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[size=40]"Oil for Construction" .. Iraqi officials reveal the details of their trade deal with China
January 15, 2020
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Iraqi Prime Minister Adel Abdul-Mahdi during a visit to China
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January 15, 2020
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[size]Iraqi Prime Minister Adel Abdul-Mahdi during a visit to China
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Two Iraqi officials revealed today, Wednesday, the details of the commercial deal concluded between their countries and China.
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said that the trade agreement concluded between Iraq and China will focus on implementing infrastructure and reconstruction projects in the country.
He added in a statement to the Iraqi News Agency (conscious), "The agreement includes the exchange of oil revenues for the implementation of projects in Iraq," noting that the government of his country "opened a credit account in one of the large Chinese banks to place oil revenues of 100 thousand barrels per day."
He explained that this account "will be disbursed to companies that implement projects and infrastructure in Iraq."
On the nature of the projects that will be given to China in his country, he said that the agreement "will focus on infrastructure projects such as schools, hospitals, roads, electricity and sanitation, and will be determined through the Ministry of Planning and in coordination with the Council of Ministers."
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On the other hand, Head of Parliamentary Services Committee, Walid Al-Sahlani, confirmed on Wednesday that his country will supervise the Chinese Fund for Reconstruction within the agreement with China.
He stated in an interview with the Iraqi News Agency, that "the Iraqi party will supervise the Chinese Fund for Reconstruction with a guarantor investment company chosen from the Central Bank of Iraq, from among 5 international companies," noting that Iraq "will not be charged with huge sums in the implementation of all the projects it needs to The agreement includes the establishment of an Iraqi-Chinese fund to deposit funds and withdraw funds from it to implement projects signed by it.
In other details, he explained that "the agreement is guaranteed by the Chinese party through the Chinese Insurance Corporation (a Chinese governmental organization), where revenues of 100 thousand barrels per day of oil sold to China are reserved, specifically for the Chinese companies, Zinho and Sinoc, and its revenues are placed in the Iraqi-Chinese fund."
He pointed out that "the credit ceiling of Chinese banks amounting to 10 million dollars, with interest subsidized by the Chinese government."
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Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said that the trade agreement concluded between Iraq and China will focus on implementing infrastructure and reconstruction projects in the country.
He added in a statement to the Iraqi News Agency (conscious), "The agreement includes the exchange of oil revenues for the implementation of projects in Iraq," noting that the government of his country "opened a credit account in one of the large Chinese banks to place oil revenues of 100 thousand barrels per day."
He explained that this account "will be disbursed to companies that implement projects and infrastructure in Iraq."
On the nature of the projects that will be given to China in his country, he said that the agreement "will focus on infrastructure projects such as schools, hospitals, roads, electricity and sanitation, and will be determined through the Ministry of Planning and in coordination with the Council of Ministers."
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Details of the expected trade deal between Washington and Beijing
[You must be registered and logged in to see this link.]On the other hand, Head of Parliamentary Services Committee, Walid Al-Sahlani, confirmed on Wednesday that his country will supervise the Chinese Fund for Reconstruction within the agreement with China.
He stated in an interview with the Iraqi News Agency, that "the Iraqi party will supervise the Chinese Fund for Reconstruction with a guarantor investment company chosen from the Central Bank of Iraq, from among 5 international companies," noting that Iraq "will not be charged with huge sums in the implementation of all the projects it needs to The agreement includes the establishment of an Iraqi-Chinese fund to deposit funds and withdraw funds from it to implement projects signed by it.
In other details, he explained that "the agreement is guaranteed by the Chinese party through the Chinese Insurance Corporation (a Chinese governmental organization), where revenues of 100 thousand barrels per day of oil sold to China are reserved, specifically for the Chinese companies, Zinho and Sinoc, and its revenues are placed in the Iraqi-Chinese fund."
He pointed out that "the credit ceiling of Chinese banks amounting to 10 million dollars, with interest subsidized by the Chinese government."
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