Monthly Archives: January 2018


Morocco begins gradually float its currency this week , 16 JAN

The authorities have entered the final preparatory phase for the introduction of greater exchange rate flexibility in 2017″   These are the types of articles we’re looking for to come out of Iraq prior to a float. There are several parallels to what Iraq is trying to accomplish, Egypt and Morrocco are the latest. When we start seeing articles that talk about support for a transition as well the

IBN Expert Blogger Co-Authors New Book

Iraq Business News is proud to announce that our Expert Blogger Ahmed Mousa Jiyad has just contributed to a major new book on the regulation of the upstream oil and gas industry.

The second edition of Upstream Law and Regulation: A Global Guide, published by Globe Law and Business, summarises the upstream regulation and the key concerns in over 30 important and emerging oil and gas jurisdictions.

Globe Law and Business offers IBN readers a 20% discount off the normal price. Please enter the code “IBNGLB” on the website checkout page to receive the discount.

This fully updated new edition of the practical handbook, now in two volumes, takes an in-depth look at the most relevant petroleum provinces, summarising upstream regulation and key concerns in over 30 important and emerging oil and gas jurisdictions.

Issues featured include the key terms of petroleum law, the types of legal arrangement in place, the fiscal terms, how to qualify to acquire acreage, governing law, dispute resolution mechanisms, decommissioning and governmental control.

As a result, the book provides a comprehensive global resource for upstream investments. New areas of coverage for this edition include Algeria, Ecuador, Israel, Lebanon, Morocco and Oman.

Mr Jiyad has written the chapter on Iraq, and we are sure that this will be an important resource for oil industry professionals with an interest in Iraq’s most important sector.

Congratulations Ahmed!

Shaikan Crude Oil Sales Agreement Signed

Gulf Keystone Petroleum (GKP) has announced that a crude oil sales agreement has been signed between Gulf Keystone Petroleum International Ltd (“GKPI”), on behalf of the Shaikan contractors, and the Kurdistan Regional Government (KRG).

Under the agreement, the KRG will purchase Shaikan crude oil at the monthly average Dated Brent oil price minus a total of c.$22 per barrel for quality discount, as well as domestic and international transportation costs. This discount is based on the same variables contained within other oil sales agreements in the Kurdistan Region of Iraq. 

The majority of the Shaikan crude oil is currently being transported by truck from the Shaikan field to Fishkhabour, where it has been injected into the export pipeline to Turkey gradually since 15 November 2017, while the remainder is sold domestically. 

The agreement is effective from 1 October 2017 until 31 December 2018.  GKPI will now invoice the KRG for oil sales for the months from October 2017 onwards on the basis of the realised netback price and net entitlement volumes in accordance with the Shaikan Production Sharing Contract, as amended by the 1st PSC Amendment in 2010 (“Shaikan PSC”).

The Company continues its discussions with the KRG’s Ministry of Natural Resources (“MNR”) on the terms of a potential 2nd PSC Amendment.  The Company will inform the market of any material developments in this regard.

(Source: GKP)

Free Satellite Internet “Soon”

By John Lee.

Plans are reportedly progressing to launch a free ka-band satellite broadband service in Iraq in the second quarter of 2018.

UK-based Quika promises the world’s first entirely free high-speed satellite internet for consumers in developing countries.

Its free plan will be funded by paid-for services for enterprises and internet providers.

According to Engadget, the company is led by the chief of satellite provider Talia.

(Source: Engadget, Quika)

Number of Returns Exceeds Number of Displaced Iraqis

Number of Returns Exceeds Number of Displaced Iraqis: UN Migration Agency

For the first time since the beginning of the Iraq crisis in December 2013, the number of people returning to their area of origin has surpassed the number of people displaced in the country.

Over the past four years, the country has been deeply affected by the conflict with ISIL, which led to the displacement of nearly six million people. Prime Minister Abadi announced Iraq’s victory over ISIL on 9 December 2017; by the end of 2017 IOM, the UN Migration Agency, identified 3.2 million people, who have returned back to their place of origin, while a staggering 2.6 million remained displaced.

Following the improvement of the security situation in retaken areas, a sizable number of internally displaced Iraqis have returned to their location of origin, mainly to the Governorates of Anbar (38 per cent; more than 1.2 million people), Ninewa (30 per cent; nearly 975,000 people), and Salah al-Din (14 per cent; nearly 460,000 people). These three governorates were the worst affected by ISIL’s occupation, and count for 86 per cent of the current displaced population in the country.

Shortly after the operation to retake Mosul was launched in October 2016, IOM Iraq constructed two emergency displacement sites, one in Haj Ali and one in Qayara, with combined capacity of sheltering 110,000 internally displaced persons (IDPs). The sites were constructed in partnership with the Government’s Ministry of Migration and Displacement; both sites are located in the southeast of Ninewa governorate.

Anbar eyes Political Battle as Displaced Return

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

Two months after government forces retook Iraq’s last major city from the Islamic State (IS), the country is preparing for parliamentary elections slated for May.

Anbar, its largest and westernmost region, is where IS took control of its first Iraqi city in January 2014. Fighters from the international terrorist group are reportedly still hiding in parts of its vast desert.

How the shift from fighting a terrorist group with roots in the area to competition at the political level plays out will affect the years to come.

Provincial Gov. Mohamed al-Halbusi, who took office in the fall, told Al-Monitor that voter turnout had been very low in the province for many years due to the fear of insurgents but that he expected this to change in the upcoming elections.

Local officials, security forces and a tribal leader echoed that sentiment to Al-Monitor over a number of days in the province in early January. “About 85%” of the province’s inhabitants are home, Halbusi said, and “I think about 60% of them will vote.”

However, with many of the displaced still not back in their homes, some have called for the elections to be postponed.

Recent reports of forced returns from internally displaced person (IDP) camps scattered around the Sunni-dominant Anbar region and elsewhere in the country have also raised concern.

In an interview in Ramadi, provincial police chief Gen. Hadi Rizej Kessar told Al-Monitor, “We decided to close all IDP camps and send families back to their homes because the security is now good. But if we have some families that remain in the camps, we can arrange for them to vote inside the camps.”

steffen Rowe/TANK “Start Time Mystery” – GCR/RV SPEAK Intel Update 1/16/18

SPEAK INTEL1:08 AM EST1/16/2018• We received a report that the UST is getting pressure from heads of state from all over the world that is forcing them to release and they’re very close (hard to confirm as the UST is not sharing information with me directly at this time. But our reports still say if there’s anyone entity holding things up it’s the UST. We have names at this point that will just

DINAR GURUS UPDATE, 16 JAN

1-16-2018   Newshound/Intel Guru Mnt Goat   Many are telling you that the new rate would show up on the CBI site on last Friday 1/12. I can assure you we will first see the it on FOREX rather than on the CBI site… At this point in time all I can tell everyone is to have patience. We are still within the month of January and over two weeks remain in January. I still fully expect it to come out

Alexander Gagin/Yosef “Broken Arrow” – GCR/RV Intel SITREP 1/16/18

So sundown(s) came and went on all coasts and these instructions arrived before midnight EST:“Stand down. Return to beta.”Feels like yet another full practice run done in real time. No 800# release.Also feels like the big Trump flash bang is either next weekend or a month from now as to tee up the release with the Chinese New Year on Friday February 16th.Next federal holiday is Monday February