fityan.

Mais was also joined for portions of the race by Iraqi-American brothers, Yaseen Eldadah (below left) who joined the swim and Elias Eldadah (also ICF Youth Liaison, D.C.) for the bike ride (below right) joined by their father, Dr. Zayd Eldadah.

Also joining Mais in the race was Dr. Nizar Hussein (swim), Haidar Al-Kindi (bike), and Zeena Rahman, President of Enabling Peace in Iraq Center (EPIC) (run).

Mais Abousy was featured in a Washington, DC WJLA ABC 7 TV news interview and in a pre-race article in the “Washingtonian” magazine where she shared more of her story.    Abousy has previously run several marathons and a triathlon to highlight the cause of Iraq’s children.

The Iraqi Children Foundation (ICF) expresses its deepest gratitude to Mais Abousy for being a champion for Iraq’s voiceless orphans and vulnerable children.

*    *   *

ICF intervenes with love and hope in the lives of children at risk of abuse, neglect, and exploitation by criminals, traffickers, and extremists.  ICF provides legal protection, psychosocial services, nutrition, and education to orphans, street kids, and other vulnerable children.  For more information or to donate, email liz@iraqichildren.org or visit  www.iraqichildren.org

(Source: ICF)

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Genel announces First Oil at Sarta

Genel Energy has announced first oil production from the Sarta field (Genel 30% working interest), less than 21 months after the acquisition of the stake was completed.

Production has begun at Sarta with first oil flowing from the Sarta-3 well into the Early Production Facility.

The Sarta-2 workover operation is on track to be completed in December and the well onstream from January. As previously stated, it is expected that a stable production level will be reached in Q1 2021.

Preparations for the 2021 appraisal drilling campaign, which is targeting a material portion of the 250 MMbbls of contingent resources in the Jurassic, are ongoing.

Bill Higgs, Chief Executive of Genel, said:

“First oil at Sarta is an important strategic and operational milestone for Genel, not least given the challenges presented by COVID-19 in 2020. In that context, progressing Sarta to first oil has been a tremendous achievement and a testament to the alignment and co-operation of the field partners and contractors.

“Already the only multi-licence producer in the Kurdistan Region of Iraq, the addition of Sarta further diversifies our production and cash flows. We look forward to the results of our well programme in 2021, which is designed to further appraise the potential of the field. This will enable us to work with Chevron to optimise the value of the asset in the years ahead.“

(Source: Genel Energy)

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Iraq Finalises Oil Exports for Oct

By John Lee.

Iraq’s Ministry of Oil has announced finalised oil exports for October of 89,153,932 barrels, giving an average for the month of 2.876 million barrels per day (bpd), up from the 2.613 million bpd exported in September.

These exports from the oilfields in central and southern Iraq amounted to approximately 86,023,204 barrels, while exports from Kirkuk amounted to 2,867,637 barrels. Exports to Jordan were 263,091 barrels.

Revenues for the month were $3.457 billion at an average price of $38.77 per barrel.

September‘s export figures can be found here.

(Source: Ministry of Oil)

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Germany’s New EUR 10m Contribution to Iraq

New €10m contribution from Germany expands UNDP Iraq’s Coronavirus response into 15 governorates

German Government’s KfW Development Bank and the United Nations Development Programme (UNDP) in partnership with the Government of Iraq, have today signed a EUR 10 million agreement (US$11.75 million) to support Iraq’s response to COVID-19.

The contribution was made by the German Federal Ministry for Economic Cooperation and Development (BMZ) with financing provided through KfW. Over the past five years the German Government has been a continuous supporter of UNDP activities in Iraq and committed so far more than EUR 300 million through KfW Development Bank for this purpose.

The German Government also supports Iraq in its efforts to address the immediate and medium-term effects of the COVID-19 pandemic and has set up an emergency window under which funds are provided, including this contribution to UNDP.

This contribution allows UNDP to extend its COVID-19 response measures into 15 governorates. It makes Germany the tenth partner to contribute to UNDP’s COVID-19 response, taking the total raised to approximately $38.9 million.

Measures under UNDP Iraq’s response include increasing the testing capacity of laboratories, providing personal protective equipment to healthcare workers, building isolation units for infected patients and undertaking assessments to drive post-COVID-19 recovery strategies.

