A PYMNTS Company

Iraq/China: Iraq welcomes China’s share of oil markets

By  |  October 30, 2013

According to reports, China now controls 21 percent of oilfield projects in Iraq – a figure the Middle Eastern nation is reportedly welcoming.

Auctions held in 2009 first earned China a secure place in Iraq’s oil market, beginning an ever-growing push in the Middle Eastern market. Now, reports say China is looking to acquire 30 percent of estimated 2014 oil sales from Iraq.

China’s heavy presence in the market was not welcome with Baghdad at first, reports say, but due to China’s efficient, cost-effective production, Iraq has welcomed China’s help in becoming second in the OPEC rankings, behind Saudi Arabia.

In a recent interview, Council of Ministers chairman Thamir Ghadhban called China Iraq’s “commercial partners in managing and developing oilfields that are totally Iraqi.”

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.