Iraqi Economists Network

UAE consortium signs $250m financing deal for Iraq gas plant expansion

The seven-year financing period will support the increase in gas production capacity by 50 percent DUBAI: A UAE consortium has secured $250 million to boost the expansion of a gas plant in the Kurdistan Region of Iraq, as demand for clean natural gas grows. Pearl Petroleum, comprising Dana Gas and Crescent Petroleum, has signed a financing agreement with the US International Development Finance Corporation (DFC) for the Khor Mor plant, it said in a statement.

Iraq oil field drilling contract awarded

Contract has been won by a US-Chinese partnership China's Zhongman Petroleum and Natural Gas Group and US-based Schlumberger have been awarded an oilfield drilling contract in Iraq. Zhongman said in a stock exchange statement that its wholly owned subsidiary Zhongman Petroleum Engineering Technology Service (Hong Kong) and Schlumberger Middle East have signed drilling project contract worth $24.5m for the Zubair oilfield in Iraq.

Saudi firm seeks Iraq gas deal advisers – Delta Oil is looking to develop the Akkas gas field

Saudi Arabia’s Delta Oil Company is seeking deal advisers to assist with its effort to take over the development of Iraq’s Akkas gas field, according to industry sources. The Akkas field, which has reserves of 5.6 trillion cubic feet and was discovered in 1992, is operated by Korea Gas Company (Kogas). It is located in the western Anbar province, near the Syrian border, and is Iraq's largest known gas field. In 2011, Kogas signed a contract with the Iraqi government to develop the field and planned to produce 400 million standard cubic feet a day (cf/d), but production plans fell through because of the war in the region. The South Korean firm’s $5.8bn project to develop the field was put on hold after Islamic State seized large territories in Anbar in May 2014.

Iraq to host a conference to recover stolen funds

Shafaq News/ The international conference to recover the stolen funds will be launched in the Iraqi capital, Baghdad, on the 15th and 16th of September. The conference is held under the auspices of Prime Minister Mustafa Al-Kadhimi. The Arab League President Ahmed Abul Gheit, Arab justice ministers, heads of judicial councils and regulatory bodies, as well as representatives of Arab associations and organizations, and legal, academic, and media Figures will attend the Conference to bolster Arab efforts to fight corruption and recover Iraq’s stolen money.

Introduction In November 2020, ahead of annual term contract negotiations,1 Iraq’s State Oil Marketing Organisation (SOMO) announced it would further split its crude streams from two into three by launching a new export grade: Basrah Medium. The launch of Basrah Medium – 27.9° API (3% sulphur) – in January 2021 marks the second time Iraq has split its Basra crude stream

Large projects to gather associated gas are making progress Increased investment in large projects to gather associated gas in Iraq has increased optimism that the country is going to make progress in reducing harmful oil sector emissions. In 2020, Iraq flared more natural gas from its oil fields than any other country apart from Russia, according to a World Bank study pu

Forward This research work was supported by the German Agency for International Cooperation GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH) and implemented in cooperation with the Iraqi Economists Network. The activity is part of the GIZ project Private Sector Development (PSD) which is being implanted in Iraq since 2018. The objective of this particular ac

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