ROMANIA

Actualitati economice irakiene

1- River navigation channels
2- River wharfs
3- Maritime navigation channels
4- Ports and wharfs

Transfer Equipments
1- Procurement of ports handling equipments

General Services:
1- Supplying, installing and operating 4 water desalination units for the State Co. for ports
2- Studying and implementing marine pollution project
3- Procurement of maritime units
4- Improving electricity power supply for ports
5- Procurement of 2 vessels for the State Co. for maritime transportation
6- Procurement of costal ships and clean water tankers for the State Co. for maritime transportation
7- Management and support for the Japanese loan projects
8- Cathodic protection for ports wharfs
9- Management and support for Grand Faw consultancy contract
10- Supplying and installing costal radio communications station (GRS)
11- Building 10 miscellaneous ships
Studies and Consultations
Auditing for implemented and withdrawn projects

Airports;
Meteorology:
1- Procurement of 2 meteorology radar systems in A’ana and Baghdad

International Airport
Studies and Consultancies:
1- Preparing designs and studies for State Co. for Iraqi Airways projects

General Services:
1- Replacement of 18 air bridges at Baghdad International Airport
2- Replacement of fire alarm and self extinguishing systems
3- Runway illumination at Baghdad International Airport
4- Rehabilitation of Basra International Airport
5- Rehabilitation of Mosul International Airport
6- Rehabilitation of Civil Aviation Institution
7- Rehabilitation of Aircrafts parking spaces at Baghdad International Airport
8- Management and support for Karbala International Airport’s consultancy contract
9- Radio coverage
10- Rehabilitation of 3 generators at Baghdad International Airport
11- Rehabilitation of Baghdad International Airport
12- Establishing Air training and development centre
13- Transferring current air cargo department into Cargo Village
Auditing for implemented and withdrawn projects

Land Transportation:
1- Passengers transportation
2- Goods transportation

General Services:
1- Construction of multi-storey park for delegations transportation company
2- Construction of the International Karbala car park
3- Expansion of the State Co. for passengers’ printing house
4- Importation of 200 trucks for the State Co. for land transportation
5- Procurement of miscellaneous coaches and spare parts
6- Construction of Al-Nahdha passengers station
7- Construction of the International Najaf car park
8- Construction of Mosul passengers station
9- Construction of Aur passengers station in Nasiriya
10- Smart gates for passengers stations and offices in Baghdad
11- Land Acquisition, studies and designs
12- Construction of offices building for Al-Thilal company and its branches

Studies and Consultancies:
1- Preparing designs and studies for private passengers stations in Baghdad and the provinces
2- Designing and studying building Basra land transportation park
Auditing for implemented and withdrawn projects

Construction of Rail lines and facilities for:
1- Samawa – Nasiriya – Gubaishiya line
2- Yosofiya – Hilla – Samawa line
3- Baiji – Hamam Al-Aleel line
4- Gubaishiya – Basra – Um Qasir line
5- Baghdad – Baiji line
6- Hamam Al-Aleel – Mosul – Saboniya – Rabia’a line
7- Musayib – Karbala line
8- Baghdad Circular line
9- Construction of railways bridge on the Euphrates river near Samawa

Mobile Units:
1- Refurbishment and modernization of 4000 miscellaneous carriages
2- Carriages reconstruction
3- Passengers carriages reconstruction

General Services:
1- Procurement of specialized rail machinery (Details to be discussed with companies)
2- Procurement of transportation communications network
3- Concrete Slabs Manufacturing Unit for Railways
4- Construction of concrete beams plant in Samawa complete with operational parts
5- Acquisition of land
6- Rehabilitation and modernization of Baghdad central station trains shelter, technical station and other station workshops and facilities
7- Rehabilitation and modernization of Shaljiya plants and central warehouses
8- Reconstruction of Baghdad – Basra and Baghdad – Mosul train lines
9- Construction of an engineering consultancy office
10- Construction of pre-cast concrete blocks plant
Feasibility Studies and Consultancies:
1- Conducting connecting Iraq with neighboring countries (feasibility study)
2- Conducting Baghdad – Baquba – Kirkuk – Erbil – Mosul rail line consultancy
3- Conducting Mosul – Dohuk – Zakho rail line consultancy
4- Conducting Basra – Faw rail line consultancy
5- Preparing studies and designs for Kirkuk – Sulaimaniya and Hamam Al-Aleel– Saboniya rail lines
6- Conducting Karbala – Ramadi rail line consultancy study

Express Transportation (Metro)

Rail Intersections:
1- Construction of 70 bridged intersections for railways
Auditing for implemented and withdrawn projects

Iraq’s National Investment Commission (NIC) has released a 3,100-donum (775 hectare) site for development.

