According to the local media sources, it has been revealed that Iraq is working on to enhance it oil export in China. Iraqi oil minister, Abdul-Kareem al- Luaybi, stated, “The Chinese companies are considered as strategic partners to Iraq in aspects of extracting and marketing crude oil through their active participation to develop the Iraqi oilfields.” With Chinese companies, recently Iraq has signed several oil deals.
According to the Iraqi oil minister, Iraq is looking forward to build a long term relationship with China, which is one of the biggest economies of this world and soon will become the biggest oil exporter of the world, surpassing the USA.
Presently, China imports more than 500,000 barrels per day (bpd) from Iraq as stated by Iraqi oil minister.
According to the experts, it has been revealed that a third of the future oil production in Iraq is expected to come from fields that were either directly owned or co-led by Chinese companies, which are working in several major Iraqi oilfields.
Updated 06 Apr 2013 | Soruce: NZ Week | By S.Seal