By John Lee.

Scottish-based engineering firm Wood Group plc has said that its operations in Iraq will see increased activity.

In its half-year results for the six months ended 30 June 2019, the company said:

“Growth in 2019 will be led by Operations Solutions, where we expect increased activity in Iraq with customers including Basra Gas, and in Papua New Guinea and Australia with Exxon.”

The company combined with Amec Foster Wheeler in 2017.

(Source: Wood Group)

Iraq will rely on a newly formed state oil company to develop the Nassiriya oil field, leaving only the nearby refinery project for investors, ending more than six years of pitching the two as a combined mega-project, according to Iraq Oil Report.

Most recently, Iraq had been in direct negotiations with PetroChina and the China National Offshore Oil Corp. (CNOOC) to build a 150,000 barrel per day (bpd) refinery and develop the 4.4 billion barrel Nassiriya oil field – the two components of the Nassiriya Integrated Project.

The international engineering and construction firm Foster Wheeler completed a Front End Engineering and Design (FEED) study for the refinery.

Read the full report from Iraq Oil Report here (subscription required).

(Source: Iraq Oil Report)

The Iraq Britain Business Council (IBBC) has announced that John M. Scott (pictured) will join as an oil and gas advisor to the industry sector membership.

John has over 40 year’s international experience in upstream project management and construction throughout Africa, Latin America, UK, USA and Middle East. As an engineer, John initially worked for Taylor Woodrow in the Arctic and in the North Sea for Global Engineering before joining Texaco to run R&D in the UK.

He subsequently transferred to the US to head up development of major greenfield projects in Latin American and West Africa, including re-instating a Brazilian rainforest as part of a carbon capture initiative. He returned to the UK to join Amec Foster Wheeler before joining Petrofac as Head of Project Development.

As a representative for Foster Wheeler, John has been involved with IBBC since its foundation and has twice chaired the Oil & Gas Sector Table, so brings exceptional knowledge to both IBBC and the membership.

It is reasonable to assume that John will focus on optimising the value of the IBBC network of companies and ensuring the business chain works to the benefit of the IOC’s, the E&C contractors and the SME groupings in the UK and Iraq.

Having managed many different factions in his work, John is a natural seeker of consensus and clarity of purpose among business communities. The industry sector can therefore look forward to great insights and support as IBBC optimises its Oil & Gas membership.

Please contact london@webuildiraq.org for further information.

(Source: IBBC)

The Iraq Britain Business Council (IBBC) has held its first major networking event in Dubai, to accommodate the demand from its members, who operate from Dubai as a regional business hub.

Vikas Handa, the IBBC UAE Representative said over the last few years UAE has emerged as the hub for companies doing business in Iraq, prompting IBBC to open a representative office in Dubai. “I am delighted with the turnout of over 90 delegates, which was more than double the expected attendance,” he said. UAE Ministry of Economy, British Consul General and oil, gas and infrastructure majors attended.

Sponsored by Amec Foster Wheeler, the event brought together leading oil, gas and power companies as well as Infrastructure corporations. Key speakers included Zaid Elyaseri, Country Manager of BP Iraq and Mr Zohdee Mohd Faiz of Petronas who addressed the audience. Delegates were also generally engaged with discussing several business opportunities and the chance to learn from each other.

A key insight to emerge was from the UAE Ministry of Economy representative Miss Hindi Al Youha, who announced that an Iraqi delegation from the Iraqi industry ministry would be visiting UAE in September to follow up on collaboration between the regions.

IBBC will be holding its Autumn Conference at The Address Hotel, Dubai Marina on 12 November which will be attended by International Monetary Fund (IMF) and World Bank focusing on business in Iraq post ISIS, rebuilding Iraqi infrastructure as well as the latest opportunities in Oil & Gas sector.

Should anyone wish to attend the conference or any future IBBC events, please contact London@webuildiraq.org

CONTACT: Christophe Michels (IBBC Managing Director): 020 7222 7100;

E-mail: London@webuildiraq.org; Website: www.webuildiraq.org

If you are based in the Gulf and Dubai please contact Vikas Handa directly at: Vikas.handa@webuildiraq.org

(Source: IBBC)

On Tuesday 1 August, 2017, the Iraq Britain Business Council (IBBC) will hold its first networking event in Dubai.

The event follows the appointment of Vikas Handa (pictured) as IBBC UAE representative. Vikas intends to host regular networking events in the UAE for IBBC members and companies that are interested in working in Iraq.

Since last year IBBC has committed itself to have a stronger presence in the UAE which is generally seen as the major platform for international business operating in Iraq.

IBBC participated in ADIPEC in 2016 and successfully organised its first conference in Dubai in December of the same year. The organisation is now set to further expand its activities in the United Arab Emirates to bolster trade with Iraq at this crucial time for the country and the wider region.

