WOTS THU APR 7 22 Report: Chinese companies are strengthening their presence in the Iraqi market
A legal expert reveals a surprise: The caretaker government can send the budget to Parliament - urgent
Legal expert Faisal Rikan revealed, today, Thursday, the possibility of the current .caretaker government sending the general budget to Parliament Rikan said in a statement to (Baghdad Today), "The current year's budget was prepared before the government turns into a caretaker and before the parliament is ".dissolved in 2021
He added, "The caretaker government should send the budget law to Parliament and indicate that it was completed and prepared when the government had full powers to ".be discussed by the House of Representatives
And he continued, "Iraq has a new, complete parliament, with full powers, and it can ".pass the budget law Rican pointed out that "the government cannot prepare the budget and send it to Parliament, even if it has been delegated by the House of Representatives, because ".the mandate must be in accordance with the constitution
Al-Sadr refuses to hold a new meeting with the coordination framework and insists on the majority government
link
Iraqi political sources in the southern city of Najaf said today, Thursday, that the leader of the Sadrist movement, Muqtada al-Sadr, refused a request to hold a new meeting with leaders and representatives of the "Shiite coordination framework", which was aimed at discussing new solutions to the crisis.
More than a week ago, al-Sadr, whose bloc (the Sadrist movement) led the general legislative elections in the country by a large margin from his closest competitor, what was considered an offer of the political forces opposed to him, including a 40-day deadline to form the new government alone, independently of him, after the framework forces rejected The coordinating project of Al-Sadr, which includes the formation of a national majority government with a broad program that extends for the next four years, at a time when those forces are demanding a consensual government in which all the winning forces in the elections participate and do not exclude anyone.
The move was considered a new political maneuver by Al-Sadr, especially after his allies from the Kurdish and Sunni political forces announced their adherence to an alliance with him, and not to proceed with any government that does not include the participation of the Sadrist movement in it.
Today, Thursday, a prominent leader in the Sadrist movement stated, "The leader of the movement, Muqtada al-Sadr, rejected a request submitted by leaders from the Coordination Framework Alliance to meet him in Najaf, as part of the initiative for an iftar banquet at al-Sadr's house to discuss the crisis, and he apologized for receiving one of them before the expiry of the forty-day period that ends after Eid al-Fitr holiday at the beginning of next May," noting that "the leaders of the Sadrist movement are also prohibited from meeting or entering into discussions at the present time."
He added that "the tripartite alliance between al-Sadr, the Kurdistan Democratic Party and the Alliance of Sovereignty has proven its cohesion by the refusal of al-Sadr's partners to abandon it and accept other political offers away from him."
In addition, a member of the Sovereignty Alliance Salah al-Din al-Dulaimi described their tripartite alliance (Save a Homeland) as "coherent, strong and stable," adding that "the Alliance of Sovereignty adheres to their partnership with the leader of the Sadrist movement, Muqtada al-Sadr, and will not abandon this alliance and go with the coordinating framework, even if submitted He has any temptations, from positions and others.
On the other hand, the prominent member of the "Coordination Framework", Ali Al-Fatlawi, said that in the coalition they continue to "move around resolving the crisis with other political forces," speaking of the formation of "new negotiating committees that bring together the blocs of the coalition (the Coordination Framework) and its allies to enter into negotiations with the other blocs to find a solution. to the current political impasse.
And he indicated that "the coordination framework is still working to open channels of dialogue with the leader of the Sadrist movement, Muqtada al-Sadr, in order to hold meetings with him in order to discuss the framework initiative directly with him, and in the coming days, this may succeed."
He added, "The coordinating framework is still steadfast on its position by forming the largest bloc with the Sadrist movement from exclusively Shiite political forces, and then choosing the prime minister in a consensual manner within the Shiite house, and there is no retreat from this matter, and we will not proceed without the Sadrist movement's participation with us in forming the largest bloc and the government." new,” he said.
On the other hand, the expert in Iraqi political affairs, Ahmed Al-Sharifi, said that "all the information coming from Najaf confirms Al-Sadr's insistence on refusing to negotiate and dialogue with the forces opposed to him during the month of Ramadan, and until the deadline expires after the Eid holiday."
Sharifi stressed that "Al-Sadr is still insisting on proceeding with the majority government, and this is why the positions of some parties and personalities, especially the independent ones, will change after the failure of the coordination framework to form the government within the 40-day period, and for this the tripartite alliance can obtain a quorum for holding the presidential election session by attracting new parties with him.
