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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Troubled agreement and domination of oil .. How much money Iraq has with China?

    Rocky
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    Troubled agreement and domination of oil .. How much money Iraq has with China? Empty Troubled agreement and domination of oil .. How much money Iraq has with China?

    Post by Rocky Thu 29 Apr 2021, 8:37 am

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    Troubled agreement and domination of oil .. How much money Iraq has with China?
    April 28, 2021

    The advisor revealed the reasons for the failure of the Chinese agreement
    Ultra Iraq - Editorial Team
    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Wednesday, identified 3 reasons that led to the "failure" of the Chinese agreement, stressing the possibility of raising the allocated oil ceiling to 300 thousand barrels per day.
    In a statement on April 28, Salih said, "The agreement with China referred to the cooperation framework agreement signed between the Iraqi Ministry of Finance and the Chinese Export Credit Guarantee Authority (Cynosure) in 2018, and completed it by signing its accounting and oil annexes on September 23, 2019."
    Saleh added, "The agreement stipulates that Iraq allocates a value equivalent to 100 thousand barrels of oil per day from its exports to the Republic of China, and at the prices of current oil contracts, to deposit the amounts of its revenues into an account for the benefit of the Republic of Iraq, and the revenues are allocated to finance projects contracted to implement with China related to infrastructure." And important income-generating projects. "
    The consultant explained, "The value of 100 thousand barrels per year, according to current prices, is estimated at 2.2 billion dollars," noting that "the important thing is to create an accumulation of important reserves allocated for the purposes of construction projects contracted to implement between the two countries."
    Saleh pointed out, "China is the first importer of Iraqi oil, which amounts to about 850 thousand barrels of crude oil per day, and it is mostly the main buyer for more than 40-45% of Iraq's oil, and it competes with India in the purchase quotas for Iraqi oil in the markets of East and South Asia." The Chinese oil companies operating in Iraq are the main contractor in the development and development of oil fields in the middle and south of the country based on the approved licensing rounds and service contracts, and these Chinese companies receive part of their dues in the form of crude oil as well.
    The advisor to the prime minister affirmed that "the framework agreement for cooperation between Iraq and China extends for twenty years, and has been in effect since October 18, 2019, but was stalled in the year 2020 for 3 reasons," explaining that "the first reason is; the withdrawal of China." From the global economy temporarily and closing its foreign activities due to the Corona pandemic, being the first country in the world to be exposed to this epidemic.
    He continued, "The decline in oil prices and their deterioration in the year 2020 is the second reason, as well as a third reason which is the failure to approve the budget that included construction projects within the account of the Iraqi-Chinese agreement," noting that "China is still the first strategic partner in In the fields of oil, construction and trade, the current account of the Iraqi balance of payments with China exceeds $ 30 billion annually in imports and exports.
    Saleh indicated that the ceiling of the agreement could be raised from 100 thousand barrels of oil per day to 300 thousand barrels as part of "plans to develop Iraqi oil production and export development, making Iraq perhaps the first oil producer in the Middle East region," indicating that "refineries in China will be approved, in light of Booming growth, based on the oils of the northern Arabian Gulf, meaning Iraq, Iran and Saudi Arabia.
    He also indicated, "China's need for Iraqi oil will continue until the year 2060, and Iraq's need for development and development will take an escalating path that requires more international cooperation and befitting the renaissance of Iraq and its promising and prosperous strategic future as a building, reconstruction and growth power."
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