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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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    China displaces European companies from the Iraqi energy sector

    Rocky
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    China displaces European companies from the Iraqi energy sector Empty China displaces European companies from the Iraqi energy sector

    Post by Rocky Mon 10 Jun 2024, 4:57 am

    China displaces European companies from the Iraqi energy sector

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    The Iraqi government sets increasing the country's oil reserves to more than 160 billion barrels as a strategic goal for the next stage, on a strong path to support its steps in terms of ongoing economic reforms, and support its ability to achieve sustainable development and improve its economic reality.
    Iraq has high hopes for its crude oil exports, especially since they constitute more than 90 percent of Iraqi budget revenues, which prompted it to launch a group of projects to increase production and open the way for investments in the field of exploration for oil and gas fields.
      In this context, Chinese companies have emerged as a major player in the oil investment arena in Iraq, in contrast to the absence of American and European companies, through the acquisition of many new investments by a number of companies to explore oil and gas fields in Iraq, within the licensing round launched by the Ministry of Oil to develop the sector. Oil and gas in the country.
     
    According to Iraqi Oil Minister Hayyan Abdul Ghani, the list of Chinese companies that won the new bids included the companies “Zhenhua”, “Anton” and “Sinopec” to develop the fields of Abu Khaimah in Al-Muthanna, Al-Dhafriya in Wasit, and Sumer in Al-Muthanna, in addition to the Chinese company “CNOOC Iraq” in Diwaniyah, Babel, Najaf, Wasit, and Muthanna governorates in the center and south of the country.
     
    China sets the Middle East region in general, and Iraq in particular, as a strategic goal for it to support, diversify and secure its energy supplies, in light of the jump recorded by its imports of crude oil in 2023 and recording their highest levels ever with the recovery of demand for fuel after the decline resulting from the pandemic. Corona, as imports increased 11 percent compared to 2022 to 563.99 million tons, or the equivalent of 11.28 million barrels per day, an increase from the previous record level recorded in 2020, which reached 10.81 million barrels per day, according to official Chinese data issued by the General Administration of Customs.
     
    Chinese interest and economic returns
    In response to this, the Iraqi economic expert, Dr. Jaafar Al-Husseinawi, confirms that China is trying, in any way, to reach the strategic Arabian Gulf region, in light of its main role as a supplier of energy that China depends on, as the percentage of energy supplies from those countries reaches the limits of 50 percent. Of its needs, which reflects Iraq's great importance in Chinese strategic planning, as it is the key to accessing the Arabian Gulf region.
     
    He adds that one of the reasons behind the increased Chinese presence is Iraq’s strategic location, which is important in the calculations of the Chinese strategic plan. “Despite the wait-and-see policy adopted by the Chinese government, which did not place Iraq within the paths of the Belt and Road Initiative, it is certain It is complete that the ports of Iraq in the northern Arabian Gulf region represent the pearl of the pearl necklace, which begins from the coast of China, passes through the ports of Bangladesh, then Pakistan and Iran, and ends with the large port of Al-Faw, and from there to the Dry Canal in Iraq (the development road project) all the way to Turkey and then Europe, and all of this. "It pushes China to pay attention to Iraq."
     
    Al-Husseinawy adds another important reason, which is China’s attempt to enter Iraq by investing in all economic and service sectors. “The oil and gas sector is gaining a high degree of importance to Beijing, because it knows that Iraq owns large gas areas in the Okaz fields, near the Mediterranean coasts of Syria and Lebanon. "And easily market its products in Europe as an alternative to Russian gas."
     
    It is expected that this strong presence will be reflected in mutual returns, as China will support its energy supplies, and thus support its strong economic path, and Iraq will obtain high economic returns that will help it support its economic reform paths, support its revenues, and achieve sustainable development rates that in turn support the development of the rest of the sectors.
     
    Debt repayment
    In line with Iraq's strong steps and its pursuit of comprehensive economic reform, Mazhar Muhammad Salih, Advisor to the Iraqi Prime Minister for Financial Affairs, announced that Iraq had repaid all of the loans it had obtained from the International Monetary Fund since 2003, the total of which did not exceed $8 billion.
     
    Observers see this step as a strong indication of the ongoing reform and economic development movement in Iraq, which is expected to have positive returns in various sectors.
     
    Strategic partner
    In addition, Iraqi economics professor Nabil Al-Marsoumi confirms the existence of close economic relations and a large trade connection between Iraq and China. “Iraq is China’s first trading partner in the Middle East, and it is also the third largest oil exporting country to China, after Russia and Saudi Arabia.”
     
    Al-Marsoumi points out that the nature of the investment environment in Iraq falls into the category of high-risk investment, “however, China is the only country capable of adapting to this situation, and therefore there is a clear withdrawal of Western, American and British companies from Iraq.”
     
    He adds that China is not present in oil fields and exploratory patches alone, but also wins many oil service contracts, and is the main contractor in the natural gas sector in Iraq.
      


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