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

By John Lee.

Baghdad-based Alnuwaira Trading Agencies Co. [Al Nuwaira] has won a tender to supply and deliver one garbage compactor and one wheel loader to the United Nations Office for Project Services (UNOPS).

The contract is valued at $245,000.

(Source: UNGM)

By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By  for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News

A series of alleged Israeli strikes on Iran-linked targets in Syria, Lebanon and Iraq have sent shockwaves across the region and beyond. The attacks on Iraq in particular are unprecedented, with long-term effects yet to be revealed.

The immediate effect, however, is that both the general public and the elites of Middle East nations have raised the need to protect their skies more effectively. Currently, air defense systems are hindered by more than a lack of innovative equipment.

They are also hindered by their overdependence on external powers, especially the United States. Shortly after the strikes, it didn’t take long for Russia to move closer to Iraq in terms of military-technical cooperation.

Click here to read the full story.

(Picture credit: Соколрус)

By John Lee.

Iraqi oil minister Thamir Ghadhban has reportedly said he plans to offer a new Basrah Super Light grade, with up to 38 API gravity, in the next few years.

According to S&P Global Platts, he added that this would depend on the development of the country’s southern fields.

A Basrah Medium grade, with an API gravity of 29-30 and 2 percent sulfur, is dependent on refurbishments to Iraq’s southern export and storage terminals.

Iraq currently ships Basrah Light and Basrah Heavy, which it introduced in mid-2015.

(Source: S&P Global Platts)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th September 2019).

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

The RSISX index ended the week at IQD620 (-0.3%) / $667 (-0.3%) (weekly change) (-6.0% and -6.1% YTD change, respectively). The number of week traded shares was 1.2 bn and the weekly trading volume was IQD1.8 bn ($1.5 mn).

ISX Company Announcements

  • ISX suspended trading of Dar Al-Salam for Insurance (NDSA) starting Sep. 12, 2019 due to the AGM that will be held on Sep. 17, 2019 to discuss and approve 2018 annual financial statements.
  • ISC approved giving Iraqi for Seed Production (AISP) 60 days to complete its capital increase procedures (from IQD10.50 bn to IQD13.65 bn through 30% bonus issue).
  • ISX suspended trading of Metallic & Bicycles Industries (IMIB) on Sep. 12, 2019 because the company failed to explain why the prices touched the higher limit on Sep. 9, 2019 and Sep. 11, 2019.
  • National Chemical & Plastic Industries (INCP) resumed trading on Sep. 11, 2019 after discussing and approving 2018 annual financial statements.
  • International Islamic Bank (BINT) resumed trading on Sep. 11, 2019 after discussing and approving 2018 annual financial statements.
  • Original shares of Asia Al Iraq Islamic Bank for Investment (BAIB) resumed trading on Sep. 9, 2019 after discussing and approving 2018 annual financial results and increasing the capital from IQD100 bn to IQD150 bn through 50% rights issue.
  • Iraqi Islamic Bank (BIIB) resumed trading on Sep. 8, 2019 after discussing and approving 2018 annual financial statements.
  • Cross transaction: 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Sep. 8, 2019, which represents 0.1% of BCIH’s capital.

By John Lee.

Iraq’s Minister for Electricity has said Iraq is looking to finance a $3 billion upgrade of its power transmission and distribution network.

The National quotes Minister Luay Al Khateeb as saying:

“We do have a fast track plan for $3 billion to upgrade the distribution and transmission of which $2bn is for the transmission and $1bn for the distribution.

“These are required immediately to make the national grid capable of delivering 20 hours of electricity across Iraq but this is all subject to the approval of the council of representatives for budget.

“I’m open to credit lines for financial support to finance these projects, even these require approval of council of ministers when it comes to planning for the budgets and government loans.”

More here.

(Source: The National)

By John Lee.

The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 wells at Nasiriyah oil field.

Fayyad Hassan Nehmeh, Undersecretary for Extraction Affairs, said the new wells will increase the field’s oil production by 40,000 bpd, in addition to the investment of gas associated with rates up to 20 million standard cubic feet of gas to be used as fuel for power plants.

(Source: Ministry of Oil)

Gazprom Neft subsidiary Gazpromneft-Badra has begun shipping granulated sulphur from its Badra oilfield in Iraq — the unique gas infrastructure installed by the enterprise here having made it possible not just to diversify production, but also increase associated petroleum gas (APG) utilisation to 98 percent.

The pilot consignment, delivered by order of Iraqi client “Ard as-Sakhlya”, totalled 1,000 tonnes and was shipped from the field with the help of 40,000-tonne-capacity heavy-goods vehicles (HGVs) over the course of one week. Gazpromneft-Badra is now preparing to ship its next consignment, of more than 3,000 tonnes of granulated sulphur, for another business in Iraq.

Gazpromneft-Badra has managed commercial production at this asset for a period of five years, during which time total cumulative production has reached 100 million barrels. The business has produced more than 2,1 million tonnes (15.6 million barrels) of liquid hydrocarbons since early 2019. Shipments of granulated sulphur from Badra commenced this year.

Production is undertaken through sulphur production and granulation plants with capacity of 110,000 and 136,000 tonnes per year, respectively, both of which form part of the 1.6-billion cubic metres per year capacity gas plant at the Badra field.

The technological process of producing granulated-sulphur production is automated throughout all key stages, from intake of raw materials to packaging of finished products. Gazpromneft-Badra has, already, produced more than 72,000 tonnes of sulphur (now in storage), which is expected to be shipped to Iraqi customers as orders are received.

Vadim Yakovlev, First Deputy CEO of Gazprom Neft, commented:

We have, in Badra, created a modern industrial complex, unique in the variety of its output, producing not only oil and gas, but also granulated sulphur and electricity.

“Cutting-edge technological solutions have allowed us to monetise all hydrocarbons produced, as well as ensuring optimum environmental friendliness on this project, increasing APG utilisation to more than 98 percent.”

(Source: Gazprom Neft)