“The spread of COVID-19 is still taking its toll on Iraqi communities across the country. Thanks to Germany’s generous contribution, we can continue boosting Iraq’s health infrastructure by constructing an extra three isolation wards in addition to the 13 that have either been completed or are underway,” says Resident Representatives of UNDP Iraq, Zena Ali Ahmad.

H. E. the German Ambassador, Dr. Ole Diehl, especially emphasizes the multi-faceted approach of UNDP’s COVID-19 response measure. “COVID-19 is a catastrophe, not only insofar as it destroys human health and lives. It also causes people to lose their jobs, enterprises to lose their revenue and families to literally lose the food on their table. These possible outcomes of COVID-19 require a strong and differentiated response mirrored in this program. Germany continues to support Iraq in its fight against COVID-19. This is why we have launched an extensive global COVID-19 emergency program, under which also a sizeable COVID-19 response window is allocated for Iraq. This pandemic can only be contained with the collective effort of the international community and Germany will play its part.”

“Germany is one of UNDP Iraq’s largest contributors, and we are extremely grateful for their strong and continued support, particularly during the pandemic,” adds Ms Ali Ahmad.

KfW Development Bank and UNDP enjoy a strong cooperation over the years. “On behalf of the German Government, we are very pleased to further extend our cooperation with UNDP and assist Iraq in its efforts to address the current challenges arising through COVID-19,” says Director of KfW Office Iraq, Dr. Anna Janke.

The contribution will be channelled through UNDP Iraq’s Funding Facility for Stabilization (FFS).

Germany joins Belgium, Canada, Denmark, Finland, France, Japan, the Netherlands, Sweden, and USAID as key partners supporting UNDP Iraq’s response to the COVID-19 pandemic, which supports medical facilities in Anbar, Babil, Basra, Dhi Qar, Diwaniya, Diyala, Duhok, Erbil, Karbala, Kirkuk, Maysan, Muthana, Najaf, Ninewa and Salah Al Din.

(Source: UN)

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Successful IBBC Conference in Dubai

IBBC’s 5th Annual Iraq Conference in Dubai – Opportunity in Adversity

The Iraq Britain Business Council (IBBC) was much praised at its conference on Thursday for pioneering in COVID-19 times by bringing together senior officials from Iraq, the UAE and the UK, prominent international and Iraqi businessmen, bankers and professional advisers as speakers and over 100 delegates.

With the Address Hotel as host venue implementing the strictest hygiene regime and using video links, delegates enjoyed a day of vigorous analysis and debate about the issues currently creating the adverse conditions dominating the Iraqi political and business landscape and what measures were needed to improve matters, but nevertheless inspirational presentations highlighted success stories across a number of sectors in panel sessions covering energy, finance, infrastructure/logistics and tech.

Highlights of the day were presentations made by Mrs Zena Yousif Iraq consul general in Dubai, the first woman to ever hold that position, and the fact that all the leaders of the energy companies presenting were Iraqi nationals for the first time ever, namely Mr Zaid Elyaseri, Vice President Iraq from BP, Mr Ali Al Janabi, Chairman, from Shell, Mr Musab Alkateeb, Managing Director, from Siemens Energy, and all were addressing common global issues currently affecting that sector – low oil and gas prices, environmental and green issues.

Mr Aziz Khudairi, Chairman of the Khudairi Group with multiple businesses in Iraq urged the Iraqi Government to embrace the private sector to grow prosperity in Iraq and to provide employment for the millions of young Iraqis, to protect Iraqi businesses from unfair dumping by foreign competitors, but in return emphasised the need for the Iraqi workforce to rediscover a work ethic so that Iraqi companies would become efficient and profitable.

Baroness Nicholson made her Welcome Address by video link from London and at the end of the day announced the new annual award to be made to an Iraqi SME for its contribution to business in Iraq, in memory of the recently deceased Engineer Rasmi al Jabri, IBBC deputy chairman.

Amongst the many excellent speakers were:

  • H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE
  • H.E. Dr Abdulkariem Al Faisal, Chairman of the Prime Minister’s Advisory Commission
  • Mrs Zena Yousif, Consulate General of Iraq in Dubai
  • Mr Simon Penny, Her Majesty’s UK Trade Commissioner for the Middle East

Conference Sponsors were Basra Gateway Terminal, Siemens Energy and Serco.

