The drivers who pick up people with no face masks will be fined 250 dinars. People who drive during the curfew time will pay a 500-dinar fine. Tags:.
Arqaam Capital had projected a net profit of 29.1m dinars while EFG Hermes had forecast a 44m dinar net income for the period. Precautionary …
Some of the water in the Uzunçayır Dam was discharged around Dinar Bridge, where 21-year-old Gülistan Doku was last seen following an argument …
By John Lee.
KRG Prime Minister Masrour Barzani recently laid the foundation stone for a new 100-metre wide highway in Slemani (Sulaymaniyah).
The 146-kilometre road will be built in three phases through a cost-sharing arrangement between the KRG and the Qaiwan Group.
The first stage, valued at IQD 400 billion ($336 million), is planned to be completed in 2023.
By John Lee.
On Wednesday evening, the Lebanese Prime Minister Hassan Diab received an Iraqi delegation headed by Oil Minister Ihsan Abdul-Jabbar, representing Iraqi Prime Minister Mustafa Al-Kadhimi, and which included Deputy Health Minister Hani Al-Aqabi, Chargé D’affaires, Amin Al-Nasrawi, Political Advisor Ahmad Jamal and Oil Minister’s Office Head Haidar Obaid, in the presence of Energy and Water Minister Raymond Ghajar and PM’s Advisor, Khodor Taleb.
The delegation briefed the Prime minister on the Iraqi medical provisions that arrived in Beirut and the petroleum products that departed Baghdad.
After the meeting, Minister Abdul-Jabbar said:
“In response to the directive of the Prime Minister, Mustafa Al-Kadhimi, we came from the Ministry of Oil along with the Deputy Health Minister and a number of general and specialized surgeons, carrying aid amounting to 20 tons of medical and health materials, as an expression of Iraq’s solidarity with the suffering of brotherly Lebanon due to the recent incident that took place.
“An atmosphere of desolation and expectation prevailed in Iraq, in the face of the major event that afflicted Beirut. May Lebanon return to normalcy and live safe. The Iraqi government is committed to engage with Lebanon in the face of this ordeal. The fuel convoys have left Baghdad en route to Beirut via the Syrian border.
“Premier Al-Kadhimi promised the Lebanese government to provide Lebanon with fuel; Iraq will be of invaluable assistance and support for the Lebanese government. The medical staff will remain in Beirut until the Lebanese authorities consent to their return, and medical assistance will remain available. We express our heartfelt condolences to the families of the victims and missing persons, and we wish recovery for the wounded people.“
(Source: Lebanese PM Press Office)
By John Lee.
Shares in Genel Energy were trading down 4.5 percent on Thursday morning after the company announced its unaudited results for the six months ended 30 June 2020.
Bill Higgs, Chief Executive of Genel, said:
“Genel’s robust business model, which is designed to provide resilience in a challenging environment, has demonstrated its value as the Company negotiates the headwinds facing the sector in 2020. Our low-cost production and the capital flexibility within our development programme have enabled us to preserve the strength of our balance sheet even while investing in growth.
“Given the lower oil price and overdue payments, the fact that we still expect to end 2020 in a net cash position – even after dividend distributions and making the investment to bring Sarta to production this year – is a testament to our resilience, and we have today confirmed an interim dividend of 5¢ per share.“
Results summary ($ million unless stated)
|H1 2020||H1 2019||FY 2019|
|Production (bopd, working interest)||32,100||37,400||36,250|
|Depreciation and amortisation||(82.6)||(74.8)||(158.5)|
|Impairment of oil and gas assets||(286.3)||–||(29.8)|
|Impairment of trade receivables||(34.9)||–||–|
|Operating (loss) / profit||(340.0)||91.9||132.3|
|Underlying (loss) / profit2||(32.2)||76.6||134.9|
|Cash flow from operating activities||85.5||142.3||272.9|
|Free cash flow3||6.5||56.7||99.0|
|Basic EPS (¢ per share)||(128.9)||27.2||37.8|
|Underlying EPS (¢ per share)2||(11.7)||27.4||49.0|
|Average Brent oil price ($/bbl)||40||65||64|
- EBITDAX is operating (loss) /profit adjusted for the add back of depreciation and amortisation ($82.6 million), exploration expense ($1.3 million), impairment of property, plant and equipment ($242.0 million), impairment of intangible assets ($44.3 million) and impairment of trade receivables ($34.9 million).
- Underlying EPS is underlying profit (page 9) divided by weighted average number of shares
- Free cash flow is reconciled on page 10
- Cash reported at 30 June 2020 excludes $3.1 million of restricted cash, and takes into account the dividend paid in June
- Reported cash less IFRS debt (page 10)
- Cash of $355 million at 30 June 2020 ($353 million at 30 June 2019)
- Net cash of $57 million at 30 June 2020 (net cash of $56 million at 30 June 2019)
- $110 million received from the Kurdistan Regional Government (‘KRG’) in H1 2020
- Updated payment mechanism introduced in April, under which the KRG committed to settling monthly sales invoices by the middle of the following month
- $121 million remains outstanding in relation to oil sales from November 2019 to February 2020 – discussions continue with the KRG over settlement arrangements
- Despite the monies outstanding, the fall in oil price and non-payment of the override, $6.5 million of free cash flow was generated in H1 2020 due to Genel’s low-costs and resilient business model allowing flexible expenditure
- Production cost of $2.9/bbl in H1 2020
- Capital expenditure of $58.5 million in H1 as spending cut due to the external environment
- G&A costs of $6.6 million, a reduction of c.30% year-on-year, as activity is rephased
- Production of 32,100 bopd in H1 2020, due in part to the impact of COVID-19, coupled with payment uncertainty, resulting in reduced drilling activity at the Tawke PSC
- Production averaged 33,000 bopd in July 2020, following fast tracking of activity at the Tawke PSC against an improved backdrop
- Continued focus on safety: zero lost time incidents and zero losses of primary containment in the period
- Impairments of $286 million largely due to reduction in Brent oil price forecast
- Interim dividend of 5¢ per share confirmed (2019: 5¢ per share)
- Genel’s low-cost production, flexible capital investment programme, and robust balance sheet makes it resilient to lower oil prices, and the Company expects to retain a net cash position at the end of 2020 at the prevailing oil price, while still investing in key growth assets
- Capex of c.$45 million expected in H2, with c.50% to be spent on moving Sarta to production in Q4, where work has continued despite the challenges resulting from COVID-19
- Genel continues discussions with the KRG regarding the recovery of the $121 million receivable
(Source: Genel Energy)
These indicators show a half-yearly Net Banking Income (NBI) up by 3.7% to 244.7 million dinars, from 235.9 million at the same date one year earlier.
The bank's commissions paid by the bank fell by 12.1% to 47 million dinars, compared to 53.5 million a year earlier. Interest charges fell slightly by 0.6% …
Banking operating expenses recorded an increase of 35 million dinars, rising from 318 million dinars on 30 June 2019 to 353 million dinars at the end of …
(-53.2%) and 7.2 million dinars of personnel costs (+7.1%). The EBITDA was negative by 1.9 million dinars at the end of June 2020, compared to a …