And Al-Sharifi indicated that "the tripartite alliance during the 40-day period will not stand idly by, but will certainly have undeclared moves on some independent parties and personalities, in order to ensure their presence during the presidential election session, which is hoped to be held after Eid Al-Fitr, that is, after the end of Al-Sadr's deadline. for the coordination framework.
The Iraqi political scene is becoming increasingly complex in light of the continued lack of chances of agreement between the main forces in the country regarding the file of forming the new government, despite the passage of more than 5 months since the results of the general legislative elections that were held on the tenth of October last year.
A long-term transition period that extends to Al-Kazemi and Barham, including cabinet and constitutional amendments
Sources spoke to the Obelisk, Thursday, April 7, 2022, about a political movement that is trying to keep Prime Minister Mustafa Al-Kazemi in his position with the support of the Triple Alliance in return for Barham Salih, the President .of the Republic continuing in his position as well, and he is supported by the forces of coordination framework The sources said that this foresight includes making amendments to the cabinet that can pass through the tripartite alliance, which has more than 180 parliamentary seats, allowing it to change some ministers, and also in coordination with the .coordination framework that wants to end the political blockage The sources say that Iraq is heading for an undeclared emergency with this project, and it could develop into an emergency transitional project during which the constitution will be amended and an election law will be enacted that imposes a new .appropriate mechanism for selecting the president and prime minister
However, the academic in political science, Haider Al-Shuwaili, believes that Al-Sadr wants, after the forty-day deadline, to bypass the issue of electing the president and Al-Kazemi’s resignation, so that his majority go to elect the government .commissioned by Barham Salih, because electing the government does not require two-thirds Academic Saif Nayef expects that the 40-day period given by Al-Sadr is not enough to make understandings and alliances with .other blocs, which means that Al-Kazemi will remain as prime minister for a longer period And in the event of a cabinet reshuffle, this will include 4 vacant ministries in Al-Kazemi’s government, due to the ministers’ .victory in the recent elections, and the resignations of other ministers
The Ministers of Labor and Immigration, Adel Hashush and Evan Yaqoub, left their posts after taking the constitutional oath Minister of Justice Salar Abdul-Jabbar was assigned the task of managing the first ministry, and Minister of Interior Othman Al- .Ghanimi to manage the second ministry Five ministers entered the electoral competition, including Sports Minister Adnan Darjal, while the Ministers of Electricity and .Health resigned last year, due to accusations of negligence
The coordination framework reveals the first tasks of the FiveYear Committee to end the political crisis in Iraq
link another group?
Today, Thursday, the coordination framework revealed the parties that will be discussed and negotiated by the quinquennial committee formed by the framework .and its allies in the coming days
The leader in the framework, Aid Al-Hilali, said in a statement to (Baghdad Today), that "the five-year committee includes the coordination framework and its allies, who formed the guarantor third during the last period, and this committee will hold ".dialogues and negotiations with all political parties
He stressed that "without excluding any political party, even the Sadrist movement, ".we will have dialogue and negotiation during this committee
Al-Hilali indicated that "the main tasks of the Five-Year Committee are to find real solutions to end the political blockage, and to move towards accelerating the formation of the new Iraqi government, through the agreement and consensus of all ".political parties without marginalizing or excluding any party
A former minister surprises the Iraqis with huge figures for the difference in oil prices
Today, Thursday, a former Iraqi minister monitored huge figures for the difference in oil prices, after they rose remarkably during the recent period.
The former Iraqi Minister of Transport, Amer Abdul-Jabbar Ismail, said in a tweet to him on Twitter, which was seen by Shafak News Agency, "In the language of numbers, we pledge and take responsibility that Iraq does not need to rebuild it better than it was and to entertain its people, except for efficient leaders who are clean and within five years." .
He added, "Did you know that the difference in the price of oil for the first 100 days of the year guarantees that every citizen is given 75 dollars a month in addition to the ration card, not 6 dollars, or the card is improved to 50 items, not just 5 items?"
He explained that "the difference in the price of oil for the second hundred days of the year is sufficient for the construction of 700 thousand housing units to treat random housing," noting that "the difference in the price of oil for one hundred and sixty-five days of the remaining days of the year is sufficient to establish 4000 schools and 250 hospitals with 200 beds, and a water desalination plant in Al-Faw." With a capacity of one billion liters per day, it addresses the problem of sustainable water in Al-Bassa, and it also builds a double railway from the port of Faw to Turkey with all its facilities, and for the construction of the first and second phases of the great port of Faw and for paving roads with a length of 4,000 km.
