China Now Largest Oil and Gas Investor in Iraq

China has become the biggest single investor in Iraq’s oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported.

China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, or about 18% of the reserves on offer, the magazine said, citing its own data.

Chinese investment doubles the US’ signing on fees, which has committed $296m to control about 12 billion barrels, the magazine added.

(AME Info FZ LLC)

4 Responses to China Now Largest Oil and Gas Investor in Iraq

  1. […] Excerpt from: China Now Largest Oil and Gas Investor in Iraq | Iraq Business News […]

  2. Michael Celentano March 25, 2010 at 8:15 am #

    Given the accelerated economic activity, what is the impact on Dinar valuation? Will progress eventually be made on the status against the Dollar and Euro to eventually gain parity?

  3. Editor March 25, 2010 at 4:23 pm #

    Michael, thank you for your questions.

    An appreciation appreciation of the Dinar is widely expected, and it has been slowly strengthening against the dollar over recent years.

    Ramping up petroleum production often causes a currency to rise, and that is certainly the plan over the coming years.

    Parity with the dollar (after lopping off the last three zeros, of course, which will happen shortly) would only require a 15% swing.

    – Ed.

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