Irish-based Petrel Resources has said it is “re-establishing its Baghdad operations”.

In its interim statement for the six months ended 30 June 2018, the company said:

As we approach the end of 2018, Iraq is fitfully emerging from conflict, and again open for responsible business.  Baghdad has re-established its authority, by defeating Da’ech insurgents and recovering Kirkuk. 

“Pro-business parties won the 2018 elections.  While it proved difficult to form a National Government in 2018, which contributed to turbulent protests in southern Iraq during 2018, prospects are now more encouraging than at any time since 2010.

“Iraq has endured an almost continuous period of conflicts and/or sanctions since 1980, from which it is only now emerging.  Much trauma has been inflicted, as shown by the difficulties forming a government in 2018 and the protests in southern Iraq – a region generally supportive of Baghdad governments since 2005.

“Yet, despite 2018 difficulties, we believe Iraq is finally turning a corner: pro-business parties open to international investment polled well in the May 2018 general election.  But no one party holds a majority and, as of September 2018, negotiations on new government formation were ongoing.

“So far, the impact of this unrest on oil production from the southern fields has been limited, with August 2018 output stable at 4.65 million barrels daily (mmbod).  Internal demand of 0.8 mmbod leaves nearly 3.8 mmbod available for export – which has remained consistent despite infrastructural and decision-making challenges – though well below the 2008 target of 6.5 mmbod and the 2012 target of 8.5 mmbod.  Iraqi output is actually higher than immediately before the November 2016 OPEC + Russia cuts, and also higher than its current official OPEC quota of 4.444 mmbod.

“The Western Desert, where Petrel has an interest in exploration ground, is still impossible for international companies to effectively operate.

(Source: Petrel Resources)

Gulf Keystone Petroleum (GKP) has announced the appointment of Kimberley Wood as a Non-Executive Director with effect from 01 October 2018.

Kimberley Wood is a legal professional with 18 years’ experience and a specialist in the oil and gas sector.  Most recently she was Head of the Oil and Gas for EMEA at Norton Rose Fulbright LLP and remains a Senior Consultant for the firm. Throughout her career she has advised a wide range of companies in the sector, from small independents through to super majors.

Ms. Wood was a Partner at Vinson & Elkins RLLP from February 2011 to April 2015, and was previously at Dewey & LeBoeuf LLP. She was included as an expert in Energy and Natural Resources in the 2018 “Expert Guide” series and Women in Business Law, 2018 and is a member of the Advisory Board to the City of London Geological Forum.

Ms. Wood is currently a Non-Executive Director of Africa Oil Corp., an E&P company listed on the TSX (Canada) and Nasdaq OMX (Stockholm), with assets in Kenya and Ethiopia and a member of the Lundin Group.

Following Ms. Wood’s appointment, the Board will review the composition of the Board Committees.

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

“We are pleased to welcome Kimberley to the Board of Gulf Keystone Petroleum. She is a highly respected legal practitioner who has been counselling Boards for the past two decades.  We very much look forward to Kimberly’s contribution, in particular in this exciting phase of investment and of markedly increasing production from Shaikan.”

(Source: GKP)

Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

By Rodao 17/9/2018

10444 views

Different categories of Iraqi currency

Roudao – Erbil

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud.

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."


http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Fwww.r udaw.net%2Fmobile%2Farabic%2Fbusiness%2F170920181

Comtech Telecommunications Corp. (Nasdaq: CMTL) announced on Monday that during its first quarter of fiscal 2019, its Orlando, Florida-based subsidiary, Comtech Systems, Inc., which is part of Comtech’s Government Solutions segment, has received a $9.1 million sole-sourced contract from The Program Executive Office (PEO) Command, Control, Communications, Computers and Intelligence (C4I), International C4I Integration Program Office (PMW 740), to supply equipment and services in support of an existing C4I Surveillance and Reconnaissance Maritime Surveillance System owned by the Iraqi Navy.

Comtech will be supplying thermal imaging radar in conjunction with Comtech’s advanced digital troposcatter communications systems and backhaul microwave terminals. The communications network will provide radar and sensor data to an existing Command and Control facility.

In commenting on this important award, Fred Kornberg, President and Chief Executive Officer of Comtech Telecommunications Corp., stated:

“I am excited to be able to announce this important contract with a new foreign government end customer. While the sales cycles for opportunities of this type are long, this win is further evidence that demand for troposcatter equipment around the world is growing. We look forward to working with the U.S. FMS and Iraqi Navy on this and future opportunities.”

