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By Nick, April 11, 2013 9:43 pm

20,000 U.S. M-16s stolen from unguarded warehouse in Kuwait
By: World Tribune on: 11.04.2013 [14:39 ] (213 reads)

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By Nick, February 28, 2013 1:48 pm

By John Lee.

Iraq’s state-owned airline has launched its first flight to Kuwait since the invasion of the country in 1990.

Reuters reports that Iraq’s foreign and transport ministers travelled on the Iraqi Airways flight on Wednesday, in what is viewed as a sign of improving relations between the two countries.

In December, Kuwait’s state-run airline dropped legal cases against Iraq in return for compensation of $ 500 million.

The Iraqi transport ministry said there would now be regular flights between the countries.

(Source: Reuters)

Iraq Business News

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By Nick, February 15, 2013 12:17 pm

By John Lee.

Reuters reports that Iraqi Airways will resume flights to Kuwait on Saturday for the first time since the invasion in 1990.

In December, Kuwait Airways dropped legal cases against Iraqi Airways in return for compensation of $ 500 million.

However, Kuwait’s state-run airline has not resumed flights to Iraq.

Iraqi Airways flies to regional destinations such as Beirut, Dubai, Tehran and Amman, but legal cases made it difficult to start flights to European destinations where it risked its planes being confiscated.

The National Iraqi News Agency reports that Iraqi Airways is preparing to resume flights to London next month.

(Sources: Reuters, NINA)

Iraq Business News

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By Nick, February 15, 2013 6:34 am

By John Lee.

In an interview with Reuters, the chief executive of Kuwait Energy says the company is committed to pumping gas and finding oil in southern Iraq, and will not risk aggravating Baghdad by pursuing deals in Iraqi Kurdistan.

Sara Akbar (pictured) said strong ties with Baghdad are core to its strategic investment in southern Iraq.

“It’s very simple. From the beginning, our ambition was to be able to develop gas in Iraq and to export some of that gas to Kuwait. The time is not right now [for exporting gas to Kuwait], because Iraq needs gas for itself.

“In the future, we hope to be able to do so. And for that, we need our relationship to strengthen and develop with Baghdad. And that will achieve our objective rather than working against them and being in Kurdistan.“

Iraq briefly exported gas to Kuwait from the mid-1980s until it invaded in 1990. The export of Iraq’s gas is still sensitive today because Baghdad still can supply only a few hours of power each day.

Kuwait Energy, along with Turkish state-owned TPAO, won a contract to develop the Siba gas field, near the Kuwaiti border; it also secured a stake in the Mansuriyah gas field in Diyala, near the Iranian border, where TPAO is operator; and exploration Block 9, which straddles the border with Iran, and in which Dragon Oil is its minority partner.

Akbar sees Siba as “a very logical project that will tie the two countries together“. Production from Siba and Mansuriyah is on track to start up in the first half of 2014. The company plans “heavy expenditure for Iraq this year and next“, she said.

About $ 400 million will be spent over the next two years to drill wells and build pipelines and surface facilities at the gas fields. A further $ 125 million is targeted for fast track exploration at Block 9.

As Iraq’s diplomatic ties soured with Turkey, it asked Kuwait Energy to acquire the shares in Block 9 from TPAO, which the cabinet decided to expel. Akbar said she did not expect Baghdad to force TPAO out of fields such as Mansuriyah and Siba where it’s already at work.

(Source: Reuters)

Iraq Business News

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By Nick, January 24, 2013 4:25 am

By John Lee.

Kuwait MPs have overwhelmingly ratified the $ 500-million settlement deal to end the 22-year-old dispute between Kuwaiti Airways Corporation (KAC) and Iraqi Airways.

Iraqi Airways agreed in July to pay the compensation to KAC for damages caused by Saddam Hussein’s troops during the 1990-91 invasion of Kuwait. Kuwait says 10 of its planes as well as aircraft parts were plundered after its airport was seized during the invasion, reports AFP.

Kuwait’s Communications Minister, Salem al-Othaina, who also chairs KAC, said Iraq has deposited the full $ 500 million in a special bank account, and this will be available for Kuwait to withdraw following ratification of the settlement.

