Kurdistan Regional Government pays energy companies for third month to keep pumps moving



The Kurdistan Regional Government paid international oil companies operating in the Iraqi autonomous region for a third consecutive month, disbursing funds that it said would allow production to be maintained.

Payments would improve when exports increase or the oil price rebounds, the KRG said. The government said the release of funds would be in line with those in September and October, which both saw disbursements of US$75 million.

Gulf Keystone Petroleum, Genel Energy and DNO were awaiting a November payment for the approximately 300,000 barrels a day they jointly produce. Initially shares of Gulf Keystone rose 2.3 per cent to 22 pence in London yesterday, while Genel advanced 2.6 per cent and DNO gained 1.3 per cent in Oslo.

However, Gulf Keystone’s shares dropped more than 9 per cent later in the day with its chief executive Jón Ferrier saying that the company was still awaiting the November payment.

He said that six months of payments were needed for “confidence to return”.

The KRG vowed to re-establish regular monthly payments in August, following an eight-month hiatus after disagreements with Iraq’s central government over how the region should be remunerated for its oil output.

“Any payment they make is encouraging but it’s not transformational,” said Shola Labinjo, a London-based analyst at Tudor, Pickering, Holt & Co.

The three companies are owed about $1.7 billion from past crude exports. Unless this is paid, an increase in crude production would not be possible, according to top executives at DNO, Genel and Gulf Keystone. The KRG earned $3.3bn from direct oil sales and received $1.98bn in shared export revenue from Iraq’s federal government this year, according to a report yesterday from the administration.

The announcement follows a ruling by a UK court ordering the KRG to pay $1.98bn to Dana Gas and two other energy firms in a dispute over development rights for two oil and gasfields in Iraq’s Kurdish region.

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Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

The Sky Is Pink

Director: Shonali Bose

Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf

Three stars

Messi at the Copa America

2007 – lost 3-0 to Brazil in the final

2011 – lost to Uruguay on penalties in the quarter-finals

2015 – lost to Chile on penalties in the final

2016 – lost to Chile on penalties in the final

World Cup final

Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region

Abu Dhabi’s Racecard

5pm: Al Bithnah – Maiden (PA) Dh80,000 (Turf) 1,200m
5.30pm: Al Khari – Hanidcap (PA) Dh80,000 (T) 1,200m
6pm: Al Qor – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m
7pm: Al Badiyah – Handicap (PA) Dh80,000 (T) 2,200m
7.30pm: Al Hayl – Handicap (TB) Dh80,000 (T) 2,200m

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Race card:

6.30pm: Maiden; Dh165,000; 2,000m

7.05pm: Handicap; Dh165,000; 2,200m

7.40pm: Conditions; Dh240,000; 1,600m

8.15pm: Handicap; Dh190,000; 2,000m

8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m

9.25pm: Handicap; Dh170,000; 1,600m

10pm: Handicap; Dh190,000; 1,400m

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

WORLD CUP SQUAD

Dimuth Karunaratne (Captain), Angelo Mathews, Avishka Fernando, Lahiru Thirimanne, Kusal Mendis (wk), Kusal Perera (wk), Dhananjaya de Silva, Thisara Perera, Isuru Udana, Jeffrey Vandersay, Jeevan Mendis, Milinda Siriwardana, Lasith Malinga, Suranga Lakmal, Nuwan Pradeep

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Results

Stage 3:
1. Einer Rubio (COL) Movistar Team - 4h51’24”
2. Remco Evenepoel (BEL) Soudal Quick-Step - 14"
3. Adam Yates (GBR) UAE Team Emirates - 15"
General classifications:
1. Remco Evenepoel (BEL) Soudal Quick-Step
2. Lucas Plapp (AUS) Ineos Grenaders) - 7"
3. Pello Bilbao (ESP) Bahrain Victorious - 11"

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat


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