Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The National Iranian Gas Company (NIGC) has reportedly cut supplies of gas to Iraq due to Iraq’s arrears of more than $6 billion.
According to Reuters, Iran’s Energy Minister is scheduled to visit Baghdad on Tuesday to discuss the matter.
(Sources: Shana, Reuters)
The post Iran Cuts Gas to Iraq due to Unpaid Bills first appeared on Iraq Business News.
By John Lee.
Iraq has reportedly cancelled a contract to develop its Mansuriya gas field near the Iranian border.
Iraq Business News understands that, under a deal agreed in 2010, the field was being developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%).
According to Reuters, the consortium halted development in 2014 due to security concerns after the so-called Islamic State group overran large parts of Iraq.
Writing in Oil Price, Simon Watkins says “Russia has again made it clear that it is extremely interested in taking over the development contract of Iraq’s Mansuriya gas field following the recent termination of the contract with a consortium led by Turkey’s state-owned TPAO.”
(Sources: Reuters, Oil Price)
The post Mansuriya Gas Contract “Cancelled”; Russia “Extremely Interested” first appeared on Iraq Business News.
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Drug smuggling, abuse on the rise in Iraq
Iraq suffers from the flow of drugs from neighboring countries, especially Iran, through the marshes and other border crossings, and the spread among the youth has become a threat to society.
Click here to read the full story.
The post Drug Smuggling and Abuse on the Rise in Iraq first appeared on Iraq Business News.
By John Lee.
The United States has reportedly granted Iraq a 60-day extension to a sanctions waiver allowing it to import Iranian gas.
According to the report from AFP, Iraq relies on gas and electricity imports Iran to supply about a third of its electricity sector.
(Source: AFP)
The post US Grants Iraq New 60-day Waiver to Import Iranian Gas first appeared on Iraq Business News.
Iranian Oil Minister Bijan Namdar Zangeneh and his Iraqi counterpart Ihsan Abdul Jabbar discussed ways to promote cooperation between the two neighbors in the oil industry.
In a telephone conversation, Zangeneh and Abdul Jabbar called for the expansion of oil cooperation between the two Muslim neighbors.
The Iranian minister congratulated Abdul Jabbar on taking office as the new oil minister of Iraq after formation of a new government under Prime Minister Mustafa Al-Kadhimi’s leadership, according to the Iranian government’s official website.
Abdul Jabbar said Iraq’s daily export of crude in June has reached 2.8 million barrels.
The Iraqi oil minister also emphasized that it would be in Iraq’s interests to abide by a production cut agreement between OPEC and its allies, known as OPEC+, saying the Iraqi Kurdistan Region has been directed to comply with the OPEC+ deal and cut its share of oil output.
The OPEC members, Russia and other oil producing nations agreed in April to cut output by around 10% of global supply to support oil prices amid the coronavirus pandemic.
(Source: Tasnim, under Creative Commons licence)
By John Lee.
US Secretary of State Mike Pompeo (pictured) has welcomed the formation of a new government in Iraq following months of instability.
In a phone call with the new Prime Minister, Mustafa Kadhemi, he said that the US would not enforce sanctions on Iraq buying electricity from Iran for 120 days “as a display of our desire to help provide the right conditions for success”.
The full statement via Spokesperson Morgan Ortagus said:
“Secretary of State Michael R. Pompeo spoke today with Iraqi Prime Minister Mustafa al-Kadhimi. Secretary Pompeo welcomed Prime Minister Kadhimi’s new government, which was confirmed by the Council of Representatives.
“They discussed the urgent hard work ahead for the Iraqi government, implementing reforms, addressing COVID-19, and fighting corruption. In support of the new government the United States will move forward with a 120-day electricity waiver as a display of our desire to help provide the right conditions for success.
“The Secretary and the Prime Minister also discussed the upcoming U.S.-Iraq strategic dialogue and how they look forward to working together to provide the Iraqi people the prosperity and security they deserve.“
(Source: US State Dept)
By John Lee.
Washington has renewed a waiver for Iraq to continue importing Iranian electricity, a US State Department official said.
“The Secretary granted this brief extension of the waiver to allow time for the formation of a credible government,” the official said, referring to US Secretary of State Mike Pompeo, and added that the waiver would expire on May 26, according to Reuters.
Washington has repeatedly extended the exemption for Baghdad to use crucial Iranian energy supplies for its power grid, for periods of 90 or 120 days.
Earlier this month, Iraq’s president named intelligence chief Mustafa al-Kadhimi as prime minister-designate, the third person tapped to lead Iraq in just 10 weeks as it struggles to replace a government that fell last year after months of deadly protests.
“Once that government is in place, the Secretary will reassess whether to renew the waiver and for how long,” the US State Department official said.
The official added that the waiver applied only to electricity and referred to the Treasury Department for transactions related to Iranian natural gas imports.
Electricity Minister Luay al-Khatteeb told S&P Global Platts last week that Iraq needs three to four years to complete projects that would provide the necessary natural gas for its power stations.
(Sources: Tasnim, Reuters, S&P Global)
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Iraq reduces energy imports from Iran by 75%
Iraq has reduced its electricity and gas imports from Iran by 75 per cent after achieving a strong level of self-sufficiency in its own energy production, Al Arab news website reported on Monday.
A spokesman for the Ministry of Electricity, Ahmed Al-Abadi, said that the current electricity production in Iraq covers most of the country’s needs.
He explained that most governorates have electricity supplies all day, every day, apart from Salahuddin and Ninawa, which have power for around 20 hours per day.
Al-Abadi noted that the improvement in electricity supply is largely down to the new electricity plants coming into operation.
Iraq, he added, uses 13,400 Megawatts, of which 4,500 Megawatts used to be imported from Iran.
Iranian Foreign Minister Mohammad Javad Zarif and his Iraqi counterpart, Mohamed Ali al-Hakim, stressed the need for joint measures to combat the new coronavirus, known as COVID-19.
In a telephone conversation on Monday night, Zarif and Hakim exchanged views about a host of topics, including the latest developments in the region as well as ways to boost bilateral relations between Tehran and Baghdad.
The two sides also discussed the coronavirus epidemic and stressed the need for joint measures to contain the spread of the infectious disease.
According to Iran’s Health Ministry, the death toll from the COVID-19 outbreak in Iran rose to 66 on Monday, with the confirmed cases of infection surpassing 1,500.
The ministry said out of 7,280 people who have gone to medical centers across the country so far, 4,312 are suspicious cases.
Medical staffs in 20 provinces of Iran have been working tirelessly over the past days to contain the novel coronavirus that has originated from China.
Following the increase of coronavirus increase, the Iranian government ordered the shutting of schools and universities and a ban on concerts and sports events.
Several high-ranking officials, including the deputy health minister and five lawmakers, have tested positive for the coronavirus as the spread of the outbreak forced the government to call on people to stay at home.
(Source: Tasnim, under Creative Commons licence)
By John Lee.
Deceptive shipping practices are reportedly being used in an attempt to conceal cargoes of sanctioned Iranian fuel oil being shipped via the Iraqi port of Khor al-Zubair.
Writing in Lloyds List, Michelle Wiese Bockmann gives details of a network of shell companies running ‘dark’ tankers to transport the sanctioned fuel.