It is noteworthy that oil prices continue to rise, and in some cases approached $140 a barrel, as a result of the repercussions of Russia's war in Ukraine on the global economy.
Did you know that: text of the tweet below
The difference in the price of oil for the first hundred days of the year is guaranteed
All citizens are given $15 per month in addition to the card
The ration is not $5!!) Or improving the card is an intention to 50 items, not just 5 items!
Random oil price difference for one hundred and sixty-five days from the rest
The difference in the price of oil for the second hundred days of the year is enough to create 100,000 housing units to treat housing
A year is enough to establish 400 schools and 250 hospitals (22 beds and a water desalination plant in Al-Faw with a capacity of one billion liters per day that addresses the problem of Basra’s sustainable water, and for the construction of a double railway from the port of Faw to Turkey with all its facilities, and for the construction of the first and second phases of the Great Port of Faw and for paving roads 400 km long
NEWS
#Food_Security_For_Social_
Amer Abdul-Jabbar Ismail
@AmrAmerica
2022-4-7
Oil discusses the file of the oil and gas industry in the region
Today, Thursday, the Ministry of Oil discussed the file of the oil and gas industry in the region.
A statement by the ministry, received by Al-Oula News, stated that "the ministry held with the National Oil Company, in the presence of Minister Ihsan Abdul-Jabbar Ismail, the fourth workshop to discuss the file of the oil and gas industry in the region."
He explained, "The session, which was attended by the Vice President of the National Oil Company, included a discussion (a comparison between service contracts and production participation), and a review of partnership contracts concluded in the region compared to the service contracts approved by the ministry in its contracts with international companies, where models of contracts were presented. Discussion and making professional, contractual, financial, legal and other observations.
He added, "The Ministry and the National Oil Company are holding extensive meetings with experts and the relevant committees formed for this purpose, with the aim of developing mechanisms for implementing the Federal Court's decision, in the presence of a number of officials and directors of the relevant departments in the Ministry and the National Oil Company.
Electricity promises major changes in the energy situation next summer
The Ministry of Electricity announced, on Thursday, that major changes in the energy situation will affect the features of next summer .
And the ministry stated in a statement that "the Electricity Operations Room held a meeting at the ministry's headquarters, chaired by the Minister of Electricity in charge, Adel Karim, to discuss the readiness of the national system during the summer of 2022. "
At the beginning of the meeting, Minister Adel Karim referred to the "great interest of the Prime Minister regarding financial support for the completion of summer preparations, and the possibility of the Iranian side increasing the rates of imported gas, which means the possibility of achieving a reliable increase in energy production, and stressed the accountability of all companies working with the ministry." For any failures and delays, including defects in the required specifications and percentages of completion .
The statement added, "The meeting also dealt with the most important preparations implemented in the obstetric units of all stations, including the rehabilitation of the obstetric units of the center, south, north and middle Euphrates ."
The minister stressed, "The completion of the operation of the second unit of the Al-Quds station, and the sixth and second units of the Wasit station, in addition to Al-Sadr, Al-Mansuriyah and south of Baghdad, after the availability of gas, and the completion of the maintenance of the units of the Rumaila gas station and opening credits to Siemens in favor of completing the work ."
It also discussed "the rehabilitation works of the transport sector, such as the lines of Khor Al-Zubair, Al-Rumaila, the lines for draining the loads of Shatt Al-Basra and Najibiya, and the works implemented through the Japanese loan and the GE company , as well as the works of the (Heat - Acidity) line in the regions of western Anbar, taking into account the character and balancing of loads for the benefit of the governorates of Kirkuk and Salah. Al-Din and Al-Anbar, and inquiring about the readiness of the Khairat/Haidariah line to be put into work, according to what was presented by the Director General of Middle Euphrates Electricity Transmission .
An American Intelligence Company Obtains A Contract To Secure The Perimeter Of The Green Zone
The US Department of Defense website revealed that Dare Concept Ltd. in Delaware has obtained a fixed-price contract worth 10 million 26 thousand and 288 dollars for workers and the supply of equipment for the delivery and installation of security systems along the perimeter of the Green Zone in Baghdad.
