Tag Archives | China

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Chinese Firm wins $526m Drilling Deal

By John Lee. Iraq has approved a $526.6-million (614 billion Iraqi dinar) drilling deal with China’s Zhongman Petroleum and Natural Gas Group (ZPEC) for the West Qurna II oilfield, according to Reuters. Under the 28-month contract, ZPEC will drill 66 production oil wells at the Lukoil-operated field. Current production capacity at West Qurna II is […]

$7.4bn Investment Offer for Grand Faw Port

By John Lee. Iraq’s Transport Minister has said that companies from the UAE, Iran, Turkey and China have offered to invest $7.4 billion dollars (8.6 trillion Iraqi dinars) for the development of the Grand Faw (Grand Fao) port project. Baqir Al Zubeidi told al-Forat news agency that the investment would cover the construction of quays […]

GKP ex-Chairman Claims “Forced Out”

By John Lee. Gulf Keystone‘s former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company. Murray said he disagreed with the firm’s decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended […]

CPP, NAWAH Deal on Energy Projects

By John Lee. China Petroleum Pipeline (CPP) and North America Western Asia Holdings (NAWAH) have announced that the two companies have entered into an agreement to jointly pursue potential energy sector development projects in Iraq. Under the agreement signed during a formal ceremony in CPP’s global headquarters in China, CPP and NAWAH will seek an […]

Iraqi FM Receives Chinese Ambassador

By John Lee. Foreign Minister Dr. Ibrahim al-Jaafari received on 15th January the Chinese ambassador to Iraq, Mr. Wang Yong. Dr. Jaafari hailed the Chinese support for Iraq in its war against terrorism through its humanitarian assistance to the displaced people, pointing out that Iraq is looking forwards to establishing better relations with China, and […]


Iraq and Russia Maintain Oil Glut

By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]

China Opens Consulate in Kurdistan

In the presence of Prime Minister Nechirvan Barzani, China’s Vice Foreign Minister, Zhang Ming, officially opened China’s consulate general in Erbil today. Prime Minister Barzani in his speech applauded the decision of the government of China to open its consulate general in Erbil. He said: “Opening the consulate general of the People’s Republic of China […]

China to Stop Increasing Iraq Oil Orders

By John Lee. Chinese oil companies are to maintain their purchasing of crude oil from Iraq’s State Oil Marketing Organization (SOMO) at the 2014 level for next year, according to a report from Reuters. The decision has been attributed to a slowing of demand growth in China, the varying quality of Iraq’s “Basra Light” crude, […]