Category: mn

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Ferrier Steps Down as CEO of GKP

Gulf Keystone Petroleum (GKP) has announced that Jón Ferrier (pictured), Chief Executive Officer, has informed the Board of his intention to retire from the Company upon appointment of a successor and after a period of handover.

The Company is now commencing a formal, externally facilitated, search process and will provide an update as and when appropriate.

Jaap Huijskes, Chairman of the Company, said:

“Jón Ferrier took the helm five years ago, immediately leading the Company through its financial restructuring and breathing new life into GKP as an attractive investment proposition.  He has brought us the experience he gained over a long and distinguished career, resulting in GKP meeting the highest standards across all aspects of its business. 

“Today, Gulf Keystone is a highly respected and successful E&P Company, for which Jón deserves considerable credit.  On behalf of the Board and everyone within the Company I would like to thank Jón for his leadership and resolute commitment over the past five years.  We will be sad to see him step down when a successor is found and wish him all the best for his retirement.”   

(Source: GKP)

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Video: Coronavirus Threatens Herders in Iraq’s Marshes

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

The coronavirus pandemic is affecting a community in Iraq’s historic marshes.

For years, people there have relied on the wetlands for herding water buffaloes.

But the pandemic is now threatening their livelihood.

Al Jazeera‘s Katia Lopez-Hodoyan reports:

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UAE Sends Medical Aid to Iraq to Fight COVID-19

The UAE has sent an aid plane carrying 10.5 metric tons of medical supplies to Iraq to bolster the country’s efforts to curb the spread of COVID-19.

This aid will assist approximately 10,500 medical professionals as they work to contain the virus.

Commenting on the aid delivery, Mohamad Saleh Altenaiji, Charge d’affaires of the UAE Embassy in Baghdad, said:

“The UAE has contributed to supporting our Iraqi brothers for years and continues to provide all possible support in all areas, particularly the economic and developmental realms. The UAE is also keen to protect and preserve Iraq’s cultural heritage in the face of terrorist threats that have tried to destroy and maim it.

“In continuation of these efforts, the UAE’s wise leadership sent a medical aid plane today to support the efforts of health workers to deal with COVID-19, which comes in addition to the recent medical assistance sent to the Kurdistan Region of Iraq.”

To date, the UAE has responded to the COVID-19 crisis by providing over 974 metric tons of aid to 68 countries, supporting more than 974,000 medical professionals in the process.

(Source: Govt of UAE)

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AMAR Panel Discussion on Healthcare in Iraq

By John Lee.

The AMAR International Charitable Foundation is delighted to invite you to attend an on line Zoom panel of Iraqi medical experts from the World Health Organisation, IBBC healthcare and our front-line doctor, live from the IDP camps, to discuss the current healthcare situation in Iraq and the immediate challenges in Iraq and AMAR’s IDP camp services.

The event will take place on 3rd July at 03:00 PM (BST)

Click here to register.

(Source: AMAR)

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Video: Doctors Warn of Surge in COVID-19 Cases

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraq is seeing an unprecedented rise in the number of coronavirus infections as doctors warn the healthcare system is close to collapse.

Ten days after the government decided to partly ease the curfew in Iraq, the rate of COVID-19 infections is rising rapidly, with more than 1,800 new cases recorded a day.

Al Jazeera‘s Simona Foltyn reports from Baghdad:

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IBBC, World Bank introduce Free Training for Iraqi SMEs

You are invited to help IBBC and World Bank to introduce Iraqi SME’s to FREE business training courses

WHEN: 29th June, 6pm to 8pm Iraq time

Please share this free business training initiative and the course registration with any SME in your network, however small, and encourage them to sign up.

Arabic version for sharing with your contacts here
WebEx Link: Join Using WebEx

YouTube Livestream: https://www.youtube.com/watch?v=RxeuaarijuE

The Iraq Britain Business Council (IBBC) has been asked by the World Bank to support them in the promotion of business resilience and training courses for SME’s in Iraq.

The driver behind this initiative is to give Iraqi SME’s support to ride out and survive the business effects of COVID-19 pandemic and the effect it has particularly on the smaller businesses in the economy.

The support is in the form of four free business training courses that SME’s can take via Webex or Youtube, provided they sign up.

As a partner to the World Bank, IBBC is contacting our Chambers of Commerce and Union contacts, and those businesses we can alert.

The courses cover four topics :

  1. Business Planning.
  2. Accessing Finance.
  3. Communicating.
  4. Thriving.

We recognise that your suppliers are most likely to be already well prepared, but if there are some who may be finding the current economic climate challenging, these courses will provide a good sense check to best practice.

