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Iraq 2020 – Discovering Business

Iraq Business News is delighted to bring you a major new guide to business in Iraq.

Published by Allurentis, in association with Iraq’s National Investment Commission (NIC), Iraq 2020 – Discovering Business contains a wealth of case studies, commentary and data; it’s 68 pages of essential reading for everyone with an interest in the redevelopment of Iraq.

And as Salar Ameen, of the National Investment Commission, says in the introduction:

“We are determined to embark on real change and open up to other countries by providing every incentive to invest in Iraq … there is a firm desire to stimulate the private sector.”

We’d like to congratulate Laura Curtis (laura.curtis@allurentis.com) and all her team at Allurentis on a splendid publication.

Iraq Business News is delighted to make this guide available to readers in pdf format: Please click here to view or download the full document.

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Iraq Oil Exports Fall in January

By John Lee.

Iraq’s Ministry of Oil has announced final oil exports for January of 102,485,497 barrels, giving an average for the month of 3.306 million barrels per day (bpd), down from the 3.428 million bpd exported in December.

These exports from the oilfields in central and southern Iraq amounted to 101,062,366 barrels, while exports from Kirkuk amounted to 1,114,035 barrels. Exports to Jordan were 309,096 barrels.

Revenues for the month were $6.195 billion at an average price of $60.452 per barrel.

December export figures can be found here.

(Source: Ministry of Oil)

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ALE acquired by Mammoet

By John Lee.

UK-based heavy lifting company ALE has been acquired by Dutch company Mammoet BV.

ALE has worked on several major projects in Iraq, including Kerbala Refinery, and the oil fields at Majnoon, West Qurna 1 and 2, and Zubair.

ING acted as financial advisor to Mammoet.

(Sources: ALE, Mammoet)

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ICF Appoints Elizabeth McRae As Executive Director

The Iraqi Children Foundation (ICF) has announce the promotion of Elizabeth (Liz) McRae to serve in the top staff leadership position as Executive Director.

McRae’s promotion to Executive Director from Associate Director follows a record year for ICF during which significant gains were made in life-changing legal, social, and educational services for Iraq’s most vulnerable children – the orphans, street kids, and children displaced by violence.

McRae said:

“I am looking forward to another record year in 2020. The needs of these children on the margins of Iraqi society is urgent. Their future, as well as Iraq’s future, is at stake. Investing in these children is both a geopolitical and a security imperative, and it’s the right thing to do.

“We believe in building a team of Iraqis and Americans, individuals and businesses, to work together to ensure these children are prepared to be productive citizens in the future.”

McRae’s is ICF’s top executive for development of Iraqi and American corporate partners who invest in corporate social responsibility (CSR) in Iraq.  She can be reached at liz@iraqichildren.org or at +1.202.790.1109

For more information, please see 2019 announcement regarding McRae.

(Source: ICF)

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IBBC Council Meeting and Members’ Dinner

The Iraq Britain Business Council (IBCC) held its Council Meeting, Dinner & Reception for IBBC Members and distinguished guests on 28 January. The Council Meeting, hosted by Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan and Kazakhstan took place in the House of Lords.

Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greets IBBC Members and distinguished guests

The Council Meeting was followed by a Reception & Dinner hosted by Brigadier James Ellery CBE at the Cavalry & Guards Club, where Ms Jwan Khioka, Minister Plenipotentiary from the Embassy of the Republic of Iraq greeted more than 40 guests.

After dinner, Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD) elaborated EBRD’s strategy and business plan for the SEMED region, especially highlighting the business opportunities in the Republic of Iraq.

Dr Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), after dinner speaker

The Education, Training and Heritage Sector Table Meeting hosted by IBBC in its London offices on 28th January was attended by representatives from the UK Embassy of the Republic of Iraq, Bath Spa University, the University of Northampton, Stirling Education, UB Holdings, Unihouse Global, the British Council and the IBBC.

The meeting agreed its over-riding objective is to improve education across Iraq, build in-country capacity and facilitate cooperation between Iraq and international, especially UK, universities. The BC confirmed it is continuing to function in Iraq, albeit at a lower activity level with some restrictions to personnel movement. The proposal for senior representatives of UK universities to visit Iraq was well supported, subject to acceptable security, all parties agreed that involvement of relevant ministries in Iraq is essential to  A number of initiatives to encourage Iraq’ entrepreneurs in were presented, including establishing a Tech Hub in Baghdad, run seminars to assist students aiming to study outside Iraq and setting up an alumni network for Iraqi graduates who has studied in UK. It was agreed that the Chevening Programme had been successful and should continue.

