Cursor International executes projects and collaboration activities across several industries.
By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has signed on Thursday a memorandum of understanding with BP to rehabilitate the oil fields in Kirkuk governorate.
Michael Townsend, CEO of BP, said that the company is going to prepare the necessary studies to increase production at the Kirkuk oil fields to 750,000 bpd.
The two men inspected the Kirkuk fields on Thursday and ordered a speeding-up of rehabilitation operations.
(Source: Oil Ministry)
By Padraig O’Hannelly.
HRH The Prince of Wales has paid tribute to the work of the AMAR International Charitable Foundation on the occasion of its 25th anniversary.
Addressing the celebration in London’s Lancaster House on Wednesday, Prince Charles said:
“Today is an opportunity to honour the work of the remarkable AMAR teams … whose professionalism has delivered extraordinary outcomes in health and education for so many people over these twenty-five years.
“Each and every one of them, whether they work in Iraq or in another part of the Middle East, or in London or Washington, should feel deeply proud of all that AMAR has achieved. So too, should the many businesses and commercial entities – and in particular the Iraq Britain Business Council [IBBC] – whose magnificent support over the years has made all of this work possible.
“If I may, I would also like to pay a special tribute to Baroness Nicholson whose indefatigable leadership and extraordinary professionalism has been so crucially important to this endeavour for so many years.“
He continued:
“AMAR has given us all reason to have faith in humanity. It has saved countless lives, created hope from despair and achieved nothing short of miracles.”
AMAR thanked the Prince for his wonderful support of the organisation since its founding, and in particular as its Patron for the past thirteen years.
Please help ensure Iraq’s children have the childhoods they deserve — support AMAR’s work today: https://appeal.amarfoundation.org/
(Sources: AMAR International Charitable Foundation, Clarence House)
By John Lee.
Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year.
Iraqi oil officials told the news agency that Iraq’s Ministry of Oil has not yet started negotiations with either company.
BP is currently developing the Rumaila field, while Eni operates Zubair.
Shell is expected to hand over Majnoon operations to the state-owned Basra Oil Company by the end of June 2018.
Both Chevron and Total have been previously reported as being interested in taking over the field.
(Source: Reuters)
By John Lee.
UK-based drilling and engineering contractor KCA Deutag has announced that it has been awarded a one year contract for two rigs to carry out land drilling operations in Southern Iraq.
Its T-210 rig (pictured) will move from Oman to work along with the T-601, bringing the company’s total number of rigs in Southern Iraq up to three.
This new contract, along with deals for another three rigs in other territories, have a combined contract value of $48 million.
Commenting on these awards, Simon Drew President of Land said:
“These contract wins, which come in a tough environment in the wider oil industry, are very important to the Land Business Unit and KCA Deutag as a whole. They have been won against intense competition and I would congratulate all our staff on delivering these contract successes. We look forward to delivering value to our clients through exceptional well construction performance.”
(Source: KCA Deutag)
Iraq Britain Business Council holds successful Autumn Conference in Dubai
Following on from the first Iraq Britain Business Council conference in Dubai in 2016, the IBBC was delighted to host its Autumn Conference in the UAE once again. The event was strongly supported by the UAE authorities.
Alongside Baroness Nicholson, the UK Prime Minister’s Trade Envoy to Iraq and President of the IBBC, the conference was opened by H.E. Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry, UAE Ministry of Economy.
The Minister reminded delegates that non-Oil & Gas related trade between the UAE and Iraq had already passed 11 Billion USD in 2016, with Dubai in particular being a hub for local and international companies in the region.
The Minister firmly believes that the UAE’s role in the rebuilding of Iraq will continue to expand and expressed his wish to cooperate with organisations such as the IBBC to accomplish this crucial task.
Vikas Handa, IBBC UAE Representative and the Managing Director of the Emirati Company DrillTech, warmly thanked the minister and stated that the IBBC stands ready to work even more closely with the UAE in Iraq.
The Government of Iraq sent a high calibre ministerial delegation led by H.E. Mr Qasim Al-Fahdawi, The Minister of Electricity, to the conference. The delegation included H.E. Mrs Ann Naufi Aussi Balbool, Minister of Construction Housing and Public Municipalities; H.E. Kadhim Fijan Al Hamami, Minister of Transport; H.E. Dr Sami Al Araji, Chairman of the National Investment Commission (NIC); and H.E. Mr Fayadh Hassan Nima, Deputy Minister of Oil for refining affairs.