Vikas Handa of Gulftek, Conference chairman said:

“Today’s IBBC conference in Dubai is the testimony of human resilience on the face of adversity. We had unexpected turnout & great participation from the ministers, industry leaders and businesses from Iraq, UAE & UK.

“We covered a lot of ground to chart the way forward, network & learn from each other. I along with IBBC MD Christophe Michels would like to thank our key members for their unwavering support to make it happen.“

In parallel

The Tech Forum took place online, with participants from Iraq, UK, Dubai and France, to review and discuss the digitisation of Iraq, based on the World Bank’s Report in April.

Chaired by Ashley Goodall of IBBC, we reviewed how the Government of Iraq ( GOI ) and digital development in general has been evolving since April, as Alexandre Laure, the World bank Sector specialist, who wrote the report – shared with us areas of development : namely, 6 key areas : Digital inclusion, banking and finance, Investment, Infrastructure, SMEs and start-ups, skill development and linking to external digital organisations. Two areas of progress include the establishment of a Tech fund for start-ups and SME investment, and the payment of Government salaries directly to bank accounts digitally. Additionally, there are areas of deregulation for start -ups and new businesses, although the registration cost of $37500 was deemed exclusionary for most start-ups.

Jawad Abbasi of GSMA MENA said that 4G infrastructure is critical in extending internet across Iraq, and this has been put on hold for the moment. This would increase the ability of users to trade, exchange and create new products on-line, as well as boost the digital economy. Yazen Altimimi CEO of Zain Cash echoed this issue as Zain are often blamed for poor internet experience, when it’s an infrastructure issue. Zain’s consumer uptake is rapid and there is a healthy growth and interest in the digital economy as a business and consumer medium. If 4G can be delivered the economy will see a rapid upswing. In short there is pent up demand and an appetite from consumers to transact on- line, so it makes sense to deliver 4G to ensure the whole economy expands.

Laura Oliver, director of Iraq Tech Ventures, amplified the issue for start -ups and SME.s who want to trade on line, and the raised the issue of the high cost of registration that prohibits start-ups registering formally, and therefore rely on the cash economy, so they are unable to get formal credit and investment. These two issues, of 4G and registration should be straight forward to address and would make a big different to the overall digital development of the Iraqi economy, and encourage investment from external digital companies like Facebook, Amazon and Google.

In a second panel: Online Consumer behaviour, Caroline McGarr of ThinkBank – a leading research agency in Irbil, presented key finding among Iraqi consumers between 18-45, and again found a big demand for consumer goods, banking on line for an unbanked 83% of the population. In sectors such as Fashion, health and social media there is enormous pent up demand as over 50% of these people spend over 5 hours a day on-line. Again, the issue of reliable internet, useful apps and products to purchase and reliability of banking, echo the first panel’s concerns.

The overall message from both panels is that there is huge unmet demand among youthful Iraqi’s for more services, better internet, better banking (trust) and online interaction with Government and products that will be better served by better internet and the proliferation of new goods and services from SMEs and start-ups, who themselves are constrained by registration fees and investment.

A full video of the sessions, including the presentation charts can be viewed here

For more information please contact london@webuildiraq.org

(Source: IBBC)

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GKP Shares Rise as Workover Completed

By John Lee.

Shares in Gulf Keystone Petroleum (GKP) were trading up 5 percent on Monday morning as the company announced that the planned workover on the SH-12 well has been completed safely.

Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said:

“We continue to successfully manage the challenging macro backdrop and make operational progress. I am pleased to report the successful planned workover of the SH-12 well, which is currently producing at over 5,000 bopd, driving an approximately 15% increase in production from the field.

“As announced in our half-year results, the SH-12 workover was one of a series of opportunities identified which in aggregate were expected to increase gross production by c.5,000 bopd. With the very successful SH-12 workover result and work to bring SH-9 online and the debottlenecking of PF-1 proceeding as planned, we now expect to exceed our original incremental production expectation.