A highlight of the meeting was the detailed presentation of Dr Amir Saadati, Strategic Advisor, City & Guilds MENA (Projects) (https://www.cityandguilds.com/) who gave a detailed presentation on the organisations plan to roll out a number of essential training programmes across Iraq in conjunction with IBBC Member Stirling Education.

IBBC Education, Training and Heritage Sector Table Meeting

The Construction and Infrastructure Sector Table met earlier in the day with Jones Lindgren of Perkins and Will in the chair. The main discussion was about current work and opportunities in the water and environment sectors with Brad Moxham of Pell Frischmann and Steve Rowan of Eame, both active in Iraq, leading the discussion.

The IBBC Executive Committee met in the morning of 29th January. The Committee of IBBC Members, reviews IBBCs activities and advises the management of its future planning. After many years of service Alistair Kett of PWC, Hadi Nezir of UB Holding, Hani Akkawi of CCC retired from the committee. The new committee members are John Curtin of EY, Charles Walker of ZHA, Charlie Burbridge of G4S and Sadar Al-Bebany of Sadar Trading Agencies.

IBBC Executive Committee meeting

The Oil & Gas Sector Table Meeting was hosted by IBBC in its London offices On 29th January was attended by representatives from BP, ExxonMobil, SKA, Constellis, Gulftek, Petrofac, Basrah Engineering Group, the UK FCO and the IBBC. There was wide ranging discussion on the current situation in Iraq and its adverse impact on investment in the country, in particular in the oil and gas sector. There was general agreement that more investment is required to maintain current levels of production, and additional investment will be required to increase production and monetise the extensive associated gas reserves currently being flared.

Oil & Gas Sector Table Meeting

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Oil Ministry Finalises Export Figures for December

By John Lee.

Iraq’s Ministry of Oil has announced final oil exports for November of 106,265,346 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November.

These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports from Kirkuk amounted to 2,827,050 barrels. Exports to Jordan were 347,746 barrels.

Revenues for the month were $6.698 billion at an average price of $63.027 per barrel.

November export figures can be found here.

(Source: Ministry of Oil)

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Iraq to Evacuate Citizens from Wuhan, China

By John Lee.

Following the spread of coronavirus in China, the Iraqi government has provided a special Iraqi Airways airplane with medical staff to evacuate students and the community residing in Wuhan, China, to Baghdad.

Foreign Minister Alhakim has directed the Embassy of the Republic of Iraq to China to form an operations room headed by the Ambassador, and the membership of the cultural attaché which started its duties immediately after its formation, to keep count of the numbers of the Iraqi community in Wuhan, and prepared a note to the office of the Chinese Foreign Ministry in the city where the Iraqi students reside to allow them to leave the city, and the embassy opened hotlines available throughout the day for the Iraqi community, as well as internet groups to ensure direct communication.

(Source: Iraqi Foreign Ministry)

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Iraq Approves Fifth Round of Gas Contracts

By John Lee.

Iraq has reportedly approved contracts in a fifth bidding round for gas exploration contracts.

According to Reuters, the exploration deals relate to the development of fields in the eastern governate of Diyala that are expected to produce more than 750 million cubic feet of natural gas within 3 years.

The contracts have been criticised by IBN Expert Blogger Ahmed Mousa Jiyad – https://www.iraq-businessnews.com/2018/05/16/5th-round-oil-licences-poor-management-dubious-contracts-bad-results/

(Source: Reuters)

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Iraq Bribery Trial starts in London

By John Lee.

The trial has begun in London of three British businessmen accused of conspiring to pay bribes totalling $6m (£4.6m) to win contracts in Iraq worth $800 million.

According to the UK’s Serious Fraud Office (SFO), Monaco-based Unaoil bribed Iraqi officials to help Dutch-based SBM Offshore [Single Buoy Moorings], and Singapore’s Leighton Offshore, to secure the contracts between 2005 and 2013.

The Guardian reports that Ziad Akle (44), Unaoil’s territory manager for Iraq, Stephen Whiteley (64), who was a vice-president at SBM until 2009 before joining Unaoil as its manager for Iraq, and Paul Bond (67) SBM’s sales manager for the Middle East, have all pleaded not guilty.

The trial is expected to last three months.

(Sources: The Guardian, Bloomberg)