And the website stated, in a news item translated by / the information agency, that "the bids were submitted via the Internet and eight of them were received, as the work will be carried out in Baghdad with the help of the Corps of Engineers in the US Army."
He added, "The estimated contract expiry date for the company is scheduled to be on December 27, 2022."
It is noteworthy that “on its website, the company explained that it is a small company owned by a woman, a US military veteran, and its multinational leadership team is made up of dedicated professionals, many of whom are retired US military and law enforcement personnel who have served in the special operations or the intelligence and national security community.”
$7 billion in frozen Iranian assets released
She explained that "based on the agreements concluded with some countries that were party to dealings with Iran, the necessary framework was determined to lift the blockage on a large part of Iran's foreign exchange resources seized in these countries."
The agency indicated that "seven billion dollars of frozen Iranian assets will be transferred to Iran's accounts through bank transfer, according to the signed agreement."
She explained that "the approved framework for lifting the siege on these funds is similar to the framework agreed upon with Britain, according to which about 470 million euros were transferred to Iran's accounts," noting that "the sum of seven billion dollars will be transferred to Iran's accounts, and is an indication of reducing banking restrictions on Iran." Iran gradually.
Report: Chinese companies are strengthening their presence in the Iraqi market
Chinese companies have strengthened their position in the Iraqi market, especially in the field of energy, after successive partnerships in this field since Baghdad joined the Silk Road Initiative three years ago, making the oil country the first destination for investments coming from Beijing in the Middle East.
Beijing expanded its investments in Iraq from the energy gate after an alliance of Chinese companies concluded an agreement on Wednesday with Kuwait Energy Company in Basra on a natural gas processing facility project.
The Chinese Engineering Company (CIMC) said in a statement that a consortium of companies led by it "signed a contract worth 412 million dollars" with the Iraqi company, a branch of the Kuwaiti parent company, which was established in 2005 "to develop the project." It did not specify the exact date of its implementation.
This partnership comes several weeks after the Iraqi Oil Ministry signed a contract with China's Sinopec to develop and produce gas in the Mansouriya field, east of Baghdad, with a production capacity of 300 million cubic feet per day, which is the second largest field in the country after the Akkas field in Anbar Governorate.
The field, which is located in Diyala province, includes a gas reserve of more than 4,500 trillion cubic feet on an area of 150 square kilometers, and is the second largest natural gas field in the country after Akkas field in Anbar province.
According to official statistics, Iraq's gas reserves amount to about 132 trillion standard cubic feet, but it has not been optimally utilized until today. These two partnerships are tangible evidence of the extent of the Chinese interest in investing in the Iraqi market, regardless of the conditions or nature of the business climate in order to achieve their goals.
Analysts believe that Baghdad's ambitions with China's broad participation in a comprehensive economic renaissance appears to be achieving success despite weak security stability and the spread of corruption, in addition to the escalating tension between the United States and Iran, whose repercussions are reflected in the Iraqi arena.
While Iraq seeks to promote investments in gas fields, which may grant it independence from Iranian supplies to produce electric power and as a main source for other petrochemical and refining industries, China is working to embody the New Silk Road initiative in a realistic way.
The accelerated Iraqi shift towards Beijing comes while many countries are racing towards the Chinese model, which promises giant infrastructure projects without political agendas, as is the case with previous experiences with European countries, which did not achieve their great promises.
China is taking advantage of the reluctance of Western companies to invest in Iraq due to the fragile political and security situation, and has succeeded in concluding wide partnership agreements that included infrastructure and energy projects. It is estimated that Chinese investments in Iraq amounted to about $20 billion by the end of 2019, i.e. before the pandemic. There is no information about its size now.
Since 2003, the oil country, the second largest oil producer in OPEC after Saudi Arabia, has witnessed a significant growth in the participation of Chinese companies in its projects, as they invest in the development of oil fields, most notably Halfaya field, Maysan field group, Al-Ahdab field and eastern Baghdad.
Chinese companies also play a key role in laying oil pipelines, in addition to the fact that they import daily up to 800,000 barrels of Iraqi crude oil. In addition, the two countries are cooperating to build an airport, a solar power plant and other projects.
In September 2019, the Iraqis joined the Chinese Belt and Road Initiative, which seeks to revive the historic fire route, and focuses on strategic projects to link sea and land trade routes in about 65 countries.
