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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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    The Chinese dragon applies to Iraqi oil... Where is Iran in this equation?

    Rocky
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    The Chinese dragon applies to Iraqi oil... Where is Iran in this equation? Empty The Chinese dragon applies to Iraqi oil... Where is Iran in this equation?

    Post by Rocky Fri 17 May 2024, 5:12 am

    The Chinese dragon applies to Iraqi oil... Where is Iran in this equation?

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    Economy News - Follow-up
    [rtl] The Secretary-General of the Federation of Petroleum Industries in Iran said that the Chinese have currently invested in 41 different projects in the Iraqi energy sector, adding that 31 of those projects focus on oil and other companies such as the American Exxon Mobil have seized large oil fields.[/rtl]
    [rtl]Irfan Afzali spoke to ILNA Labor Agency about Chinese investments in the Iraqi oil industry and the impact of these projects on Iran: China’s investments now in various projects in Iraq, Middle Eastern countries, Arab countries, Turkey and Iran have reached about 34 billion dollars, and the volume of trade between the two countries (China and Iraq) has reached about 34 billion dollars. 50 billion dollars, including 14 billion dollars in exports from China to Iraq and 34 billion dollars from Iraq to China. If we add China’s investments in Iraq to these exchanges, it will reach 80 billion dollars annually.[/rtl]
    [rtl]He added: Statistics from the World Bank and the TRACK Institute (Chinese Investment Tracking Institute) show that Chinese investments in Iraq have been growing for two decades and have exceeded a figure equivalent to 500 million dollars annually, and in some years, such as 2009, they reached 8.5 billion dollars.[/rtl]
    [rtl]The Secretary-General of the Federation of Petroleum Industries in Iran continued: For example, in 2019, Chinese investment in Iraq reached $3.5 billion, while this investment in Iran in the same year did not exceed the threshold of $1.5 billion, which is an important matter that must be taken into account.[/rtl]
    [rtl]Afzali says: Chinese companies manage 34% of Iraq's proven oil and gas resources and two-thirds of the country's current production. CNPC, the China National Petroleum Corporation, is the largest investor in Iraq, and Chinese companies own a total share of 24 billion barrels of Iraqi resources and are responsible for producing 3 million barrels of oil per day in Iraq.[/rtl]
    [rtl]He explained: It was recently announced that 7 Chinese companies won the round of investment licenses in 10 oil and gas fields in Iraq, and one of these companies is Sinopec. In any case, China has developed its presence in the Iraqi energy and construction sector and is the largest importer of Iraqi oil with a quantity equivalent to one million and 180 thousand barrels of oil per day, which is equivalent to 35% of the oil production in this country. Under the 2019 Oil for Construction Agreement with China, construction projects in Iraq are financed by the Chinese selling 100,000 barrels of oil per day.[/rtl]
    [rtl]The Iranian official confirmed that the Iraqis want to increase their proven resources, as the World Bank announced that Iraq has 150 billion barrels of proven oil, and is capable of producing oil for 96 years at the current production rate, and is currently seeking to increase this number to 160 billion barrels.[/rtl]
    [rtl]He said about the impact of the Chinese presence in Iraqi projects in relation to Iran: The only impact is that the presence of Chinese companies and the cooperation strategy between Iran and China and the presence of Chinese companies in Iraq can facilitate the export of technical and engineering services. The presence of technical and engineering companies and the provision of Iranian services in Iraq and the market of this country can also For major productive exploration companies and technical, engineering and construction companies to provide the basis for the Iranian presence in the Iraqi market and to benefit from this market, whether in construction, oil, or other Chinese projects.[/rtl]
    [rtl]He continued: The presence of these companies will also provide the basis for exporting technical and engineering services and goods with specific standards, which requires the cooperation of the governments of Iran and Iraq, monitoring Iran’s presence in the Iraqi market on behalf of the Chinese, and benefiting from the strength and experience of engineering and contracting companies and service providers in Iran.[/rtl]
    [rtl]Afzali concluded by saying: Iranian technical and engineering companies, exploration, production and contracting companies did not succeed in participating in Iraqi oil projects and do not have a significant contribution to these projects, which supported the Iranian government in negotiations with the Iraqi government and the consultations of the Ministry of Foreign Affairs and the Iranian Ministry of Oil with Iraq for a stronger presence. For Iran in Iraq.[/rtl]




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