The latest China – Iraq Business News – Chinese Electricity Company, CNPC, CNOOC, PetroChina & more – brought to you by Iraq Business News
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 […]
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 […]
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)
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 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 […]
By John Lee. The China Machinery Engineering Corporation (CMEC) has announced that it been awarded the contract to build the Harir cement plant in Erbil. According to a stock exchange filing, the contract is valued at approximately $210 million, and the project is expected to be completed within 30 months. (Source: CMEC)
By John Lee. Iraqi Prime Minister Mustafa al-Kadhimi met on Sunday with the Supreme Committee for Building Schools in Iraq. During the meeting, they discussed the launch of a project to build 7,000 new school buildings across the country. The first phase of the project will be the construction of 1,000 new schools following a […]
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 […]
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 […]
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 […]
By John Lee. Iraq's national lockdown in response to the coronavirus (COVID-19) pandemic has reportedly given a boost to local businesses. According to a report from AFP, local businesses no longer have to compete with imports from countries such as Turkey, Iran, China, Saudi Arabia, Jordan and Kuwait. It quotes the owner of an ice-cream […]
By John Lee. His Excellency Prime Minister Mustafa Al-Kadhimi received Chinese Ambassador to Baghdad Zhang Tao congratulated His Excellency the Premier Al-Kadhimi for swearing-in as Prime Minister, and extended the Chinese Premier greetings, reaffirmed china aspiration to strengthen the relationship with Iraq. Ambassador Zhang Tao underscored China support to Iraq in the international affairs, in […]
