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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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    Tax evasion and non-compliance with contracts.. The Chinese dragon swallows $ 180 million from Iraq

    Rocky
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    Tax evasion and non-compliance with contracts.. The Chinese dragon swallows $ 180 million from Iraq Empty Tax evasion and non-compliance with contracts.. The Chinese dragon swallows $ 180 million from Iraq

    Post by Rocky Fri Nov 01, 2024 4:44 am

    [size=35][size=35]Tax evasion and non-compliance with contracts.. The Chinese dragon swallows $ 180 million from Iraq[/size]
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    economy

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    2024-11-01 | 02:23
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    [You must be registered and logged in to see this link.]News - Economy
    Chinese entities own more than 46 percent of the Rumaila field.[You must be registered and logged in to see this link.]Iraqi fields produce oil in Iraq, and the second in the world.


    Other Chinese companies also manage about 34 percent of the reserves.[You must be registered and logged in to see this link.]Confirmed, in addition to two-thirds of current production, these figures indicate growing Chinese influence over oil production.[You must be registered and logged in to see this link.].


     
    CNPC is[You must be registered and logged in to see this link.]A Chinese investor in the country, with stakes in the fields of Ahdab, Halfaya, Rumaila and West Qurna, in addition to small players such as "CNOOC", "Union" and "Jinhua" participating in oil production[You must be registered and logged in to see this link.].
     
    Major oil companies have withdrawn from[You must be registered and logged in to see this link.]Like ExxonMobil in 2021 from one of[You must be registered and logged in to see this link.]Oil fields (west)[You must be registered and logged in to see this link.]1), whose oil reserves are estimated at more than 20 billion, to acquire[You must be registered and logged in to see this link.]On its share in early 2024, PetroChina will become its main operator.
     
    In February 2024, Shell International withdrew from the Nebras project, which was to become the largest petrochemical producer in the Middle East. This is its third decision after its withdrawal in 2018 from the Majoun and West Qurna oil fields.
     
    Iraqi experts and officials believe that the increasing Chinese influence on the oil sector in[You must be registered and logged in to see this link.]It goes beyond the issue of buying and selling between Baghdad and Beijing, especially since oil revenues constitute 90 percent of the economy.[You must be registered and logged in to see this link.].
     
    Iraqi oil expert Ahmed Saddam said, "There are 7 major Chinese companies that have won work contracts in large geographical areas, such as the "Cinooc" company, which invested in the field of oil exploration in a geographical area estimated at about 6,500 square kilometers, including 5 governorates in the center and south."
     
    Other companies, such as Jinhua and Anton, are distributed in governorates such as Muthanna and Nasiriyah, and other geographical areas, according to Saddam.
     
    Member of the Parliamentary Economic and Industry Committee, MP Kazem Al-Shammari, stated that “most Chinese companies operating in[You must be registered and logged in to see this link.]"It evades paying its taxes," he said, noting that "we followed up on the companies that evaded paying the most taxes, and it was CNPC, which is responsible for exploration and production in the Ahdab field."
     
    Al-Shammari stated that “there is a significant and clear delay in implementing Chinese companies’ projects in Iraq, as implementation falls on the shoulders of the Iraqis, who are waiting for Chinese funding,” noting that “the funding does not arrive in some cases, as happened in the school construction project.”
     
    He added, "Iraq needs to build about 12,000 schools, and so far the Chinese project has not been implemented."[You must be registered and logged in to see this link.]Despite the passage of sufficient time, he stressed that "there is tax evasion among a number of Chinese companies in[You must be registered and logged in to see this link.]Worth $180 million.
     
    In July 2021, the Prime Minister's Advisor for Reconstruction Affairs, Sabah Abdul Latif, announced that the Chinese agreement included the implementation of 4 major reconstruction projects, including the construction of a thousand schools.
     
    In the fall of 2019, Baghdad and Beijing signed 8 cooperation agreements in various fields. The most important of which was the oil sector, and the two countries shared a common interest, as Iraq is the sixth[You must be registered and logged in to see this link.]China is the world's largest oil producer, and the world's largest consumer of energy resources, which means it has a constant need to buy them.
     
    Many of China's major oil and gas companies are affiliated with entities that belong to the Chinese military complex, including some of the recent licensing awards in Iraq, such as Jinhua Oil, a subsidiary of Norinco Group, a major contractor for China's Ministry of Defense.
     
    The head of the department says[You must be registered and logged in to see this link.]“Norinco Group is in fact a military company and a branch of the Chinese military, and it does a lot of arms sales and trade, and has previously engaged in oil purchases and arms trade with Iran,” says Michel Meaden of the Oxford Institute for Energy Studies.
     
    “The heads of the three major companies, PetroChina, Sinopec and CNOOC, are essentially employees of the Chinese Communist Party, appointed by the party, which is the largest shareholder in these companies, and their futures are largely tied to their political and commercial achievements inside and outside China,” she continued, noting that “these Chinese companies have been involved in ‘corruption’ in business deals with other countries, such as Angola, adding, ‘A lot of money was spent but the assets did not work well, or the money went into the pockets of the corrupt. ’”
     
    Since 2006, China's Sinopec has spent billions of dollars on oil discoveries in Angola, with disappointing returns.
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