In the following month of the same year, the two countries signed a multilateral agreement at the conclusion of talks between two delegations in Beijing, headed by Adel Abdul-Mahdi, then Iraqi Prime Minister, and Chinese Premier Li Keqiang.
The agreement includes exchanging oil revenues for the implementation of projects in Iraq, by opening a credit account in a Chinese bank, to deposit oil revenues amounting to 100,000 barrels per day for disbursement to Chinese companies that implement those projects.
The agreement extends for twenty years, and focuses on infrastructure projects such as hospitals, roads, electricity, sanitation and schools, and is determined by the Ministry of Planning, in coordination with the Council of Ministers.
The Belt Initiative, announced by Chinese President Xi Jinping in 2013 and consisting of a wide package of development and investment projects extending from East Asia through the Middle East to Europe, is one of the most important soft power tools that Beijing is betting on to enhance its global influence.
This initiative raises concerns for the Americans and their Western allies, especially since this initiative constitutes a great temptation for many countries that seek to benefit as much as possible from Chinese technology and from strengthening relations with the second largest economy in the world.
Iraq is one of the most important stations through which the new Silk Road passes, which explains the great Chinese focus on strengthening relations and ties with Baghdad, which in recent years has gone beyond the economic dimension to include various aspects.
A recent study conducted by the Center for Green Finance and Development at Fudan University in Shanghai, China, showed that Iraq ranked first in terms of construction contracts under the initiative during the year 2021, followed by Serbia in second place and Indonesia in third place.
And Iraq, in which the United States ended its military operations last year, became the third largest partner in initiating energy projects after Pakistan and Russia. In total, China's investment in the 144 countries covered by the initiative amounted to $59.5 billion last year, unchanged from $60.5 billion in 2020.
However, it is noteworthy that investments in Arab countries and the Middle East increased last year by 360 percent, and construction projects by 116 percent, on an annual basis. Reuters quoted Christoph Nedobel Wang, director of the Center, as saying that "the researchers were surprised by the large volume of Chinese investments in the Middle East and Arab countries."
He added, "We thought that the focus would be much more on Southeast Asia, including infrastructure, but in fact it was particularly driven towards Iraq, and it is witnessing a strong shift towards Africa and the countries of the Middle East."
Kurdistan's first comment after rockets fell near Erbil
The fight against terrorism in the Kurdistan region of Iraq confirmed, on Wednesday, that missiles fell near the city of Erbil
The Ministry of Defense said in a statement, "According to the information of the fight against terrorism Kurdistan Three rockets landed near Erbil a while ago, around Hamdania and Mihwari Khudair."
"According to the information, the missiles occurred near Kurgosk and the large area near the oil station," she added
Today, Wednesday, a security source reported that three missiles fell on the outskirts of Erbil.
Linked to the targeting of Erbil..Two US soldiers were injured after an attack on a base in eastern Syria
US and Iraqi officials said that two soldiers were wounded today, Thursday, after a US air base in Syria was bombed, while a missile attack targeted an oil field in Iraq.
According to the information, two American soldiers were wounded in an indirect attack on a military base that includes the US-led coalition forces that are fighting ISIS in eastern Syria, while no party has claimed responsibility for the attacks that occurred during the night.
The bombing comes hours after three Katyusha rockets landed in the Kawerkosk oil refinery in Erbil.
Below here is the daily WOTS report for April 7th 22 "Word on the Street"
he exchange rates of the dollar rose, today, Thursday, in the Iraqi markets.
And the selling prices of the dollar were 147,750 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 dinars per 100 dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1432.1000 |  1487.0000 | 1457.3000 | 1457.2000 | 1457.3000 | -0.1000 | 11:35 |
| USD/VND | 22859.0000 | 22863.0000 | 22869.6000 | 22862.2800 | 22869.6000 | -7.7500 | 04:52 |
| USD/CNY | 6.3613 | 6.3633 | 6.3633 | 6.3571 | 6.3586 | 0.0029 | 05:29 |
| USD/KWD | 0.3042 | 0.3052 | 0.3045 | 0.3044 | 0.3045 | -0.0002 | 04:59 |
| GBP/USD |  1.3076 | 1.3077 | 1.3106 | 1.3059 | 1.3066 | 0.0010 | 05:29 |
| USD/IRR | 42050.0000 | 42550.0000 | 42305.3000 | 42287.1000 | 42305.3000 | 64.5000 | 11:39 |
| USD/IDR | 14370.0000 | 14371.0000 | 14382.0000 | 14355.0000 | 14382.0000 | -11.0000 | 05:25 |
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Oil rises by one dollar with tight supplies
Oil prices compensated for some losses, today, Thursday, after it plunged more than 5% to the lowest level in three weeks in the previous session, after consuming countries announced a massive liberation of oil from emergency reserves to compensate for lost supplies from Russia, but with the compensation remained Oil supplies are scarce.
