Tag Archive | "China"

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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 array of business opportunities in Iraq’s energy sector:

With projections calling for $48 billion of infrastructure investment to meet Iraq’s production targets, the country is experiencing unprecedented demand for international partners like CPP and NAWAH to help accelerate development of new pipelines, refineries and export facilities.

“Combining CPP’s more than 40 years of experience in the energy industry with NAWAH’s Iraq-focused equipment and supply-chain expertise, the two companies are strongly positioned to win business in the resource rich country.

Paul Brinkley, NAWAH’s president and CEO, said:

Working alongside an industry-leading player like CPP furthers NAWAH’s reach into Iraq’s infrastructure development efforts.

Together with CPP’s technical ingenuity and NAWAH’s extensive reach into the Iraqi market as well as the company’s modern transparent business practices, this partnership brings enormous capabilities to Iraq and the country’s historic efforts.

(Source: Business Wire)

Posted in Construction & Engineering, Oil & GasComments (5)

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 getting benefit from its experts in the fields of security and economic, in addition to increasing trade and supporting investment.

For his part, the Chinese ambassador extolled efforts of the Iraqi government in its fight against terrorist organizations, stressing that his country will continue supporting Iraq, and China is seeking to strengthen relations with Iraq through the visit of its Foreign Minister in the near future.

(Source: MoFA)

Posted in Industry & Trade, PoliticsComments Off

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 from Iraq, a rate not seen since 1980, the height of the post nationalisation oil industry under Saddam Hussein.

Slowing Chinese economic growth and a slowdown in European manufacturing, as well as Saudi geopolitical motivations have created an unprecedented oil market.

A strong dollar has also contributed to what analyst Walt Zimmerman described as a “double whammy” for prices.

This has forced oil dependent nations such as Iraq to urgently review their budgets for 2015.

(Source: Bloomberg)

 

 

Posted in Oil & GasComments (5)

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 in the Kurdistan Region is the first step towards building mutually beneficial relations. This will provide a great opportunity for both sides to explore areas of potential cooperation. The opening of this office will help us to benefit from the rich and successful experience of China in all fields.

Prime Minister Barzani also thanked China for providing humanitarian assistance to the Kurdistan Region and hoped that the opening of this office would result in further humanitarian aid as well as military assistance in the fight against terrorism.

Vice Foreign Minister Ming in his speech thanked the KRG for the assistance provided in the opening of China’s consulate general. He said, “The opening of our consulate general in Erbil expresses our strong support for the political process in Iraq. It is a sign of our strong desire to further deepen and strengthen our bilateral ties with Iraq and the Kurdistan Region in various fields.”

Mr Ming commended the role of the KRG in preserving the stability of the region and voiced the willingness of the Chinese government to contribute to this stability and to provide further humanitarian assistance.

Commenting on the opening ceremony of China’s consulate general in Erbil, Minister Falah Mustafa stated, “This is the beginning of a new chapter in an important, mutually beneficial relationship that will benefit the people and the government of both China and the Kurdistan Region.”

Mr. Banglin, China’s Consul General, said that China is eager to develop its relations with Kurdistan Region and take part in this development, particularly in the infrastructural, economic, commercial and cultural domains.

The opening ceremony was attended by senior KRG officials, China’s ambassador to Iraq, members of the diplomatic community, as well as representative of Chinese companies in the Kurdistan Region.

(Source: KRG)

Posted in Industry & Trade, Oil & Gas, PoliticsComments (8)

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, and Iraq’s failure to deliver the full contracted volumes in 2014.

This is the first time in almost a decade that volumes have not increased year-on-year.

Reuters data shows that China’s crude imports from Iraq rose in the first ten months of the year by nearly a quarter to 23.49 million tonnes — equivalent to 566,387 bpd — compared with the same period of 2014.

(Source: Reuters)

Posted in Oil & GasComments (2)

China to Play Big Role in Iraq Reconstruction


By John Lee.

A former Iraqi official said China would have the opportunity to play a big role in Iraq’s reconstruction when the country is more stable.

Samir Sumaida’ie (Samir Sumaidaie) (pictured), who was Iraqi ambassador to the US from 2006 to 2012, told Xinhua:

Although Iraq is still a fragmented country, sooner or later, it will need to rebuild infrastructure, including roads, hospitals, schools, ports, railway lines, and so on …

“China will have the opportunity to play a big role when Iraq is able to welcome foreign contributions …

“Countries like Iraq should open their arms to every foreign power that is interested in helping it stabilize and rebuild itself.”

He added that he believed China’s proposal to build a Silk Road Economic Belt and the 21st Century Maritime Silk Road would benefit all participating parties.

(Source: Xinhua)

Posted in Construction & Engineering, Industry & TradeComments Off

China’s First Diplomat Posted to Kurdistan


Chinese Consul General Tan Banglin this week visited the KRG Department of Foreign Relations to present his credentials as his country’s first diplomat posted to Kurdistan, and to discuss areas of cooperation between both sides.

Minister Falah Mustafa warmly welcomed Consul General Banglin and congratulated him on his new post, assuring him of the KRG’s full support for the new Chinese Consulate.

The Minister briefed the Consul General on the latest security and humanitarian developments in the Kurdistan Region and assured him that the KRG is capable of ensuring safety and security in the Region.

Consul General Banglin explained that he is very pleased to have the opportunity to work in the Kurdistan Region, expressing his country’s solidarity with and support for the Kurdistan Region in fighting against the terrorists.

Both sides discussed bilateral relations and areas of potential cooperation, expressing commitment to establish strong cultural, political, and economic ties.

They also discussed the formation of the new Iraqi government and the political process in Iraq. They agreed that the success of the new government would require genuine power sharing and adherence to the Iraqi Constitution.

Minister Mustafa pointed out that the Kurdistan Region attaches great importance to relations with members of the international community, including China, as a major global power.

He noted that China and the KRG should forge a long-term relationship based upon a foundation of mutually beneficial economic interests.

(Source: KRG)

Posted in Industry & TradeComments Off

More Chinese Trains Delivered


By John Lee.

Iraq has received a second shipment of two new trains from China.

Of the ten units ordered, this brings the total delivered to four, with the balance to be delivered by the end of the year.

The total value of the contract is $138 million (161 billion Iraqi dinars).

Chairman of the Ports Committee of Basra Council, Murtaza Shahmani, told the National Iraqi News Agency the trains will join the fleet servicing the Baghdad- Basra route, and will be ready for the start within days.

(Sources: NINA, Basra Council)

Posted in TransportationComments Off

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