UK Drops Unaoil-related Probe into ABB

By John Lee.

The UK's Serious Fraud Office (SFO) has dropped its investigation into ABB linked to the Unaoil case.

After a thorough and detailed review of the available evidence, the SFO concluded that this case did not meet the relevant test for prosecution as defined in the Code for Crown Prosecutors.

The SFO announced its investigation into ABB Ltd in February 2017 following a self-report by representatives acting on behalf of the company.

(Source: UK SFO)

Fmr UK Defence Minister joins Genel Energy Board

Genel Energy has announced the appointment of David McManus as Chairman with immediate effect.

Sir Michael Fallon (pictured) has been appointed as senior independent Non-Executive Director, and Tolga Bilgin and Hassan Gozal have also been appointed to the Board as Non-Executive Directors.

David McManus has more than 40 years of experience in the oil and gas industry, having held various executive roles at Pioneer Natural Resources, BG Group, ARCO, Ultramar, and Shell. He is currently serving as a Non-Executive Director at Hess Corporation, a large, integrated US oil and gas company; FlexLNG, a Norwegian listed LNG shipping company; and Costain Group PLC, one of the UK’s leading smart infrastructure solutions companies. Previous directorships include Rockhopper Exploration plc and Northern Drilling Limited.

Sir Michael Fallon has 30 years of senior political and business experience, serving in four British Cabinets, and as Non-Executive Director on City and commercial boards. He was MP for Sevenoaks from 1997 to 2019, serving as Energy Minister responsible for the oil and gas sector from 2013 to 2014 and as Secretary of State for Defence from 2014 to 2017.

Sir Michael will act as Senior Independent Director, Deputy Chairman and Chairman of the International Relations Committee. George Rose is remaining at Genel as an independent Non-Executive Director and Chairman of the Audit Committee.

Tolga Bilgin has been CEO of Bilgin Energy Holding, and its subsidiaries, since 2014. Bilgin Energy Holding is a pioneer and a leading Turkish energy firm, that owns, operates and sells electricity from wind, natural gas, and hydroelectric projects, and is a major shareholder of Genel.

Hassan Gozal is Chairman of Daax Corporation, a Dubai based company with investments in a wide range of sectors, notably energy and oil, oil and gas trading, construction, and property development with significant Middle Eastern experience, including the Kurdistan Region of Iraq. Daax Corporation is a major shareholder of Genel.

As a temporary result of these appointments, the majority of the Board (excluding the Chairman) is not independent. It is the intention of the Board to appoint one further independent Director to return to an equal balance of independent versus non-independent Directors as soon as reasonably practicable.

George Rose, Non-Executive Director of Genel, said:

“I am delighted to welcome David to the Board. He has vast experience which will help guide the Company through the next phase in our development, as we build our operating capability and seek material growth. The appointments today bring significant industry and international expertise, with experience of operating, investing, and delivering major projects in the region.”

David McManus, Chairman of Genel, said:

“Genel has built a portfolio with a compelling mix of cash-generation and funded growth options. I look forward to working with the Board as the Company continues to deliver on its strategy, enters an exciting new chapter, and strives to take advantage of the significant opportunities ahead.”

(Source: Genel Energy)

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

Tech Forum at the IBBC Dubai Conference

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

Tech Forum at the IBBC Dubai Conference

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

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…

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…

Iraq turns to BP, Eni for Oil Export Pipeline

By John Lee.

Iraq is reported to be close to reaching a deal with BP and Eni for an export pipeline project.

Al Jazeera quotes senior Iraqi oil officials as saying that the project was initially planned as part of a “megadeal” with ExxonMobil.

They said that under the proposed $400-million agreement, BP and Eni would build two seabed oil pipelines for Iraq’s southern exports through the Gulf.

(Source: Al Jazeera)

UK Firm to study Iraq/Kuwait Shared Oilfields

By John Lee.

Iraq and Kuwait have selected British energy advisory firm ERC Equipoise (ERCE) to prepare a study on the development of shared border oilfields.

Ministry spokesman Assem Jihad said a contract would be concluded in the coming days with the company, which was chosen from a list of four candidates.

ERCE is a specialist in oil and gas reservoir evaluation.

The study will include the reservoirs of Ratqa/Rumaila and Safwan-Abdali.

(Source: Ministry of Oil)

Former Unaoil Exec pleads Guilty to Iraq Corruption

Former Unaoil executive pleads guilty to conspiracy to give corrupt payments

Basil Al Jarah, Unaoil’s former partner in Iraq, pleaded guilty on 15 July 2019 to five offences of conspiracy to give corrupt payments in connection with the UK Serious Fraud Office (SFO)’s investigation into Unaoil.

The offences relate to the award of contracts to supply and install single point moorings and oil pipelines in southern Iraq. A court order restricting reporting of the plea was lifted today.

In the same investigation, Ziad Akle, Paul Bond and Stephen Whiteley have been charged with conspiracy to make corrupt payments. A trial is scheduled to begin on 13 January 2020 at Southwark Crown Court.

(Source: UK Serious Fraud Office)