The conference was structured around several sessions in which the Iraqi officials and international companies operating successfully in Iraq, most of which are members of the IBBC, exchanged their views and experiences.
These sessions focused on strengths, weaknesses and opportunities of the economy in Iraq, Reconstruction & Infrastructure, Transport, Power and Oil & Gas. In parallel, a series of high level round-table discussions between investors and Iraqi Government representatives took place.
The conference included for the first time a presentation on the rapidly developing Tech sector in Iraq , given by the CEO of Zain.
IBBC thanks the International Finance Corporation (World Bank) and the IMF for its participation. Thanks also go to the IBBC members who sponsored the conference: Gold Sponsor International Islamic Bank; Silver Sponsors Serco and Gulftainer; Lunch Sponsor Rolls-Royce; pre-reception Sponsor Wood; and Coffee Break Sponsors Eversheds Sutherland and KCA Deutag.
IBBC Managing Director, Christophe Michels, stated that the increasing involvement of the UAE and wider GCC with Iraq was a game changer for the country. The IBBC very much welcomes this development and is delighted to be part of it and support it. The organisation will increase its presence in the UAE and the Autumn Conference in Dubai will become a regular feature in its calendar of events.
(Source: IBBC)
By John Lee.
The CWC Kurdistan-Iraq Oil and Gas conference, planned for London in December, has been postponed.
The Kurdistan Regional Government (KRG) cited “the current logistical and other circumstances affecting the Kurdistan Region” for their request to reschedule the conference.
CWC has said that new dates and venue will be announced shortly.
(Sources: KRG, CWC)
Iraqi ministers intend to announce and discuss up to 60 intended projects at the IBBC summit conference this weekend in Dubai.
In a surge of confidence, a number of Iraqi ministers will be unveiling a raft of infrastructure, oil, power and industrial projects across numerous industry sectors:
Vikas Handa, Director of IBBC Dubai says:
“We have been pleasantly surprised by the volume of opportunities the Iraqi Ministers have come forward with this Autumn, and it’s clear they are keen to drive forward economic development through major projects. There are also numerous adjacent opportunities on offer for a broad range of sectors.
“For those companies interested to attend the Conference, they will also be able to engage with the Delegation at more intimate round table discussions.
“We welcome companies to enjoy the inside track, to meet the attending ministers and discuss how your company can engage with these opportunities.”
To attend, register and sign up for the conference here: www.webuildiraq.org/ibbc-conference/autumn-conference/
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
The Iraqi State Organization for Marketing Oil (SOMO) announced Nov. 2 that it is arranging with Turkey to allow SOMO to sell Iraqi crude from the disputed territories through the pipeline from Kirkuk to the Ceyhan Turkish port.
The Kurdistan Regional Government (KRG) used to export about 500,000 barrels per day independently through Ceyhan before the Baghdad operation to retake the disputed areas in mid-October.
It was not long after the Iraqi army took over the oil fields in Kirkuk in a military operation to “impose security,” as described by Prime Minister Haider al-Abadi, that the federal government resumed oil pumping operations.
The operations started about a week after the clashes between governmental forces and Kurdish peshmerga forces. Meanwhile, the Ministry of Oil rushed to increase oil production, and on Oct. 23, the ministry requested the help of the British petroleum company BP in increasing production in Kirkuk oil fields to more than 700,000 barrels per day. The ministry also announced the formation of a ministerial committee to advance the oil industry in the province of Kirkuk.
Kirkuk has more than 35 billion barrels in oil reserves and a production capacity ranging from 750,000 to 1 million barrels per day. The federal government seems determined to control the oil sources, especially in Kirkuk and the disputed areas. In light of this, on Oct. 19, the Iraqi minister of oil warned all countries and international petroleum companies against signing contracts with any Iraqi party without first consulting the federal government.
Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.
The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.
Vikas Handa, the IBBC UAE representative agrees:
“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.
UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.
We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.
The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.
To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/
(Source: IBBC)
Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.
The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.
Vikas Handa, the IBBC UAE representative agrees:
“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.
UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.
We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.
The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.
To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/
(Source: IBBC)