Iraqi Kurdistan News
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Afren Plc, the U.K. explorer focused on Africa and the Middle East, fell the most in more than a month after lowering its output guidance for this year and announcing delays to its project in Iraqi Kurdistan.
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European stocks climbed to a five- month high, led by a rally in banks, as Greece bargained with bondholders over debt relief and Germany floated the idea of combining Europe’s two rescue funds.
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Afren Plc, the U.K. explorer focused on Africa and Iraqi Kurdistan, said the latest Okoro East oil discovery is large enough to be developed as a separate project, boosting resources in Nigeria.
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Afren Plc, the U.K. oil and gas explorer focused on Africa and Iraqi Kurdistan, rose to a five- month high in London trading after saying it found oil and gas at the Okoro East exploration well off southeast Nigeria.
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Iraq, after eight years of occupation by American troops, is luring U.S. hotel operators and developers betting on growth from business expansion and an eventual pickup in leisure travel to the war-torn region.
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New York oil company Hess Corp. is known for its tradition of bringing out a new toy truck bearing its green-and-white logo every Christmas season.
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Iraqi Kurdistan canceled a 55 billion dirham ($15 billion) real estate project by Damac Properties, the Dubai-based developer, because the company never started work after the global financial crisis, The National reported, citing a Kurdish official.
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Genel Energy Plc, the largest oil producer in Iraqi Kurdistan, fell in its London debut.
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Marathon Oil Corp. signed its first agreements to explore for petroleum in Iraq’s Kurdistan region, acquiring positions in four exploration blocks as the company seeks to boost crude production.
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The United Arab Emirates will double its current investment in Iraq’s semi-autonomous Kurdistan region to $6 billion by 2013, said Abdullah bin Ahmed al-Saleh , director general in the emirates’ Ministry of Foreign Trade.
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