Brent crude futures rose $1.70, or 1.68 percent, to $102.77 a barrel by 04:30 GMT, while US West Texas Intermediate crude futures rose $1.42, or 1.48 percent, to $97.65 a barrel.
International Energy Agency member states agreed to release 60 million barrels in addition to the 180 million barrels that the United States announced last week to help bring prices down in a tight market in the wake of Russia's invasion of Ukraine.
Analysts said that even with the release of emergency oil stocks, supply remained tight.
Stalled indirect talks between Iran and the United States on reviving a 2015 deal over Tehran's nuclear program further delayed the prospect of lifting sanctions on Iranian oil, keeping the market tight.
Electricity promises major changes in the energy situation next summer
The Ministry of Electricity announced, on Thursday, that major changes in the energy situation will affect the features of next summer .
And the ministry stated in a statement that "the Electricity Operations Room held a meeting at the ministry's headquarters, chaired by the Minister of Electricity in charge, Adel Karim, to discuss the readiness of the national system during the summer of 2022. "
At the beginning of the meeting, Minister Adel Karim referred to the "great interest of the Prime Minister regarding financial support for the completion of summer preparations, and the possibility of the Iranian side increasing the rates of imported gas, which means the possibility of achieving a reliable increase in energy production, and stressed the accountability of all companies working with the ministry." For any failures and delays, including defects in the required specifications and percentages of completion .
The statement added, "The meeting also dealt with the most important preparations implemented in the obstetric units of all stations, including the rehabilitation of the obstetric units of the center, south, north and middle Euphrates ."
The minister stressed, "The completion of the operation of the second unit of the Al-Quds station, and the sixth and second units of the Wasit station, in addition to Al-Sadr, Al-Mansuriyah and south of Baghdad, after the availability of gas, and the completion of the maintenance of the units of the Rumaila gas station and opening credits to Siemens in favor of completing the work ."
It also discussed "the rehabilitation works of the transport sector, such as the lines of Khor Al-Zubair, Al-Rumaila, the lines for draining the loads of Shatt Al-Basra and Najibiya, and the works implemented through the Japanese loan and the GE company , as well as the works of the (Heat - Acidity) line in the regions of western Anbar, taking into account the character and balancing of loads for the benefit of the governorates of Kirkuk and Salah. Al-Din and Al-Anbar, and inquiring about the readiness of the Khairat/Haidariah line to be put into work, according to what was presented by the Director General of Middle Euphrates Electricity Transmission .
Kurdistan's first comment after rockets fell near Erbil
The fight against terrorism in the Kurdistan region of Iraq confirmed, on Wednesday, that missiles fell near the city of Erbil
The Ministry of Defense said in a statement, "According to the information of the fight against terrorism Kurdistan Three rockets landed near Erbil a while ago, around Hamdania and Mihwari Khudair."
"According to the information, the missiles occurred near Kurgosk and the large area near the oil station," she added
Today, Wednesday, a security source reported that three missiles fell on the outskirts of Erbil.
Report: Chinese companies are strengthening their presence in the Iraqi market
Chinese companies have strengthened their position in the Iraqi market, especially in the field of energy, after successive partnerships in this field since Baghdad joined the Silk Road Initiative three years ago, making the oil country the first destination for investments coming from Beijing in the Middle East.
Beijing expanded its investments in Iraq from the energy gate after an alliance of Chinese companies concluded an agreement on Wednesday with Kuwait Energy Company in Basra on a natural gas processing facility project.
The Chinese Engineering Company (CIMC) said in a statement that a consortium of companies led by it "signed a contract worth 412 million dollars" with the Iraqi company, a branch of the Kuwaiti parent company, which was established in 2005 "to develop the project." It did not specify the exact date of its implementation.
This partnership comes several weeks after the Iraqi Oil Ministry signed a contract with China's Sinopec to develop and produce gas in the Mansouriya field, east of Baghdad, with a production capacity of 300 million cubic feet per day, which is the second largest field in the country after the Akkas field in Anbar Governorate.
