The latest China – Iraq Business News – Chinese Electricity Company, CNPC, CNOOC, PetroChina & more – brought to you by Iraq Business News
By Ksenia Svetlova, for The Jerusalem Post. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. How Iraq became the top link in China's belt and road strategy Almost 20 years after the war in Iraq began, billions of Chinese yuan are being invested […]
By John Lee. Iraq was the largest beneficiary from China's Belt and Road Initiative (BRI) in 2021, according to a study by the Green Finance & Development Center, at Shanghai's Fudan University. It says the country with the highest construction volume was Iraq, with about $10.5 billion, followed by Serbia (about $6.8 billion) and Indonesia […]
Writing in Oil Price, Simon Watkins says that China has continued to press home the geopolitical advantage given to it in Iraq following the official end of the U.S.'s 'combat mission' in the country with the conclusion of three huge deals, all focused on the oil sector. Click here to read the full article.
By John Lee. Kuwait Energy Basra Limited (KE Basra), an indirect wholly-owned subsidiary of Hong Kong-based United Energy Group (UEG), has entered into the EPCC (engineering, procurement, construction and commissioning) contract with a Chinese consortium to provide a central processing facility including oil treatment system and auxiliary systems at Block 9 in Basra. The contractor […]
By John Lee. The President of the Iraqi National Oil Company (INOC) has laid the foundation stone for the $594-million crude oil processing plant at Block 9, within the Al-Fayha Oil Field in Basra Province. Ihsan Abdul-Jabbar Ismail said that the development is important for the production of light oil, with a target for this […]
By John Lee. The Chinese company Sinopec (China Petroleum & Chemical Corporation) has signed a deal to develop the Mansuriyah gas field in Diyala. The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation and "various industrial projects". […]
By John Lee. The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra. Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic. In parallel, Iraq's state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 […]
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)'s acquisition of ExxonMobil's 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq's oil industry still unable to achieve any of its key oil output goals. Click […]
By John Lee. The preliminary principles agreement for the Al-Faw investment refinery project has been signed in Baghdad. The refinery will have a capacity of 300,000 barrels per day, while the petrochemical complex will be able to produce 3 million tons [per annum?]. The Minister of Oil, Ihsan Abdul-Jabbar Ismail, said that this project will […]
By John Lee. The Iraqi cabinet has required the developer of the Al-Khairat [Al-Khayrat] power station to also supply smart meters for use by domestic and industrial customers. According to a statement from the Cabinet, the investing company, which it says is Harlow International, will prepare between 100,000 and 150,000 smart meters, in addition to […]
The Board of Governors of China's Asian Infrastructure Investment Bank (AIIB) has approved the application of Iraq to join the Bank. Iraq becomes AIIB's 51st regional member, bringing the Bank's approved membership to 105 in total. As a multilateral development bank with the mission of financing infrastructure for tomorrow, AIIB aims to support its members […]
By John Lee. A ceremony was held on Thursday to sign fifteen contracts with Chinese companies to build 1,000 school buildings in various parts of Iraq. The Chinese side was represented by the Vice President of the Power Construction Corporation of China (PowerChina), Mr. Li Daze, whose company will build 679 school buildings, and by […]
