Amarinth secures order for Pumps at Rumaila

UK-based Amarinth has secured its first order from Iraq Gates Contracting Company (IGCC) for $410K of API 610 OH1 pumps on 22-weeks FCA delivery for the Rumaila oil field, Iraq.

This first order for Amarinth from Iraq Gates Contracting Company (IGCC) of $410K is for ten API 610 OH1 condensate transfer pumps with Plan 11 and Plan 52 double seals and seal support systems.

The pumps are destined for the Rumaila oil field, a super-giant oil field located 50km to the west of the city of Basra, southern Iraq. The Rumaila field is estimated to contain 17 billion barrels, the largest oil field ever discovered in Iraq and considered the third largest oil field in the world. It is managed by the Rumaila Operating Organization (ROO), a joint venture between BOC, BP, PetroChina and SOMO.

IGCC approached Amarinth for the ten identical API 610 OH1 pumps as they were required on an extremely short lead time of 22-weeks Free Carriage Aboard (FCA) from the sea-port in the UK.

This is the sort of challenge that Amarinth has successfully delivered against many times in the past for Middle East oil and gas companies and will leave Amarinth just 20 weeks for the design, manufacture and testing of the pumps and seal support systems, including full documentation and NACE certification for all process wetted parts.

Oliver Brigginshaw, Managing Director of Amarinth, commented:

This latest order from Iraq underlines our on-going commitment and investment in the region and we are delighted that IGCC approached us to supply these pumps recognising that we were the only manufacturer that could deliver bespoke API 610 pumps in the lead time they required.

“In fact, we are seeing that many of the new projects in the Middle East need API 610 pumps on very short lead times as operators start to increase production again, which Amarinth are in a very good position to fulfil.

(Source: Amarinth)

Arak Distillery promotes ambitious New Brand

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

Arak distillery promotes ambitious new brand in defiance of alcohol ban

Distiller Amer ad-Doumali launched “Arak Bashiqa” in September, a new brand of the Levant’s traditional anise drink whose recipe is centered on dates.

It was a bold move in conservative Iraq, where a yet-unenforced 2016 law banned the production and trade of alcohol.

Doumali’s new brand is the product of his home distillery in the town of Bahzani in Iraq’s northern Ninaveh province.

Click here to read the full story.

INOC takes over 9 State Oil Companies

By John Lee.

Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC).

The Minister is also the President of INOC.

The companies transferred to INOC ownership are:

  • Iraqi Oil Exploration Company
  • Iraqi Drilling Company (IDC)
  • State Oil Marketing Organization (SOMO)
  • North Oil Company (NOC)
  • Midland (Middle) Oil Company
  • Basra Oil Company (BOC)
  • Dhi Qar Oil Company (DQOC)
  • Missan Oil Company (MCO)
  • Iraqi Oil Tankers Company (IOTC)

IBN Expert Blogger Ahmed Mousa Jiyad has described the new company as “dysfunctional, unconstitutional and disintegrative“.

(Source: Ministry of Oil)

US Treasury Sanctions Iraq-based Money Services Business

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions today on Afaq Dubai, an Iraq-based money services business (MSB) that has been moving money for the Islamic State of Iraq and Syria (ISIS).

Today’s designation follows action taken by the Department of Defense—announced on October 11—against a key ISIS financial facilitation group.  This MSB is a part of ISIS’s financial network that includes an array of other MSBs, hawalas, and financial facilitators in the Middle East.

OFAC named Afaq Dubai as a Specially Designated Global Terrorist pursuant to Executive Order 13224, for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, ISIS.  Contrary to what the name may imply, this MSB is located in Iraq and does not have any branches in the United Arab Emirates.

“This Iraq-based MSB is a part of ISIS’s complex network of money services businesses, hawalas, and financial facilitators funding terrorism across the Middle East.  We are targeting this network in concert with the Department of Defense as part of this Administration’s ongoing campaign to cut off ISIS’s ability to launder money and move illicit funds,” said Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.  “Even as ISIS’s hold on territory is eliminated, we will continue to search for and shut down the illicit financial networks ISIS utilizes to fund terror attacks and sustain operations.”

Today’s action is a continuation of Treasury’s ongoing efforts to shut down financial facilitators and MSBs worldwide that move money on behalf of ISIS.  It follows the designation of two ISIS financial facilitators in September with ties to the Caribbean and the Middle East.  In December 2016, OFAC designated Selselat al Thahab Money Exchange in Iraq, ISIS financier Fawaz Muhammad Jubayr al-Rawi, and his company, the Hanifa Currency Exchange in Albu Kamal, Syria.  Prior to his death, al-Rawi used the Hanifa Currency Exchange in Albu Kamal, Syria and a global network of financiers to move millions of dollars on behalf of the terrorist group.

OFAC closely coordinated today’s designation with the Combined Joint Task Force-Operation Inherent Resolve (CJTF-OIR), which released details on October 11 regarding its joint action against members of a key ISIS financial facilitation group, who leveraged this MSB as part of its operation.   Coordinated actions such as those conducted by DoD and Treasury this week disrupt and curtail ISIS’s logistical infrastructure, recruiting, and revenue generation.

As a result of today’s action, all property and interests in property of Afaq Dubai subject to U.S. jurisdiction are blocked and U.S. persons are generally prohibited from engaging in transactions with them.