The field, which is located in Diyala province, includes a gas reserve of more than 4,500 trillion cubic feet on an area of 150 square kilometers, and is the second largest natural gas field in the country after Akkas field in Anbar province.
According to official statistics, Iraq's gas reserves amount to about 132 trillion standard cubic feet, but it has not been optimally utilized until today. These two partnerships are tangible evidence of the extent of the Chinese interest in investing in the Iraqi market, regardless of the conditions or nature of the business climate in order to achieve their goals.
Analysts believe that Baghdad's ambitions with China's broad participation in a comprehensive economic renaissance appears to be achieving success despite weak security stability and the spread of corruption, in addition to the escalating tension between the United States and Iran, whose repercussions are reflected in the Iraqi arena.
While Iraq seeks to promote investments in gas fields, which may grant it independence from Iranian supplies to produce electric power and as a main source for other petrochemical and refining industries, China is working to embody the New Silk Road initiative in a realistic way.
The accelerated Iraqi shift towards Beijing comes while many countries are racing towards the Chinese model, which promises giant infrastructure projects without political agendas, as is the case with previous experiences with European countries, which did not achieve their great promises.
China is taking advantage of the reluctance of Western companies to invest in Iraq due to the fragile political and security situation, and has succeeded in concluding wide partnership agreements that included infrastructure and energy projects. It is estimated that Chinese investments in Iraq amounted to about $20 billion by the end of 2019, i.e. before the pandemic. There is no information about its size now.
Since 2003, the oil country, the second largest oil producer in OPEC after Saudi Arabia, has witnessed a significant growth in the participation of Chinese companies in its projects, as they invest in the development of oil fields, most notably Halfaya field, Maysan field group, Al-Ahdab field and eastern Baghdad.
Chinese companies also play a key role in laying oil pipelines, in addition to the fact that they import daily up to 800,000 barrels of Iraqi crude oil. In addition, the two countries are cooperating to build an airport, a solar power plant and other projects.
In September 2019, the Iraqis joined the Chinese Belt and Road Initiative, which seeks to revive the historic fire route, and focuses on strategic projects to link sea and land trade routes in about 65 countries.
In the following month of the same year, the two countries signed a multilateral agreement at the conclusion of talks between two delegations in Beijing, headed by Adel Abdul-Mahdi, then Iraqi Prime Minister, and Chinese Premier Li Keqiang.
The agreement includes exchanging oil revenues for the implementation of projects in Iraq, by opening a credit account in a Chinese bank, to deposit oil revenues amounting to 100,000 barrels per day for disbursement to Chinese companies that implement those projects.
The agreement extends for twenty years, and focuses on infrastructure projects such as hospitals, roads, electricity, sanitation and schools, and is determined by the Ministry of Planning, in coordination with the Council of Ministers.
The Belt Initiative, announced by Chinese President Xi Jinping in 2013 and consisting of a wide package of development and investment projects extending from East Asia through the Middle East to Europe, is one of the most important soft power tools that Beijing is betting on to enhance its global influence.
This initiative raises concerns for the Americans and their Western allies, especially since this initiative constitutes a great temptation for many countries that seek to benefit as much as possible from Chinese technology and from strengthening relations with the second largest economy in the world.
Iraq is one of the most important stations through which the new Silk Road passes, which explains the great Chinese focus on strengthening relations and ties with Baghdad, which in recent years has gone beyond the economic dimension to include various aspects.
A recent study conducted by the Center for Green Finance and Development at Fudan University in Shanghai, China, showed that Iraq ranked first in terms of construction contracts under the initiative during the year 2021, followed by Serbia in second place and Indonesia in third place.
And Iraq, in which the United States ended its military operations last year, became the third largest partner in initiating energy projects after Pakistan and Russia. In total, China's investment in the 144 countries covered by the initiative amounted to $59.5 billion last year, unchanged from $60.5 billion in 2020.
However, it is noteworthy that investments in Arab countries and the Middle East increased last year by 360 percent, and construction projects by 116 percent, on an annual basis. Reuters quoted Christoph Nedobel Wang, director of the Center, as saying that "the researchers were surprised by the large volume of Chinese investments in the Middle East and Arab countries."
He added, "We thought that the focus would be much more on Southeast Asia, including infrastructure, but in fact it was particularly driven towards Iraq, and it is witnessing a strong shift towards Africa and the countries of the Middle East."
CBI Update: Just a note:
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