Cursor International executes projects and collaboration activities across several industries.
You are invited to attend the Iraq Business Forum on 27th September in Central Hall Westminster.
The post Final call for the Iraq Britain Business Forum first appeared on Iraq Business News.
Iraq Britain Business Council (IBBC) member AA for Global Trading and Commercial Agencies has announced that it has started importing the products of Laboratoires Gilbert of France to Iraq, as per an agreement signed in 2020.
Based in France’s Normandy region, Laboratoires Gilbert manufactures and markets 30 brands and 1,900 references such as Physiodose, Physiolac, Dolodent, Luc and Léa, Comptoir Aroma, Algotherm, Laino, Hei Poa, and Comptoir du Bain among others.
Currently, AA is the commercial agent of several brands including Metrex Research (USA), Laboratoires Gilbert (France) and Palmer’s (USA).
(Source: IBBC)
The post AA to distribute Laboratoires Gilbert in Iraq first appeared on Iraq Business News.
By John Lee.
The Iraqi cabinet has approved a plan to restructure the ownership of the giant Rumaila oilfield.
The field will be taken over by the newly-created Basra Energy Company (BEC), which in turn will be owned by BP and the China National Petroleum Corporation (CNPC).
According to a statement from the Ministry of Oil, it appears that the CNPC interest will be held through the company’s subsidiary, PetroChina.
(Source: Ministry of Oil)
The post Iraqi Cabinet approves BP Plan to spin off Rumaila first appeared on Iraq Business News.
By John Lee.
Scottish-based Wood, the global consulting and engineering company, has announced that it has been awarded a five-year contract to deliver specialist engineering solutions at a major oilfield in Iraq.
The company did not specify which oilfield, or the value of the contract. It has previously won business at the West Qurna 1 field.
In a statement, Wood said it will improve day-to-day operations of the oilfield’s producing assets and supporting facilities, while continuing to invest in local talent development programmes and exploring opportunities to reduce greenhouse gas emissions.
The contract will be delivered by Wood’s in-country teams in Basra, supported by the company’s engineering office in Dubai.
(Source: Wood)
The post Wood Wins 5-Year Contract in Iraq first appeared on Iraq Business News.
By John Lee.
UK-based global controls technology company Proserv Controls has secured a significant contract to manufacture and deliver 22 wellhead control panels (WHCP) to the Basra Oil Company (BOC) for use on the Majnoon Oil Field in southern Iraq.
The deal has been arranged through KBR, the Houston based engineering, procurement and construction management (EPCM) company, which is the EPCM lead on BOC’s plans to significantly ramp up production capabilities at the field.
The 22 WHCPs each has the capability of controlling up to four wells and they have been earmarked for use on 70 new wells which are currently in the development phase. At present, Majnoon has a capacity of just over 200,000 barrels per day (bpd) of production, but BOC’s strategy is to more than double this to above 400,000 bpd in the next two years.
Proserv will deliver the WHCPs in three lots, with the first due towards the end of Q3 2021, with the second scheduled for Q4 and the final tranche set to arrive in March 2022.
The firm will make use of its well-developed footprint in the Arabian Gulf to deliver this order, with the WHCPs being manufactured at Proserv’s dedicated site in Jebel Ali, Dubai.
The value of the contract has not been disclosed.
(Source: Proserv Controls)
The post UK’s Proserv Wins Contract at Majnoon Oilfield first appeared on Iraq Business News.
By John Lee.
Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq.
Reuters quotes Iraq’s Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week.
Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate company, which would be jointly owned with its partner in the giant Rumaila project, the China National Petroleum Corporation (CNPC).
Meanwhile, the Minister said Russia’s Lukoil is thought to be trying sell its 75-percent stake in the West Qurna-2 oilfield to Chinese firms.
(Sources: Reuters, Oil Price)
The post China to Snap Up Iraqi Oil Assets? first appeared on Iraq Business News.
The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Basrah Gas Company (BGC) to support one of the largest gas flaring reduction projects in the world, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq.
BGC is an Iraqi joint venture created to treat and process associated gas that would otherwise be flared. The project is expected to increase BGC’s processing capacity, thereby avoiding more unnecessary flaring and associated GHG emissions by around 10 million tons per annum. It will support Iraq’s transition to a lower carbon path and improve access to a domestic energy source, helping the country meet its growing power needs.
IFC is the lead arranger of the five-year, $360 million loan to BGC.
Ihsan Abdul Jabbar Ismail, Minister of Oil for Iraq, said:
“Signing the loan agreement reinforces the collective efforts to increase investment in associated gas flaring reduction using world-class technologies. It is in line with our objectives of turning flared gas into cleaner valuable energy and reducing the impact of the Green House Gas emissions on the environment.