The event will be held at the Dubai World Trade Centre. It is sponsored by Amec Foster Wheeler and several IBBC members, including Petronas and BP, will make informal comments about their operations in Iraq. IBBC Deputy Chairman and Iraq Representative, Mr Rasmi Al Jabri and IBBC Managing Director, Mr Christophe Michels, will be in attendance.

Companies that are not part of IBBC but would like to learn more about business opportunities in Iraq can register their interest in attending this event by emailing london@webuildiraq.org

(Source: IBBC)

The Iraq Britain Business Council (IBBC) held its annual weekend retreat on 7-9 July at Cumberland Lodge, Windsor Park, a venue dedicated to the advancement of international societal issues through constructive dialogue.

Around 60 IBBC Members and guest speakers attended this unique event to discuss pressing issues on the future of Iraq’s economy, prospects and stability.

Friday afternoon featured an Oil & Gas Sector Table Meeting, with representatives from Shell, Constellis, Penspen and Amec Foster Wheeler amongst others. William Wakileh, President and CEO of GE Iraq and Levant, gave a detailed presentation of GE’s work in Iraq during the meeting.

This was followed by a meeting of the Education, Training & Heritage Sector Table. The meeting featured presentations by the Vice Chancellors of the universities of Brighton, Leicester, and the Dean of Academic Partnerships of Northampton University, showcasing the progressive initiatives of British universities to support educational and curricula development in Iraq. Shell gave a presentation on their current training and educational work and requirements in the country. The meeting was also attended by the newly appointed HR director of BP Iraq.

The evening events saw speeches from Baroness Nicholson of Winterbourne, Her Majesty’s Trade Envoy to Iraq, Azerbaijan and Turkmenistan, Canon Dr Edmund Newell, Principal, Cumberland Lodge and H.E. Dr Salih Husain Ali, Ambassador of the Republic of Iraq.

The day was concluded by a powerful speech, courtesy of Dr Barham Salih, former Deputy PM of Iraq, former PM of the Kurdistan Regional Government and Founder of the American University in Suleimani.

The Friday Evening Dinner was generously sponsored by IBBC Member Severn Glocon Group.

The second day of the Conference on Saturday 8 July, consisted of 5 Sessions of panel discussions to address the economic, social and political situation in Iraq from a variety of different angles.

Session 1Present Situation in Iraq’ was chaired by Neil Quilliam, Senior Research Fellow at Chatham House and featured speeches from Baroness Nicholson, Dr Barham Salih, Ambassador Jonathan Wilks and Dara Rasheed, Deputy Minister of Construction, Housing and Municipalities for the Government of Iraq.

Session 2 addressed ‘Iraq after ISIS/The Future of Governance in Iraq‘ and was chaired by Botan Osman, Managing Director of Restrata. The Panel featured representatives of Chatham House, Dr Renad Mansour, Academy Fellow and Dr Nussaibah Younis, Associate Fellow, who recently published the Atlantic Council Report of the Task Force on the Future of Iraq. Nicolas Pelham, Middle East Correspondent at The Economist completed the panel.

Session 3 of the day, ‘A New Approach to International Trade’ saw a more finance focused discussion and was chaired by John Curtin, Partner, Ernst & Young. The panel was made up of Martin Kent, Strategy Director at the Department for International Trade, Gordon Welsh, Head of Business Group at UK Export Finance, Rob Lally of the Infrastructure Leadership Team and the Department of International Trade and Andy Birch, Director of DIT in Iraq.

Session 4 on ‘International Financial Support, PPP and Debt Finance’, was chaired by Richard Cotton of the IBBC and featured presentations by Ammar Shubar of Management Partners and Christian Josz, Mission Chief to Iraq of the International Monetary Fund (IMF).

Session 5 closed the day’s events on ‘Future IBBC Events’ chaired by Vikas Handa, IBBC’s UAE Representative.

IBBC also held its bi-annual Council Meeting at the Lodge, prior to dinner on Saturday evening.

The Seminar concluded with an after dinner speech and discussion with Jonathon Wilks, Her Majesty’s Ambassador to Iraq (Designate).

(Source: IBBC)

More than 180 expert speakers and delegates from the UK, Iraq, UAE and abroad gathered in Dubai at The Address Dubai Marina on Sunday 18 December for the Iraq Britain Business Council’s (IBBC) Autumn Conference.

Usually held in London, the well-attended conference marked the first time the IBBC has held an event in the UAE, a hub for global and regional companies that operate in the Middle East.

The decision to move the Autumn Conference to Dubai has certainly proven to be a good one, with the new location attracting a new audience of business leaders and decision makers based in the region.

A record number of delegates from non-member companies registered for the event, including representatives from Mitsubishi, Serco, Rolls-Royce, Capital Bank of Jordan and LUKOIL.

They were joined by representatives from IBBC member companies, such as Shell, ExxonMobil, Siemens, GE, Amec Foster Wheeler, GardaWorld, Restrata, Eversheds and more.

