Brief Analysis
Increasing natural gas production and enhancing the oil industry are critical to reviving Iraq s economy.
Iraq’s White Paper includes several measures to develop and reform the country’s oil and gas industry. These steps will help increase efficiency and production, explore untapped resources and diversify Iraq’s fossil fuels industry more towards natural gas.
The goal of the White Paper initiative, launched in October 2020, was to address the state’s budget deficit, restructure the economy, improve the performance of financial institutions and establish systematic programs and plans to address the difficult economic circumstances the country is facing. In order for the White Paper initiative to achieve these goals, it has included significant reforms for Iraq’s oil and gas sectors.
Recovering from a relatively slow start to the year, due in no small part to the global pandemic, the U.S. Foreign Corrupt Practices Act (“FCPA”) Units of the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”) closed the year with a bang. With 32 combined FCPA enforcement actions, 51 total cases including ancillary enforcement, and a record-setting $2.78 billion in corporate fines and penalties (plus billions more collected by foreign regulators), 2020 marks another robust year in the annals of FCPA enforcement.
This client update provides an overview of the FCPA and other domestic and international anti-corruption enforcement, litigation, and policy developments from 2020, as well as the trends we see from this activity. We at Gibson Dunn are privileged to help our clients navigate these challenges daily and are honored again to have been ranked Number 1 in the
2021-01-11 13:35:52 GMT2021-01-11 21:35:52(Beijing Time) Xinhua English
BAGHDAD, Jan. 11 (Xinhua) The Iraqi Ministry of Oil said on Monday it had increased its production of oil derivatives from 70,000 to 140,000 barrels per day (bpd) after the rehabilitation of part of Iraq s largest oil refinery in the town of Baiji in Salahudin province.
During the opening ceremony of the rehabilitation of Salahudin/2, which is part of Baiji Refinery, Iraqi Minister of Oil Ihsan Abdul-Jabbar Ismail said that the ministry plans to restore the refinery to its previous capacity of 280,000 bpd before it was sabotaged in battles against militants of the extremist Islamic State (IS) group in the past years, according to a statement issued by the ministry.
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Former Leighton Holdings executive David Savage has been charged over his alleged role in the international Unaoil scandal, which involved bribery of senior officials in oil-producing nations to secure lucrative contracts.
Mr Savage, the former chief operating officer of the prominent Australian infrastructure firm, was arrested by Australian Federal Police officers upon his release from hotel quarantine in Sydney s CBD on Monday morning. He was granted bail at Sydney Central Local Court in the afternoon.
Former Leighton executive David Savage has been arrested over his alleged role in the Unaoil corruption scandal.
The prosecution of Mr Savage, 60, is a major development in Australia s longest-running bribery investigation, focused on Leighton s bribery of Iraqi officials in order to win oil pipeline construction contracts.
Editor’s Note: Images of the Sydney arrest located via Hightail. The Australian Federal Police (AFP) has arrested a second man in relation to a long