Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The Prime Minister of the Kurdistan Regional Government (KRG), Masrour Barzani, has reportedly called for the public prosecutor to launch an investigation into allegations that Russian state oil company Rosneft paid $250 million to a consultant to secure deals in Iraqi Kurdistan.
Earlier this month, Bloomberg claimed that the oil company paid the money an unknown individual in 2017 and 2018 to become the dominant foreign player in the Kurdish oil industry.
(Source: Ekurd)
By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Implementation of curfew to fight COVID-19 proves difficult in Iraq
Iraq is working hard to limit the spread of the novel coronavirus, which had infected 382 people in the country as of March 26, killing 36.
However, people’s refusal to comply with government instructions threatens to exacerbate the health situation.
By Aymen Al-Faisal, for the Al-Bayan Center for Planning and Studies. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
The Implications of the Coronavirus on the Overall Situation in Iraq
With the spread of the coronavirus globally, many countries around the world face several challenges in the absence of any looming solutions so far.
Economies are the most affected by this virus that led to restrict the movement and the freedom of travel between countries, limit the transport of goods by sea and land, and raise spending on precautionary measures to limit the virus spread.
Since the discovery of the virus in January, the stock market has not declined only in China, but it has impacted the Asian and the American markets as well.
By John Lee.
The Cabinet held its regular weekly meeting in Baghdad on Thursday under the chairmanship of Deputy Prime Minister and Minister of Oil, Thamir Ghadhban.
It reviewed the impact of restrictions to contain covid-19, including curfews, on the health, financial and service sectors, and discussed measures to lessen the burden on Iraqis, receiving briefings from the Minister of Health, Dr. Jaafar Allawi and senior officials on current measures to contain the spread of the epidemic in Iraq.
The Cabinet urged all citizens to abide by curfew regulations and follow the advice of health professionals, including practicing social distancing and avoiding gathering for their own safety and that of all Iraqis.
The Cabinet discussed measures to ensure food security, continuation of essential services, transport of agricultural produce between provinces and requests from a number of Iraqi citizens abroad who wish to return home but are unable to do so because of current restrictions on air travel in several countries.
The Cabinet thanked the Crisis Cell for its role in mobilising national efforts to contain Covid-19, and expressed its gratitude to Iraqi health teams, security forces, volunteers and community leaders for their hard work and dedication at this difficult time.
The Cabinet decided to:
(Source: Govt of Iraq)
Despite the combined pressures of a global pandemic, political deadlock, falling oil prices and continued violence against government forces and others, SKA has continued to deliver over 90% of Iraq’s imported fuel requirements.
SKA’s unique partnership with the Ministry of Oil’s Oil Pipeline Company (OPC) and the close cooperation of Ministry of Transport’s General Company for the Ports of Iraq (GCPI) have ensured that vital supplies of imported diesel and gasoline continue to flow.
SKA’s CEO, Mr Mike Douglas said:
“This is what SKA does. We stand firm in the face of adversity and get the job done. These combined challenges just make us more determined to succeed. Fuel supplies are vital to industry, transport and power generation and we will keep them flowing.
“Of note, the vital dredging we just completed during the curfew, guarantees that the biggest cargos on LR2 vessels, are not stalled; before we started, that size of ship had never been seen in the river. The company was built on the motto of “doing difficult jobs in difficult places” and now, more than ever, that is true.”
“We thank all our local and expatriate staff, and the Iraq Government, for their steadfast support and cooperation. We realize that it is not easy to be away from homes and families in these challenging times, but together we will continue to ensure that the Iraqi people get what they need to overcome these daily challenges. We hope and pray that SKA as a company and Iraq as a nation will emerge stronger at the end of all this”.
SKA operates the only private Maritime Oil Storage and Distribution Terminal in Iraq. Combined with the joint operation of the oil import jetties in Khor Al Zubair Port, SKA is responsible to the importation of over 90% of Iraq’s oil product import demand. SKA has ensured that this vital infrastructure is operated, maintained and enhanced during this difficult time.