“We are also pleased to confirm that we expect average production from the Shaikan Field this year to be at the top end of our guidance range for 2020. I look forward to updating all our stakeholders in December 2020 on the wider progress we have made as a business.“

Initial production from SH-12 was from the Lower Jurassic Butmah reservoir providing valuable information for future development planning. The workover involved moving up hole, perforating and producing from the main SAM reservoir.

SH-12 returned to production on 15 November 2020 and the well is currently flowing at a stable rate of over 5,000 bopd. The additional production flows to the PF-2 production facility, where there is spare production capacity. The workover design allowed the original Electronic Submersible Pump (“ESP”) completion to remain in place during the operation and the ESP is now back-in service. The operation came in ahead of schedule and on budget.

The Company is pleased to confirm that average 2020 gross production is expected to be at the upper end of the previously disclosed guidance range of 35,000 – 36,000 bopd, with the field currently producing at c.39,000 bopd.

The Company intends to publish an Operational & Corporate Update in December 2020.

(Sources: GKP, LSE)

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China to Buy of Exxon’s stake in West Qurna?

By John Lee.

The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil‘s remaining stake in Iraq’s West Qurna 1 oilfield.

According to sources cited by Bloomberg, the stake could fetch more than $500 million.

ExxonMobil originally had a 60% stake in the field, but sold 25% to PetroChina and 10% to Pertamina in November 2013. (Shell originally had a 15% stake, but sold it to CIECO West Qurna Limited, a subsidiary of Japan’s Itochu Corporation, in 2018 for $406 million.)

Itochu’s website lists the current interests as: ExxonMobil (US (Lead Contractor), 32.7%; Petrochina (China) 32.7%; Itochu (Japan) 19.6%; Pertamina (Indonesia) 10.0%; Oil Exploration Company (Iraqi state-owned company) 5.0%.

More here.

(Source: Bloomberg)

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COVID-19’s impact on Social Cohesion in Iraq

COVID-19’s impact on Social Cohesion in Iraq cannot be ignored in recovery efforts: New report

The impact of COVID-19 on social cohesion in Iraq represents yet another challenge faced by communities across the country and must be addressed to ensure Iraq’s full recovery from the pandemic, according to a new report released today by the United Nations Development Programme (UNDP) in Iraq, in collaboration with the International Organization for Migration (IOM).

The policy paper is the third in a series released by UNDP Iraq on the impact of COVID-19 in Iraq. Building on the first two reports, the Impact of COVID-19 and the Oil Crisis on Iraq’s Fragility, and the Impact of COVID-19 on the Iraqi Economy

The Impact of COVID-19 on Social Cohesion in Iraq notes COVID-19’s exacerbation of existing and sometimes deeply rooted political, economic, social and security challenges, highlighting its resulting impact on the country’s diverse social fabric.

Resident Representative of UNDP Iraq, Zena Ali Ahmad, said:

“Social cohesion is critical to achieving our central objective of leaving no one behind.

“While the Iraqi Government is wholly committed to improving social cohesion in Iraq, the challenges remain significant, with COVID-19 adding to already complex social dynamics in and between communities.

“Scaling-up confidence-building measures, while tackling the pandemic, remains an enormous challenge, and this report makes policy recommendations to help the Government and other stakeholders effectively plan for Iraq’s recovery. Strengthening the social contract between citizens and the State should be the baseline for Iraq’s recovery, and UNDP Iraq stands ready to support this effort.“

Additional thematic policy papers will be released in the coming months focusing on the implications of the pandemic on social protection, environmental sustainability and the socioeconomic fallout on vulnerable households.

UNDP Iraq is grateful to the International Organization for Migration (IOM) in Iraq for its collaboration on The Impact of COVID-19 on Social Cohesion in Iraq.

Read the paper here.

(Source: UNDP)

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Iraq Pushes Faw Refinery Project

By John Lee.

The Iraqi Ministry of Oil has invited international companies to participate in the competition to implement the Faw Refinery Project in Basra.

The project will be offered on a BOO (Build, Own, Operate) or BOOT (Build, Own, Operate, Transfer) basis.

Oil Minister Ihsan Abdul Jabbar Ismail said the refinery will be environmentally friendly and in conformity with international standards (EURO 5), adding that a petrochemical complex will be added to the project in the future.

(Source: Ministry of Oil)

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