Posted on

Conference: Find Out What’s Happening in Iraqi Business

From Peace to prosperity:

The Conference to find out what’s happening for Iraq business.

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.

Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.

The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.

The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.

The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.

At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.

The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.

Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.

While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.

For further information and to find the latest updates on speakers – more are expected – please contact  london@webuildiraq.org or visit the website to register for tickets.

https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai

The year it’s all on the up…

Posted on

Iraq Targets Increased Investment from Russia

By John Lee.

Iraq’s Deputy Foreign Minister Muayad Salih has said that he expects Russian companies to increase their investment in Iraq.

Tass quotes him as saying that a Russian company is starting to develop of fields in the area of the Ramadi city, adding:

“Hopefully investments there will top $45 billion by 2030.”

Meanwhile, the head of the Legal Department at the Iraqi Foreign Ministry, Mr. Luqman Al-Faily, met with the Russian ambassador to Baghdad Mr. Maxim Maksimov, at the Ministry’s headquarters in Baghdad.

During the meeting, they discussed procedures for the mutual exemption of entry visas between the two countries for holders of diplomatic, service and special passports.

(Sources: Iraqi Foreign Ministry, Tass)

Posted on

Cabinet Approves Iraq-Jordan Pipeline, Offshore Oil Exporting Facilities

By John Lee.

The Iraqi Cabinet held its regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister, Adil Abd Al-Mahdi, at which it discussed a series of recommendations by the Ministerial Committee for Energy regarding a number of strategic projects aimed at increasing Iraq’s oil production and exporting capacities.

The Cabinet approved the proposed Iraq-Jordan oil pipeline, and the construction of offshore oil exporting facilities in Iraq’s territorial waters in the Gulf.

it also discussed a number of infrastructure and service projects and approved a proposal from the Ministry of Construction and Housing for a pedestrian bridge in the Gherai’at area in Baghdad.

The Cabinet also approved several measures to encourage Iraqi, Arab and international investment in Iraq, including further action to cut red tape and streamline procedures.

The Cabinet approved a draft law on the accession by the Republic of Iraq to the 1997 Protocol to amend the International Convention for the Prevention of Pollution from Ships (1973) as modified by the 1978 Protocol.

(Source: Govt of Iraq)

Posted on

GKP announces Share Buyback

By John Lee.

Gulf Keystone Petroleum (GKP) has announced its intention to commence a share buyback programme, using the company’s existing cash resources to make market purchases of Gulf Keystone common shares for a maximum consideration of US$25 million, with the first stage of that programme being initiated now to purchase Gulf Keystone shares for an initial amount of US$15 million.  

The buyback programme is aligned with the company’s focus on capital allocation and will be an accretive use of funds whilst not impacting the company’s ability to continue the execution of its existing investment programme.  It will be executed in accordance with the company’s general authorities to make on market purchases which was approved by shareholders at the company’s AGM on 21 June 2019.

The company has entered into an agreement with its brokers Canaccord Genuity Limited and Peel Hunt LLP to carry out purchases of the Initial Amount under the buyback programme on its behalf on an irrevocable and non-discretionary basis.

(Source: GKP)

Posted on

Govt reports on Implementation of 2018-22 Programme

By John Lee.

The Iraqi government has issued a report on the implementation of its 2018-2022 programme.

The report covers the period from October 2018, when the government came to office, to April 2019, providing an overview of what has been implemented from the government programme, identifying obstacles that may impede the completion of several projects, and outlining measures to address them.

Iraqi officials say that the report, the first of its kind to be issued by an Iraqi government, is an important measure to strengthen transparency and hold the government accountable before the Iraqi people and their parliamentary representatives.

Click here to download the report (Arabic only)

(Source: Government of Iraq)

Posted on

IBBC hosts Members’ Retreat at Cumberland Lodge

This weekend, the Iraq Britain Business Council (IBBC) hosted its annual members’ retreat at Cumberland Lodge, Windsor Park, which was generously sponsored by Al Burhan Group.

As with previous years, it was very well attended by over seventy delegates, and allowed our members to mingle and network with representatives of other businesses, civil servants, and Iraqi government dignitaries.