Comtech Systems, Inc. (www.comtechsystems.com) specializes in system design, integration, supply and commissioning of turnkey communication systems including over-the-horizon microwave, line-of-sight microwave and satellite.

Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company sells products to a diverse customer base in the global commercial and government communications markets.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

(Source: Comtech)

The World Bank Group and the European Union have signed a €15.6 million (US$18.1 equivalent) technical assistance program to strengthen public financial management (PFM) oversight and accountability Institutions in Iraq and increase the efficiency in the management of public resources and delivery of services.

The initiative, which will be implemented jointly by the European Union and the World Bank, complements the $41.5 million “Modernization of Public Financial Management Systems” program launched by the World Bank in 2017. It addresses some of the key vulnerabilities in Iraq’s PFM and supports the commitments and objectives for PFM reform currently under implementation.

“PFM is an essential part of any development process”, said Saroj Kumar Jha, World Bank Mashreq Regional Director. “Sound PFM supports aggregate control, prioritization, accountability and efficiency in the management of public resources and delivery of services, which are critical to the achievement of public policy objectives, as well as to restoring the trust and social contract between Iraqi citizens and the country’s institutions”.

As aid is increasingly provided through modalities that rely on well-functioning systems for budget development, execution and control, a sound PFM system is fundamental to the appropriate use and effectiveness of donor assistance. A more efficient PFM system is also instrumental in reducing inequalities in wealth distribution and promoting a dynamic and prosperous economic environment more conducive to business development.

“As was pledged in the Kuwait Conference, the European Union is committed to stand by Iraq in reconstruction and economic and political reforms,” said Ramon Blecua, European Union Ambassador to Iraq. “Our cooperation with the World Bank has been very fruitful and this project complements ongoing efforts supporting public finance management. The focus of the project we are signing today will be on the coordination of government and donors, more efficient management of resources, enhanced oversight and accountability, and fighting corruption. The EU is ready to help Iraq in facing the challenges ahead to secure a better future for Iraq”.

The program comprises of three pillars and nine sub-components. Each sub-component corresponds to a specific Government reform commitment/objective and has been assigned to a lead government institution/department acting as WBG-EU counterpart. While some components will be recipient-executed with support from the World Bank, others will be initially WBG-EU executed on behalf of the recipient due to capacity constraints.

The program envisages the creation of a Donors’ Coordination Committee, where all decisions regarding public finance management reforms and donor support to reforms will be discussed under the supervision of the Government of Iraq to ensure ownership, coordination, complementarity and overall reforms.

(Source: UN)

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

US sanctions have made it too expensive for Iranian Shia Muslims to travel to Iraq to mark Ashoura.

Ashoura is a day of remembrance, commemorating the death of Imam Hussein, a grandson of the Prophet Mohammed.

Al Jazeera’s Rob Matheson reports from Baghdad:

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

Some of Iraq’s most significant archaeological discoveries have been made in the city of Samara. Samara lies on both sides of the River Tigris north of Baghdad.

It marks the site of a powerful Islamic capital that ruled over the Abbasid Empire which stretched from Tunisia to Central Asia for a century.

It’s estimated 80 per cent of it still lies undiscovered. UNESCO says it should be protected as a World Heritage Site.

But locals say some of its landmarks are being left to crumble.

Al Jazeera‘s Rob Matheson reports from Baghdad, Iraq:

By John Lee.

German business newspaper Handelsblatt reports that Chancellor Angela Merkel has personally intervened with Prime Minister Haider al-Abadi to persuade the Iraq Government to sign a major contract with Siemens to upgrade the country’s electricity infrastructure.

It is understood that the State Secretary for Economic Affairs, Thomas Bareiß, accompanied Siemens Chief Executive Joe Kaeser (pictured) on a visit to Baghdad on Sunday in the hope of agreeing a multi-billion euro deal.

The German export credit guarantee company Hermes would be expected to underwrite any contract.

US-based General Electric (GE) is believed to be also in the running.

(Source: Handelsblatt)

Corruption has become the biggest threat to the future stability of Iraq following the defeat of Islamic State, Britain’s ambassador in Baghdad has told the Evening Standard newspaper in London.

Jon Wilks said that although there were “remnants” of IS still present, the country was “settling down ahead of expectations” and starting to recover from decades of war and insurgent attacks.

But he warned that corruption — which this month sparked violent protests in Iraq’s second city Basra — still posed a significant risk because of the negative effect that it had on business investment and public confidence.

Full report here.

(Source: Evening Standard)

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country.

Please click here to download the latest report free of charge.

For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com