Tag Archives | China

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

Iraq to buy Chinese COVID Vaccine

By John Lee. The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. At the start of the meeting, the Prime Minister praised the efforts of state institutions and agencies to ensure the implementation of curfew regulations, and thanked all citizens for adhering to preventative health measures. Following […]

Iraq "Pauses Oil Pre-Payment deal with China"

By John Lee. Iraq has reportedly "put on hold" it oil contract with China's Zhenhua Oil. The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq's State Oil Marketing Organization (SOMO) for a regular supply of crude oil. Oil prices have risen significantly since the deal was struck. More here. (Source: S&P Global)

Chinese Consortium to Develop Dhi Qar Refinery

By John Lee. Iraq's Ministry of Oil has signed an outline agreement with a Chinese consortium for the development of the Dhi Qar refinery. A Ministry official described the signing of the initial principles agreement as an important step forward, and a prelude to the signing of the final investment contract for the Dhi Qar […]

Iraq signs $2bn Oil Deal with Chinese Firm

By John Lee. Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year's supply of oil. Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but […]

Drilling approved at East Baghdad Oil Field

By John Lee. Iraq is to renew the contract to drill three new directional (non-vertical) oil wells in the East Baghdad oil field. The decision was approved at the meeting of the Iraqi Cabinet on Tuesday. The field is being developed by China's ZhenHua Oil. (Source: Govt of Iraq)

China "Set to Bail Out Iraq" with Oil Deal

By John Lee. Iraq is reportedly poised to sign a multibillion-dollar contract with China's ZhenHua Oil, in what Bloomberg describes as a bailout from Beijing. Under the deal, Iraq's cash-strapped government which will receive money upfront in exchange for long-term oil supplies. Click here to read the full article. (Source: Bloomberg)

How China "Took Control" of Exxon's Iraqi Oilfield

How China Took Control Of Exxon's Supergiant Iraqi Oilfield Recent reports suggest that Chinese oil giants China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are "considering acquiring" U.S. oil titan ExxonMobil's 32.7 per cent stake in Iraq's supergiant West Qurna 1 oil and gas field. Writing in Oil Price, Simon Watkins […]

China to Buy of Exxon's stake in West Qurna?

By John Lee. The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil's remaining stake in Iraq's West Qurna 1 oilfield. According to sources cited by Bloomberg, the stake could fetch more than $500 million. ExxonMobil originally had a 60% stake in the field, but sold […]

Coronavirus: US could Lose Kurdistan to China

By Yerevan Saeed for Al Jazeera. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Coronavirus could cause US to lose Iraqi Kurdish region to China Since the start of the COVID-19 crisis, China has been working to expand its influence over the KRG […]

Oil Minister meets with Chinese and Russian IOCs

By John Lee. The director of the China National Offshore Oil Corporation (CNOOC) has presented his company's plans for the development of the Bazergan [Buzurgan] oil field in Maysan to Iraq's Oil Minister Ihsan Abdul-Jabbar. In a separate meeting on Wednesday, the Minister also received the CEO of Lukoil in Iraq, Igor Zubarev, who gave […]