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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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    News website: Chinese companies dominate the Iraqi energy sector

    Rocky
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    News website: Chinese companies dominate the Iraqi energy sector Empty News website: Chinese companies dominate the Iraqi energy sector

    Post by Rocky Tue 14 May 2024, 4:23 am

    POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

    [size=52]News website: Chinese companies dominate the Iraqi energy sector[/size]

    [size=45]Translated by / Hamed Ahmed[/size]
    [size=45]A report by the Rio Times news website indicated that Chinese oil and gas companies, during the last day of a licensing round launched by the Iraqi government to enhance oil and gas production and support the electric energy sector in the country, won the majority of licenses for the fifth supplementary round and the sixth round, and major Western companies abstained from competing. The country seeks to move from using petroleum fuel to operate power plants to gas fuel and stop importing it from neighboring countries.[/size]
    [size=45]Chinese companies have secured major contracts to develop oil and gas fields in Iraq, which reflects their increasing dominance over the energy sector in the country, as their expansion extends to multiple regions, which enhances the strength of their presence in the Middle East oil and gas market.[/size]
    [size=45]The report indicated that Zhongman Petroleum & Nageral Gas Group (ZPEC), a Chinese oil and gas production company, had won a contract worth $390 million to carry out engineering services in the Rumaila oil field.[/size]
    [size=45]This contract, which lasts for four and a half years, confirms the depth of the economic ties between Chinese companies and the energy industry sector in Iraq.[/size]
    [size=45]In addition, China National Offshore Petroleum Corporation, as well as CAMC Engineering Construction Company, both won a contract worth $594 million, and will develop central processing plants in Block 9 of the oil region in Iraq.[/size]
    [size=45]The report states that there is a large presence of Chinese energy companies in southern Iraq, especially within major important strategic projects such as the Nasiriyah refinery station in Dhi Qar Governorate, as this project will serve as a major storage and processing station for crude oil in southern Iraq.[/size]
    [size=45]The importance of Iraq in terms of the oil and energy sector lies in the possibility of expanding its oil export stations and docks and the huge proven oil reserves it contains. The Iraqi Oil Minister, Hayyan Abdul Ghani, had expressed his hope during the opening of the two licensing rounds last Saturday, which will last for three days, that the country’s oil reserves would exceed 1,160 billion barrels through investment in 29 fields alongside exploratory patches of oil and gas.[/size]
    [size=45]Chinese companies are also focusing on the gas sector, and this has become clear from several contracts they signed with Iraq to develop oil and gas fields in Diyala and Basra governorates. These projects come in line with Iraq’s broad strategy to achieve self-sufficiency in gas production within three years.[/size]
    [size=45]The report indicated that this wave of Chinese investment contracts comes at a time when the presence of major Western companies in Iraq has declined. Part of this is due to reasons, security concerns, and other challenges in the political scene. This shift indicates the return of a new arrangement in the energy sector in Iraq, with the increasing presence of Chinese companies in it to fill a void left by giant Western companies that left the country.[/size]
    [size=45]The American company, Exxon Mobil, handed over its production operations in the West Qurna 1 oil field in Basra at the beginning of January of this year to the Chinese company PetroGina.[/size]
    [size=45]The report states that the increase in the role of Chinese companies in Iraq calls for attention because it reflects broader geopolitical aspects, indicating that the expansion of Chinese influence in the energy markets of the Middle East region may reformulate international energy policies.[/size]
    [size=45]Iraq, which seeks to diversify its partnership in the field of energy and strengthen its economy, has found a desire in China to achieve this partnership and achieve what the country aspires to in this field.[/size]
    [size=45]While Iraq continues to attract billions of dollars in investments aimed at developing its oil and gas sector, Chinese companies have come forward to offer their services in tenders to win contracts and play a vital role in developing the Iraqi energy sector.[/size]
    [size=45]It is noteworthy that the number of oil blocks and fields in the two licensing rounds amounted to 29 blocks and fields, and that China acquired 18% of the total blocks offered for investment in these two rounds.[/size]
    [size=45]• From the Rio Times news website[/size]
    [size=45][You must be registered and logged in to see this link.]

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