The settlement amounts to less than half of the $ 1.2 billion KAC claimed it was owed.

Several outstanding issues are still to be sorted out between the two Arab neighbours including the payment by Baghdad of around $ 20 billion in war reparations and about $ 16 billion in debt.

(Source: AFP)

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By Nick, January 10, 2013 9:47 am

By John Lee.

Iraq has approved the deal under which Kuwait Energy would replace Turkey’s state-owned Turkiye Petrolleri AO (TPAO) on the Block-9 exploration contract.

Abdul-Mahdy al-Ameedi, director of the ministry’s contracts directorate, told Reuters:

“Kuwait Energy has acquired the stake of the Turkish company TPAO, and now it’s holding 70 percent of the contract, and Dragon Oil PLC will hold 30 percent.“

A consortium of companies, comprising Dragon Oil (30%), TPAO (30%) and Kuwait Energy (40% and operator), was awarded the exploration, development and production service contract for the 900-square-kilometer (350-square-mile) Block 9 in Iraq’s fourth bidding round in May. The bid for Block 9 was awarded on the basis of a remuneration fee of US$ 6.24 per barrel of oil equivalent.

As a result of the deteriorating relations with Turkey, caused by the closer links between Turkey and Iraqi Kurdistan, and not helped by the situation in Syria, Iraq asked Kuwait Energy last year to acquire TPAO’s shares in the block.

The oil ministry plans to sign the final deal on 27th January.

(Source: Reuters)

Iraq Business News

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By Nick, December 11, 2012 8:41 am

3,000 US troops secretly return to Iraq via Kuwait
By: Press TV (sent by Invictus) on: 11.12.2012 [10:49 ] (62 reads)

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By Nick, December 2, 2012 5:53 pm

Kuwait transfers $ 50 million to PA
By: maannews.net on: 02.12.2012 [15:58 ] (119 reads)

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By Nick, November 7, 2012 6:02 pm

By John Lee.

The Iraqi cabinet has expelled Turkey’s state-owned Turkiye Petrolleri AO (TPAO) from the consortium that was granted the rights to explore energy block 9, and has asked Kuwait Energy to take over the shareholding.

Abdul Mahdi Al Ameedi, director of the oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD), said:

“For reasons to do with non-technical issues and outside the responsibility of my office and me personally … the Turkish company TPAO was excluded from the consortium … This decision is final, there is no approval to sign the contract for Block 9 … The decision (to expel TPAO) is from the cabinet.“

A consortium of companies, comprising Dragon Oil (30%), TPAO (30%) and Kuwait Energy (40% and operator), was awarded the exploration, development and production service contract for the 900-square-kilometer (350-square-mile) Block 9 in Iraq’s fourth bidding round in May. The bid for Block 9 was awarded on the basis of a remuneration fee of US$ 6.24 per barrel of oil equivalent.

The change would mean Kuwait Energy’s holding would increase to 70 percent.

TPAO also has a 7.5 percent holding in the Badra oil field development, and along with Kuwait Energy, was awarded the contract for the Siba gas field in October 2010.

The explusion comes at a time of political tensions between Baghdad and Ankara, with Turkey refusing to extradite Deputy Prime Minister Hashemi to Iraq where he has received four death sentences, and with the two sides taking opposing views on the crisis in Syria.

Earlier this week it was reported that Turkey had signed a major contract to drill oil wells in Iraq.

(Sources: AFP, Reuters)

Iraq Business News

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By Nick, August 15, 2012 4:38 am

By John Lee.

Iraq’s Oil Ministry has signed a contract with Kuwait Energy to carry out a seismic survey at the Siba gas field in Basra province.

Kuwait Energy and Turkey’s TPAO won the Siba contract in October 2010, agreeing to produce 100 million standard cubic feet of gas a day at a price of $ 7.50 per barrel of oil equivalent.

TPAO has said the partners expect to invest $ 1 billion in the Siba field.

(Sources: AKnews, AIN, Ministry of Oil)

Iraq Business News