“This loan opens new horizons for cooperation and collaboration that serve common purposes and interests, reiterating Iraq’s commitment to increasing investment in associated gas flaring reduction and to achieving the objectives set by the Paris Agreement.“
Malcolm Mayes, BGC Managing Director, said:
“We are delighted to have successfully signed this loan with IFC, the first loan facility of its kind in the energy sector in Iraq-a milestone to be proud of.
“The agreement demonstrates the strength of Iraqi companies and their ability to attract funding and trust from international banks. The intent of this five-year loan is to support BGC’s growth project and turn the otherwise wasted flared gas into much needed energy for the country. Our strategy is in alignment with the government of Iraq’s vision to power Iraqi homes with electricity and create a more sustainable energy industry.“
Sérgio Pimenta, IFC Vice President for the Middle East and Africa, said:
“This pioneering project has the potential to deliver significant environmental and economic benefits, including lower GHG emissions and increased fiscal revenues, and will improve energy access and lower costs for Iraqi citizens.
“The project comes after years of hard work and strong cooperation by all parties involved. We hope that it will send a strong signal to other investors and help drive more private investments to tackle climate change and support inclusive growth in Iraq.“
IFC’s investment comprises a $137.76 million loan for IFC’s own account, a $180 million loan in which participations were syndicated to eight international banks (Bank of China, Citi, Deutsche Bank AG, Industrial Commercial Bank of China, Natixis, Sumitomo Mitsui Banking Corporation, Société Générale and Standard Chartered Bank), and a $42.24 million loan through IFC’s Managed Co-Lending Portfolio Program, a platform that allows institutional investors to participate in IFC’s loan portfolio. The loan is without recourse to or guarantees from any of the shareholders.
Iraq is endowed with significant reserves of natural gas, mainly produced as a byproduct of legacy oil extraction. However, in the absence of adequate infrastructure to capture and process it, about 70 percent of all natural gas produced in the country is flared. Capturing associated gas for subsequent use can help Iraq reduce overall emissions.
The project benefits from long-standing engagements of the World Bank Group in Iraq’s energy sector. Iraq joined the Global Gas Flaring Reduction initiative in 2011 and committed in 2013 to eliminate all routine natural gas flaring by 2030.
(Sources: IFC, Iraqi Govt)
The post Iraq Borrows $360m to Reduce Gas Flaring first appeared on Iraq Business News.
By John Lee.
UK-based BP is reportedly considering a plan to spin off its Iraqi operations in Iraq into a separate company.
According to Dow Jones, the new company would be jointly owned by the China National Petroleum Corporation (CNPC), BP’s partner in the giant Rumaila project.
(Source: Dow Jones)
The post BP to Spin Off Iraq Operations? first appeared on Iraq Business News.
Dr. Rafid Aziz Joins Board of Directors of Iraqi Children Foundation
The Iraqi Children Foundation (ICF) is pleased to announce the selection of Dr. Rafid Aziz (pictured), President of the United Iraqi Medical Association in the United Kingdom, to join the ICF Board of Directors.
Grant Felgenhauer, ICF Board Chairman, said:
“ICF has pledged in 2021 to expand services to meet the medical and disability needs of Iraqi orphans and vulnerable children. Having a medical professional of such distinction on our Board will help equip ICF to pursue that commitment. We are thrilled to have Dr. Aziz join our team.”
ICF has provided occasional medical support to children in Iraq in recent years, such as wheelchairs, prosthetics, and clinical services. But the charity hopes to develop a more robust medical program. Dr. Aziz will be leading ICF’s efforts to expand outreach and support to Iraqi orphans and vulnerable children with medical and disability needs.
Dr. Aziz, who went to medical school in Baghdad, Iraq, serves as President of the United Iraqi Medical Association (UIMA) for the UK and Ireland, an independent network that was established to look after the professional and social needs of the Iraqi healthcare community in the UK, as well as to support medical/nursing education and effective healthcare policy in Iraq. He is also the Medical Director, Integrated Urgent Care Clinical Lead, and a trainer at Hertz Urgent Care in the UK.
(Source: ICF)
The post Dr. Rafid Aziz Joins Board of Iraqi Children Foundation first appeared on Iraq Business News.
By John Lee.
Petrofac has announced that for the year ended 31st December 2020, the company had revenues of $238 million in Iraq — $105 million in engineering and construction, and $133 in engineering and production services.
This represented about 6 percent of the company’s total turnover, and was down from a total of $325 million in 2019 ($145 million in engineering and construction, and $180 in engineering and production services).
In its Annual Report for the year, the company said that Iraq accounts for 7 percent of its total backlog of $1.7 billion, implying a backlog in Iraq of approximately $119 million.
(Source: Petrofac)
The post Petrofac Iraq Revenues Down first appeared on Iraq Business News.