Please follow this link for the WebEx how-to manual in English

Please follow this link for the WebEx how-to manual in Arabic

Please let us know if there are any further questions by contacting london@webuildiraq.org

We very much hope that your teams will be able to share these courses with your supplier and business ecology.

(Source: IBBC)

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Oil Ministry Finalises Export Figures for May

By John Lee.

Iraq’s Ministry of Oil has announced finalised oil exports for May of 99,585,283 barrels, giving an average for the month of 3.212 million barrels per day (bpd), down from the 3.438 million bpd exported in April.

These exports from the oilfields in central and southern Iraq amounted to 96,039,852 barrels, while exports from Kirkuk amounted to 3,545,431 barrels.

Revenues for the month were $2.136 billion at an average price of $21.450 per barrel.

April’s export figures can be found here.

(Source: Ministry of Oil)

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Govt to graduate Students based on Half-Term Results

The Iraqi Cabinet held its regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

At the start of the meeting, the Prime Minister outlined the challenges facing the country in relation to Covid-19 and the Iraqi government’s efforts to combat the pandemic and provide support to health institutions and medical teams.

The Prime Minister called on all Iraqis to follow the directions of the Higher Committee for Health and National Safety, and to follow official health advice for their own safety and that of all Iraqis.

The Cabinet discussed recent protests in relation to grievances to do with the Ministries of Defence, Education and Electricity. The Prime Minister directed ministers to engage in a dialogue with the protesters in order to reach realistic solutions commensurate with their demands and with the difficult challenges facing the country.

The Cabinet discussed current economic and financial challenges, and the necessary measures to encourage and promote investment in Iraq’s economy as a key driver of growth and of job-creation.

Following further discussions, the Cabinet decided to:

  • Allow students at stage 3 of intermediate education to progress to stage 1 of secondary education based on their half-term exam scores
  • Authorise the Minister of Health and Environment to take all necessary measures to combat the coronavirus pandemic
  • Consider combatting the pandemic a competency of the federal government, and falls within the general policy of the state
  • Provide the necessary support to expedite the completion of hospitals in Dhi Qar and Maysan provinces

(Source: Govt of Iraq)

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Genel Energy appoints new Non-Exec Director

By John Lee.

Genel Energy has announced the appointment of Canan Ediboğlu as an Independent Non-Executive Director, with immediate effect.

Canan has significant industry, financial, and corporate experience. She has been a non-executive board member of ING Bank in Turkey since 2010, and Tupraş since 2017. Canan was formerly non-executive Board member of Aygaz between 2011 and 2017, and a non-executive Board member of Pyrsmia Turkey between 2013 and March of this year.

Prior to this, Canan spent almost 30 years at Royal Dutch Shell, culminating in her role as the country chair and CEO of Shell Turkey, roles she held between 2001 and 2009. She was previously CFO of Shell Turkey, preceded by a series of positions at the company across numerous aspects of the business, notably marketing, treasury and planning. During her tenure as CEO and country chair, she was involved in leading a significant number of acquisitions and nurtured the growth of Shell in Turkey.

Following her retirement from Royal Dutch Shell, Canan advised Accenture on the setting up of their energy business in Turkey, and spent nine years advising Maersk and APM Terminals on their port investments and improving their networking in Turkey. She is the former President of PETDER (Turkish Association of Petroleum Industrialists) and Chair of the Oil Industry Council Turkish Union of Chambers and Commodity Exchanges.

Canan is also an active member of various NGOs, and is a board member of the Turkish Autism Society, the Global Relations Forum, and Embarq – the Centre for Sustainable Transport, having previously been a Board member of WWF Turkey for a number of years.

With the appointment of Canan to the Board, the commitment made by the Company to return the Board to an equal balance of independent versus non-independent Directors has been fulfilled.

David McManus, Chairman of Genel, said:

“We are delighted to welcome Canan to the Board. She has a wealth of relevant industry and financial experience, as well as extensive work with NGOs. Canan will bring further insight and perspective to the Board as we aim to fulfil our goal of generating significant shareholder value, while acting as a socially responsible contributor to the global energy mix.”

No information is required to be disclosed under Listing Rule 9.6.13R.

Genel instructed independent board search and advisory consultants Russell Reynolds in connection with the appointment.

(Source: Genel Energy)

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Shamaran Bondholders appoint Advisers

By John Lee.

According to Bloomberg Law, a group of bondholders of Shamaran Petroleum has reportedly appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks.

ShaMaran Petroleum said last week that that it continues to examine alternatives to address a breach of financial covenant and liquidity shortfall, and that difficult discussions with its largest independent bondholders are continuing.

The Canadian company has a 27.6 percent direct interest in the Atrush Block production sharing contract in Iraqi Kurdistan.

More here (subscription required).

(Sources: Bloomberg Law, Shamaran)