SKA, in partnership with the Iraq Government, hopes to build on this success in the future with further enhancements to the import and export infrastructure. Mike Douglas said:
“We will overcome the current challenges and in the future build and operate more oil product storage in Khor Al Zubair. This will provide increased volumes for import and much needed cargo consolidation for export. It will also provide much needed employment for the local population. We have been in Iraq for 17 years and are here to stay.”
(Source: IBBC)
By Bryant Harris for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
US provides Aid to help Iraq fight Coronavirus
The US Embassy in Baghdad announced today that is providing $670,000 to help Iraq fight the novel coronavirus pandemic.
“Today’s announcement shows the strength of the US and Iraqi partnership, and we are committed to fighting this pandemic alongside the Iraqi people,” said US Ambassador to Iraq Matthew Tueller. “Support provided through the [World Health Organization] will directly enhance the country’s ability to combat the spread of COVID-19.”
By John Lee.
IFC, a member of the World Bank Group, is investing over $26 million in a new 161-bed hospital in Erbil in the Kurdistan Region of Iraq.
The facility will increase the availability of quality healthcare services and help address gaps in the country’s healthcare infrastructure. The $92 million Seema Hospital project is expected to open its doors in 2021. In addition to providing core health services, it will be one of the city’s first private hospitals with oncology, radiotherapy, and burn units.
Treatment capacity in existing public and private healthcare facilities in Iraq is limited, with damages to the system estimated at $2.3 billion because of the conflict, according to a World Bank report. The hospital is owned by the Macrom Company for General Trading.
Yaseen Al Bazzaz, Chairman and Chief Executive Officer of Macrom Company for General Trading, said
“Since opening our first hospital in 2006, we have grown into a leading provider of specialized health care services … Hundreds of patients are traveling desperately to neighboring countries for their medical needs. This will change once Seema Hospital opens and provides top-notch healthcare solutions.”
IFC is also contributing technical expertise, advising on environmental and social best practices, and providing guidance on corporate governance. The project is part of the World Bank Group’s strategy in Iraq to develop social infrastructure. Seema Hospital also will be one of the first buildings in Iraq to be certified by IFC EDGE, a platform that helps to determine the most cost-effective options for designing green buildings.
Tomasz Telma, IFC’s Senior Director for Manufacturing, Agribusiness, and Services, said:
“Iraq is a priority country for IFC, and we are committed to supporting its economic growth and health infrastructure … Investing in quality hospitals helps improve care, especially where there is often limited access to effective secondary and tertiary facilities, and introduce expertise, technology, and best practices to these markets.”
IFC has increased its investments in Iraq during the last decade. Its committed portfolio stands at about $254 million, up from $20 million in 2010.
As Iraq and other countries battle COVID-19, the World Bank Group, in response to the crisis, has announced $14 billion package of financing to help support countries to strengthen health systems and improve disease surveillance worldwide.
(Source: IFC)
By John Lee.
Genel Energy‘s newly-appointed Senior Independent Non-Executive Director and Deputy Chairman has purchased shares in the company.
Former UK Minister for Defence Sir Michael Fallon bought 9,000 shares on Thursday at £1.0967 per share, for a total price of £9,870.30.
He was appointed to the board in early February.
(Source: Genel Energy)
By Hassan Ali Ahmed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Iraqi government officials, clerics unite against COVID-19
As the number of coronavirus cases grows rapidly in Iraq, the Shiite religious establishment is offering to help the government, campaigning against extremist groups that oppose health experts’ recommendation to close holy shrines and mosques.
On March 24, Iraq reported a total of 316 coronavirus cases and 27 deaths, an increase of 50 new cases and four more deaths overnight, a substantial increase in number.
By Bryant Harris for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Coronavirus forces partial US troop drawdown in Iraq
The US-led global coalition to defeat the Islamic State announced today that the coronavirus pandemic has forced “temporary adjustments” in the mission against the terrorist group.
“The unprecedented challenges posed by the COVID-19 pandemic to the Iraqi and Syrian people, and to our mission, led to temporary adjustments to protect the force during this period, in full coordination with the Iraqi authorities,” the coalition said in a joint statement today released by the US State Department.