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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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    A “radical” change.. China is ahead of America in the Iraqi oil market

    Rocky
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    A “radical” change.. China is ahead of America in the Iraqi oil market Empty A “radical” change.. China is ahead of America in the Iraqi oil market

    Post by Rocky Mon 01 Jan 2024, 2:02 pm

    A “radical” change.. China is ahead of America in the Iraqi oil market
    [You must be registered and logged in to see this link.] |Today
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    Baghdad Today - Translation
    Reuters International News Agency described, in a report published today, Monday (January 1, 2024), that the American company ExxonMobil had handed over the Qurna/1 field in Basra Governorate to the Chinese company PetroChina, thus announcing its exit from the Iraqi market in a step the agency described as “radical.” 
    The agency said, according to what was translated by "Baghdad Today", that officials in the Iraqi South Oil Company held a farewell party for the American company Exxon Mobil after its exit from the Iraqi market, stressing that the new change placed China ahead of the United States with regard to the Iraqi oil market. 
    She pointed out, "The effects of ExxonMobil's exit from Iraq and PetroChina's control are broad and severe in the long term and represent a radical shift in the balance of power in the global oil market, over which China has begun to play a more influential role than the United States in the Middle East," as she described it. 
    The agency pointed out that the Chinese company PetroChina's assumption of responsibility for the vital field represents a "major challenge" in front of it, stressing that its success in managing the huge field will open a great future for the Chinese economic and industrial role in the vital economic zone.
    On Monday evening, the Ministry of Oil announced the ceremony of handing over the management duties of the main operator of the West Qurna/1 field to the Chinese company PetroGina, which replaced ExxonMobil according to a settlement agreement for its share in the field.
    It is noteworthy that the Basra Oil Company has become a major partner in the management of the field with a share of 22.7%, along with companies (Chinese PetroGina, Indonesian Pertamina, and Japanese Yutosho, in addition to the government partner, the Oil Exploration Company).
    It is noteworthy that the current production capacity of the field is more than 500 thousand barrels per day, and both the South Gas and Basra Gas companies are investing in the gas associated with the field.
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