Speakers and organisations represented included:

  • Dr Falah Al Amiri, Advisor to the Ministry of Oil, Government of Iraq
  • Dr Hameed Ahmed, Deputy Higher Education Minister
  • Eng. Dara Rasheed, Deputy Minister of Housing, Construction & Municipalities
  • Jon Wilks CMG, HM Ambassador to Iraq
  • Beverley Simpson, Director, Department of International Trade (DIT) in Iraq
  • Dr Victoria Lindsay, Director, British Council, Iraq
  • Emma Sky, Director, Greenberg World Fellows Program, Yale University
  • Nicolas Pelham, The Economist
  • Professor Toby Dodge, London School of Economics
  • Dr Renad Mansour, Chatham House
  • Al Burhan Group
  • Basra Gateway Terminal
  • Bath Spa University
  • BP
  • Chevron
  • Constellis
  • ExxonMobil
  • Financial Times
  • G4S
  • KBR
  • Management Partners
  • Mosul University
  • OiLSERV Kuwait
  • Petrofac
  • Rolls-Royce
  • Serco
  • Shire Oak International
  • Stirling Education
  • Tube Tech International
  • TurnKey LLC
  • University of Dundee
  • University of Liverpool
  • University of Northampton
  • University of Northampton
  • University of Sheffield
  • Wood Plc

Sessions included discussions and panels on the state of Iraq, contemporary Middle Eastern politics, meetings for our various sector tables (including oil and gas, and construction and infrastructure), economic development strategies for Iraq, and how higher education partnerships could be developed between the UK and Iraq. A biannual council meeting for representatives of our member organisations was also held.

Christophe Michels, Managing Director of the IBBC was happy with how the weekend went:

“As in previous years the Retreat has attracted some of the finest minds from business, academia, politics, media and diplomacy working on Iraq to conduct truly meaningful and intimate discussions”.

Baroness Emma Nicholson, President of the IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Kazakhstan and Turkmenistan said:

“IBBC has had a fantastically happy and hugely productive busy weekend. We call it a retreat, but I am not sure what it was a retreat from! People were working morning, noon, and night, and they were making great achievements, and huge strides in the various different table meetings…one of the best I can ever remember”.

For more information on the Iraq Britain Business Council, visit our website at https://www.iraqbritainbusiness.org/

(Source: IBBC)

Posted on

“Invaluable Steps” to Cement Ties with Iraq

Iran Has Taken Invaluable Steps to Cement Ties with Iraq: Envoy

Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad.

“We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi cities of Sulaymaniyah and Karbala.

“The embassy of the Islamic Republic of Iran in Baghdad, as well as the affiliated organizations and consulates and other governmental agencies of Iran in Iraq, have taken invaluable strides and actions at various political, economic and security levels to strengthen relations between the two countries in recent years,” the diplomat noted.

Masjedi further pointed to historical, cultural and ideological commonalities of the two countries and said closer ties in all fields are in line with the interests of both Iran and Iraq.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Heading a high-ranking delegation, Iranian Foreign Minister Mohammad Javad Zarif recently paid an official visit to Iraq to boost ties with the Arab country in the sanctions era.

US President Donald Trump’s administration announced plans in March to extend a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

(Source: Tasnim, under Creative Commons licence)

Posted on

DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.

The bond placement received strong investor demand across international markets and was oversubscribed.

The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.

An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed to buy back USD 60 million in nominal value of DNO01 bonds (ISIN NO 0010740392) at 104.16 percent of par plus accrued interest and USD 10 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest.

In addition to partial refinancing of the DNO01 and FAPE01 bonds, net proceeds from the new bond issue will be used for general corporate purposes.

Danske Bank and Pareto Securities AS acted as joint lead managers and bookrunners with SpareBank 1 Markets AS as co-manager and bookrunner.

(Source: DNO)

(Picture: Bonds, from Alexskopje/Shutterstock)

Posted on

Iraq “becomes Energy Investment Hotspot”

By John Lee.

According to Miriam Malek, writing for S&P Global Platts, Iraq is again becoming a viable destination for energy investment after the final defeat of Islamic State and the election of a new government revived interest in the region’s second-largest oil producer.

The US, Qatar, Saudi Arabia and Iran are now vying for a share in the spoils.

Click here to read the full article.

(Source: S&P Global Platts)