DESIGNATED TARGET

Afaq Dubai

Afaq Dubai was designated for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of ISIS.

Afaq Dubai — which is located in Iraq — is part of a network of ISIS-associated money services businesses and financial facilitators in the Middle East.  It is run by two ISIS financiers, and, as of early 2018, laundered money for ISIS and provided money to ISIS families.

In May 2018, a Jordan-based ISIS financial facilitator deposited $3 million from Iraqi dinar into three exchanges, including Afaq Dubai.

Identifying information on the entity designated today.

(Source: OFAC)

Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th October 2018).

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

The RSISX index ended the week at IQD634 (-3.8%) / $678 (-3.8%) (weekly change) (-21.6% and -18.9% YTD change, respectively). The number of week traded shares was 148.2 bn and the weekly trading volume was IQD55.5 bn ($45.7 mn).

ISX Company Announcements

  • Mosul Bank (BMFI) held an AGM* on Oct. 18, 2018 to discuss and approve 2017 annual financial results. ISX suspended trading of BMFI starting Oct. 15, 2018.
  • Iraqi Middle East Investment Bank (BIME) resumed trading on Oct. 15, 2018 due to disclosing 2017 annual financial results.
  • ISX requested AL-Sadeer Hotel (HSAD) to provide a subscription letter on the shares issued on Oct. 15, 2018 after the company’s decision to increase capital from IQD1.239 bn to IQD1.735 bn through 40% rights issue.
  • The Companies’ Registrar announced on Oct. 9, 2018 that the transfer process of the management center of Cihan Bank for Islamic & Finance (BCIH) from Baghdad to Erbil has been completed. The Companies’ Registrar requested a copy of the new adjusted contract.
  • Cross Transactions: 145.9 bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) (on Oct. 15 and Oct. 18, 2018) which represent 58.2% of BZII capital. 300 mn shares of Iraqi Agricultural Products Marketing Meat (AIPM) (on Oct. 17, 2018) which represents 6% of AIPM capital.

New Career Opportunities in Iraq

By John Lee.

The United Nations has advertised new positions in Iraq:

(Source: UN)

(Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock)

New Career Opportunities in Iraqi Kurdistan

By John Lee.

The United Nations has advertised new positions in Iraqi Kurdistan:

(Source: UN)

(Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock)

Siemens may have to share $15bn Power Deal with GE

By John Lee.

Germany’s Siemens may have to share a $15-billion contract to supply power-generation equipment to Iraq with US rival General Electric (GE).

The Financial Times reports that although it appeared that Siemens would win the deal, the Trump administration successfully intervened on behalf of GE.

Last month German business newspaper Handelsblatt reported that Chancellor Angela Merkel had personally intervened with Prime Minister Haider al-Abadi to persuade the Iraqi Government to award the contract to Siemens.

(Source: Financial Times)

IBBC in Productive Trade Mission to Baghdad

Iraq Britain Business Council completes productive trade mission to Baghdad

IBBC recently completed a productive mission to Baghdad, meeting with high-level government officials and British authorities in Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq led the delegation alongside Mr Rasmi Al Jabri, Deputy Chairman of IBBC, Mr Christophe Michels, Managing Director of IBBC and Mr Vikas Handa, IBBC representative in the GCC.

IBBC was joined by numerous member representatives, including from Al Bilal Group, Al Burhan Group, Al-Nukhba OFS, ARCHS, Constellis, Dar Group, EY, Gulftainer, G4S, Khudairi Group, International Islamic Bank, Kuwait Energy, Management Partners, Menzies Aviation, Mosul University, National Bank of Iraq, Ratba’a Contracting, Serco, Shell, Standard Chartered Bank and Turnkey LLC.

The delegation visited soon after the election of President Dr Barham Salih, who took time out of his busy schedule to meet Baroness Nicholson and the IBBC leadership who were joined by HMA Jon Wilks. Dr Salih has been a close friend of the IBBC for many years and recently spoke at the IBBC Cumberland Lodge Conference in July.

On Sunday 7 October the delegation held meetings with the Governor of the Central Bank of Iraq, Mr Ali Mohsen Ismael Al Alaq, H.E. Mr Adbuallah Luabea the Deputy Minister of Transport, Mr Fayadh Neema, Senior Deputy Minister of Oil and Dr Sami Al Araji, Chairman of the National Investment Commission. The delegation were hosted by the Iraqi Federation of Chambers of Commerce in the evening for dinner.

On Monday the delegation met with Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Dr Hameed Ahmed Deputy Chairman of the Council of Ministers, Dr Sabah Mushatat, Economic & Investment Advisor to the Prime Minister of Iraq, Dr Mudher Mohammed Saleh, Finance Advisor to the Prime Minister of Iraq and with Ján Kubiš Special Representative of the Secretary-General and Head of the United Nations Assistance Mission for Iraq.  In the evening Ambassador Jon Wilks hosted a reception for the delegation and Iraqi dignitaries at his residency.

Before leaving Iraq, Christophe Michels visited Serco, who are working with the Iraqi Civil Aviation Authority at Baghdad International Airport. Serco supports the Iraqi authorities in managing the entire spectrum of air traffic control in Iraq including the increasing number of international overflights.

(Source: IBBC)