The conference was supported by H.E. Mr Kadhim Finjan Al-Hamami, Iraq’s Minister of Transport, and Mr Frank Baker OBE, Her Majesty’s Ambassador to Iraq, who jointly opened the event with IBBC President Baroness Nicholson of Winterbourne.

The theme of the conference was ‘Doing Business in Iraq’. Delegates heard from Ariel Flores, General Manager of BP (Rumaila Operating Organisation), on operating Rumaila in a $50-barrel world during the first session, ‘The Iraq Oil and Gas Sector in 2016’. He focused particularly on how investing in technology, training and safety is key to Rumaila’s operations.

Meanwhile, Marwa Al Nasaa, the International Monetary Fund’s Resident Representative for Iraq delivered an overview of the IMF’s Stand-By Arrangement (SBA), economic developments under the SBA and a forecast of what’s to come.

Other headlining speakers included Dennis Flannery of Citibank, Dr Jafar Dhia Jafar of URUK Engineering and Contracting Company LLC., Zeeshan Sheikh of the International Finance Corporation, Salem Jawad Chalabi of Stephenson Horwood Middle East LLP and Jorge Vila of Iraq Middle Market Development Foundation (IMMDF), who addressed the audience from Paris via a Skype link-up.

IBBC members also joined panel discussions. Asrar Abdulhussein Mohammed of International Islamic Bank participated in the finance session, while Iain Rawlinson of Gulftainer and Peter Turner of SKA International shared their insights on opportunities in Iraq for investment and partnership within the transport and logistics sectors.

Amar Shubar of Management Partners, Gavin Rennie of EY, Afif Masri of PwC and Vikas Handa of Beas LLC (formerly of Weir Group) chaired the panels on finance, power, opportunities in the private sector and O&G respectively.

he IBBC Autumn Conference was generously sponsored by the Islamic International Bank, Gulftainer, Weir Group, SKA International and the IMMDF.

The IBBC’s next conference will take place at Mansion House, London, on Monday 3 April 2017. More information will be available in due course.

For information on the IBBC Autumn Conference, membership or conference sponsorship opportunities, contact the IBBC London team at london@webuildiraq.org or +44 20 7222 7100 or our UAE Representative Samer Al-Omari at samer.alomari@webuildiraq.org or +971552088000.

(Source: IBBC)

By John Lee.

Iraq’s Ministry of Oil has agreed with Foster Wheeler to cooperate on implementing projects of increase oil storage and export capacity.

At a meeting with representatives of the company, Mr. Fayadh H. Niema, the Senior Deputy Minister of Oil, said that the ministry is keen to develop and update the “exportation, reservation, pipelines and counters systems, in addition to the implementation of the new projects which contributes in raising the exportation and reservation capacities to higher levels which can be proper with the future plans to raise the oil exportation from the southern ports.

(Source: Ministry of Oil)

Amec Foster Wheeler announced this morning that it has been awarded a three-year framework agreement by BP Iraq NV to complete conceptual studies and pre-front end engineering design (FEED) work to support BP plans to sustain and grown production at the Rumaila oil field in Iraq.

Rumaila, one of the world’s largest oil fields and the largest producing field in Iraq, is situated in the southern region of Iraq and has been producing since 1954. Average daily production in 2014 was 1.34 million barrels per day (bpd), part of a trend that has seen daily production rise from around 950,000 bpd in 2010 when BP began work. Rumaila now delivers more than a third of Iraq’s oil.

Amec Foster Wheeler’s scope of work is to carry out engineering studies for facilities and infrastructure that are crucial for the Rumaila field to sustain and increase production.

Roberto Penno  (pictured), Amec Foster Wheeler Group President for Asia, Middle East, Africa & Southern Europe, said:

“We undertook a number of studies on the Rumaila field back in 2010 and this latest framework agreement recognises our conceptual and pre-FEED expertise and continues our strong relationship with BP and our track record in Iraq. We are looking forward to supporting BP in realising its objectives for the Rumaila field.”

The company’s shares were trading up more than 4 percent on Monday morning.

(Sources: Amec Foster Wheeler, Yahoo!)

By John Lee.

In its results for 2015, published this morning, UK-based oil and gas engineer Amec Foster Wheeler re-affirmed the importance of the Iraqi market.

While it had no new contract wins to announce in Iraq over the past year, the company stated:

“Iraq remains an important market for us, as we support various IOCs as they develop the oil & gas fields in southern Iraq”.

Ian McHoul, Chief Financial Officer and interim CEO said:

“Our 2015 trading performance was in line with our November update …

“2016 is expected to be another year of challenging market conditions across upstream Oil & Gas and Mining.

“However, our exposure to a number of end markets, including downstream Oil & Gas, renewables and government work means we expect to see only a slight fall in like-for-like revenue, and a reduction in trading margins significantly less than the decline in 2015.”

Shares in Amec Foster Wheeler were up 7 percent in early trading, as the company announced plans to reduce its debt.

(Source: Amec Foster Wheeler, Yahoo!)