By John Lee.

ADES International Holding Ltd., a London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa, is to expand into Southern Iraq.

The company will acquire two idle land rigs in Iraq from Weatherford, as part of a $287.5-million deal to buy 31 rigs from the Swiss-based company.

Commenting on the transaction, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said:

“We are truly delighted to have signed this agreement with Weatherford … [which] significantly expands ADES’ total fleet and more than doubles its operational fleet”

(Sources: ADES International Holding Ltd., Weatherford)

By John Lee.

The Ministry of Oil has extended the closing date for tenders for the new 100,000-bpd refinery in Kut.

Companies interested in investing must submit their documents by the end of working hours on Tuesday, 4th October 2018.

More information here.

For further information please contact or

(Source: Iraqi Ministry of Oil)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th July 2018).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD731 (-0.3%) / $784 (-0.3%) (weekly change) (-9.9% and -6.2% YTD change, respectively). The number of week traded shares was 4.9 bn and the weekly trading volume was IQD5.0bn ($4.2 mn).

ISX Company Announcements

  • The CBI signed a memorandum of understanding (MoU) with UnionPay International Company to contribute to the development of intelligent payment technologies and electronic payment services in Iraq. UnionPay is one of the largest companies in China and most Asian countries in this field, in addition to being the third largest international company to issue and collect cards. The CBI notes that this is the third memorandum signed by the bank in 2018 with international card companies as part of its plans to expand the use of high technology to promote card work and develop payment systems in accordance with international best practice. (CBI)
  • UK-based ONEm is partnering with Asiacell (TASC) to bring unlimited news and entertainment content from Reuters to Iraq. Asiacell subscribers can now exclusively access global news on any mobile device for 600 IQD per week. The Reuters service provides full coverage of real time news and entertainment content in Arabic delivered by SMS. (Iraq Business News)
  • Al_Rabita Al_Maliya Co (MTRA) will hold a joint GA with (Bilad Al-Sham for Money Transfer and Al-Shariq for Money Transfer) on Jul. 26, 2018 to discuss merging these three companies and deciding to change the company from a Money Transfer company into an Islamic Bank according to CBI’s approval.
  • Iraqi for Tufted Carpets (IITC) will hold an AGM* on Jul. 25, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of IITC starting Jul. 22, 2018.
  • National Bank of Iraq (BNOI) will hold an AGM* on Jul. 23, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BNOI starting Jul. 18, 2018.
  • International Development Bank for Investment (BIDB) will hold an AGM* on Jul. 18, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BIDB starting Jul. 15, 2018.
  • Iraqi Middle East Bank (BIME) completed their legal amendment of article (six) on Jul. 3, 2018 to decrease the number of BoDs from 7 members to 5 original members and other 5 alternative members.
  • Cross Transactions: 510 mn shares of Cihan Bank for Islamic & Finance (BCIH) on Jul. 8 and Jul. 11, 2018, which represent 0.2% of BCIH capital.

Following the earlier announcement that Philip Dimmock will retire and thus not seek re-election at today’s Annual General Meeting, Gulf Keystone Petroleum (GKP) has announced the appointment of Martin Angle as Senior Independent Non-Executive Director with effect from Monday 16th July 2018.

Mr Angle has had a distinguished executive career across investment banking, private equity and industry. His previous roles include senior positions with SG Warburg & Co. Ltd, Morgan Stanley, Dresdner Kleinwort Benson, as well as the Group Finance Director at TI Group plc, then a FTSE100 company.

More recently, he spent time at Terra Firma Capital Partners where he held various senior roles in its portfolio companies. As a Non-Executive Director he has served on a number of Boards including Savills plc, where he was the Senior Independent Director, National Exhibition Group (Chairman), Severstal, and Dubai International Capital.

He currently chairs the Remuneration Committee and is a member of the Audit, Nomination and Sustainability Committees at Pennon Group, a FTSE 250 company.

On joining the GKP Board following the Annual General Meeting, Mr Angle will also succeed Philip Dimmock as Chairman of the Remuneration Committee and join the Audit and Risk Committee.

Jaap Huijskes, Gulf Keystone’s Non-Executive Chairman, said:

We are very pleased to welcome Martin Angle to the Board. Martin brings a depth of financial, commercial and boardroom experience to the Company and we look forward to his support and counsel at this exciting time as we prepare to invest to increase production at Shaikan.

“On behalf of everyone at the Company, we would also like to thank Philip Dimmock for his considerable contribution to the Board since his appointment; he leaves the Company at a time when the Company has strengthened considerably.

(Source: GKP)

Iraq Britain Business Council and Iraq’s Ministry of Higher Education and Scientific Research sign Memorandum of Understanding

The Iraq Britain Business Council (IBBC) signed a Memorandum of Understanding (MoU) with Iraq’s Ministry of Higher Education and Scientific Research at the IBBC Cumberland Lodge Retreat on 7 July.

The memorandum was signed by Baroness Nicholson of Winterbourne, President of IBBC and H.E. Dr Abdul Razzaq Al-Issa, Iraqi Minister of Higher Education and Scientific Research. The singing was supported and witnessed by Ambassador Jon Wilks CMG, Her Majesty’s A mbassador to the Republic of Iraq and Dr Nahi Al-Rikabi, the Iraqi Cultural Attaché to London.

The memorandum details the commitment of both parties to work together in a constructive and progressive way to further enhance links between Iraqi and UK institutions of higher education.

The partnership is a further boost to the IBBC’s efforts to support initiatives between UK universities and Iraqi institutions of higher education.

IBBC has three British Universities within the council; Bath Spa University, University of Northampton and University of Leicester, who are all active within Iraq and aiming to increase their activities in the country. Mosul University has also recently joined the Council as IBBC continue to expand its Education & Heritage Sector Table.

(Source: IBBC)

By John Lee.

The United Nations has advertised new positions in Iraq:

(Source: UN)

(Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock)

By John Lee.

The United Nations has advertised new positions in Iraqi Kurdistan:

(Source: UN)

(Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock)