Tag Archives | China

The latest China – Iraq Business News – Chinese Electricity Company, CNPC, CNOOC, PetroChina & more – brought to you by Iraq Business News

Trade Bank of Iraq (TBI) Expanding Abroad

By John Lee. The state-owned Trade Bank of Iraq (TBI) is reported to be planning to expand its operations in China and the Gulf. Chairman Faisal al-Haimus [al-Haimus] told Reuters that the bank want to increase revenues from retail banking and international operations from 25 percent to 30 percent by 2022. He added that it […]

Siemens in $310m Iraq Power Plant Deal

Germany’s Siemens has received an order to supply the key components and long-term power generation services for the 840-megawatt (MW) Maisan combined cycle power plant in Iraq. CITIC Construction Co., Ltd., the Chinese engineering procurement and construction firm building the plant, and Iraqi developer MPC, part of Raban Al-Safina for Energy Projects (RASEP) awarded the […]

Iraq keen to join China’s Belt and Road Initiative

By John Lee. Iraq’s Minister of Transport, Abdullah Luaibi [Abdul Allah al-Leibi], has said that Iraq is actively seeking to join China’s Belt and Road Initiative [“One Belt, One Road (OBOR)“]. In statements on Monday, the Ministry confirmed that the Minister met with China’s Ambassador to Iraq, Zhang Tao, to discuss the plan. It added […]

Chinese Firm to recover Gas at Halfaya

By John Lee. The China Petroleum Engineering and Construction Corporation (CPECC) has been awarded a contract to recover natural gas from the Halfaya oilfield. Planned production is put at 300 million standard cubic feet of gas per day, according to a statement from Iraq’s Ministry of Oil. (Source: Ministry of Oil)

Iraq “close to signing” $53bn deal with Exxon, PetroChina

By John Lee. At its regular meeting in Baghdad on Tuesday, the Iraqi Cabinet received a briefing on negotiations led by Iraq’s Ministry of Oil with ExxonMobil and PetroChina on the Southern Iraq Integrated Project. In a statement, the government describes the project as “a mega energy and infrastructure scheme consisting of building oil pipelines, […]

Zhongman starts Drilling in Diyala Province

By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly started drilling its first oil well in Iraq’s eastern province of Diyala on Tuesday. The mayor of Qazaniya told Xinhua that it is more than fifty years since an oil well was drilled in Diyala province. Mazin al-Khuzaie added that […]

Court approves Chinese Takeover of Kuwait Energy

Kuwait Energy has announces that the Royal Court of Jersey has approved the acquisition of the company by Gold Cheers Corporation Limited, a wholly-owned subsidiary of United Energy Group Limited (UEG), by means of a scheme of arrangement. The consideration to be paid under the transaction will be US$477,248,630.20 which equates to a per share […]

Market Review: “An Ugsome Ugly Month”

By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi market, as measured by the Rabee Securities RSISUSD Index, declined by -9.7% in February, taking the year to date decline to -12.5%. February’s […]

Chinese Company “wins Contract” to build NGL Plant

By John Lee. A Chinese company has reportedly won a contract to build a natural gas liquids (NGL) plant in Basra. According to Xinhua, China’s Petroleum Engineering and Construction Corporation (CPECC) signed the contract on Wednesday with Iraq’s Basra Gas Company (BGC). As a result of the new plant, BGC will increase its gas production […]

Market Review: “Money makes the World go Round”

By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraq Stock Exchange (ISX), as measured by the Rabee Securities RSISUSD Index, started the year not with a bang but with a whimper, as […]

China’s CNOOC to Survey 2 Exploration Blocks

By John Lee. Iraq’s Ministry of Oil has signed a contract with the China National Offshore Oil Corporation (CNOOC) to carry out seismic surveys of two oil exploration blocks. One of the fields is in the territorial waters of Iraq in the Gulf, while the second in the city of Faw (Fao). (Source: Ministry of […]