Iraq plans to increase domestic wheat production by about 74 percent to 3 million metric tons by 2015, according to Saleh Hussein Jabur [Jabr], director general of state- owned Mesopotamia Seed Company.

French company Alcatel-Lucent will build a $27 million (32 billion IQD) land-line communications network in the provinces of Diayla and Anbar, according to AKnews.

Reuters reports that Iraq has signed a $235-million electricity deal with a subsidiary of Turkey’s Enka Insaat to install a 500-megawatt power plant in the Al-Najibiya district of Basra.

Iraq’s Oil Ministry announced on Wednesday that it has discovered a new oil field in the Missan [Maysan] province, and described it as the biggest achivement in 30 years.

ShaMaran has signed a final binding agreement with the Kurdistan Regional Government (“KRG”) to relinquish to the KRG the 60% working interests currently held in each of the Arbat and Pulkhana Production Sharing Contracts (“PSC”).  Under the terms of the agreement the PSC for each of the Pulkhana and Arbat blocks is terminated whereby ShaMaran’s interests in both PSC’s are relinquished. The Company has agreed to a payment to the KRG of consideration valued at $US25 million after which the Company will be relieved of all further obligations under the PSC’s. This asset realignment will relieve the Company from the remaining work program obligations of Pulkhana and Arbat block, and allow ShaMaran to focus its activities and resources on the Atrush and Taza Blocks which the Company considers to be their most prospective blocks. The Company, as part of General Exploration Partners Inc (“GEP”) and its partner Marathon Petroleum KDV B.V., are  currently carrying out an appraisal program in the Atrush block in which a major discovery was announced in April 2011. This program consists of a 3D seismic survey which is underway and expected to be completed in the first quarter. The partnership is also planning to drill an appraisal well in the second quarter of 2012 followed by the installation of an early production system. ShaMaran, through its wholly owned subsidiary ShaMaran Ventures BV, has a 33.5% stake in GEP which is a party to the Atrush Block Production Sharing Contract and currently holds an 80% interest. Marathon Petroleum KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 20% interest in the block.    The Company in coordination with Oil Search Iraq Limited (“OSIL”) is also planning to drill its first well in the Taza Block (formerly Block K42) in the second quarter of 2012.  ShaMaran holds a 20% working interest in the PSC. OSIL is the operator with a 60% working interest in the PSC.  The Kurdistan Regional Government of Iraq (“KRG”) holds a 20% working interest in the PSC with costs carried by ShaMaran and OSIL.   ShaMaran President and CEO Pradeep Kabra commented, “This agreement allows ShaMaran to move forward in Kurdistan on its highly prospective remaining projects by removing the high financial obligations of the Pulkhana and Arbat blocks which were not as prospective as anticipated. We still consider Kurdistan to be one of the most attractive regions in the world to explore and develop oil projects and will continue to look for growth opportunities in the country.” About ShaMaran ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle with two ongoing projects in the region: the Atrush oil discovery, and the Taza exploration blocks. These projects are nearby and on trend to existing fields and recent discoveries. Kurdistan lies within the northern extension of the Zagros Folded Belt. The area is highly underexplored and is currently undergoing a significant exploration and development campaign by over 30 mid to large size international oil companies. ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol “SNM” as well as NASDAQ OMX First North under the symbol “SNM”. On behalf of the Board,  Pradeep Kabra, President and CEO Certain statements made and information contained in this press release constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation), including statements about expected or anticipated future events and financial results that are forward-looking in nature.  Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity.   Forward-looking statements are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking statements are made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ShaMaran Petroleum’s Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.

Sophia Shane  January 18, 2012