China now largest oil and gas investor in Iraq

[Communist]

China now largest oil and gas investor in Iraq


China has become the biggest single investor in Iraq's oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, or about 18% of the reserves on offer, the magazine said, citing its own data. Chinese investment doubles the US' signing on fees, which has committed $296m to control about 12 billion barrels, the magazine added.


China now largest oil and gas investor in Iraq | Energy, Oil and Gas | AMEinfo.com

 

[gambit]

Wait a minute...I thought the US invaded 'for oil'...??? What the heck is China doing with Iraqi oil?

 

[Communist]

^^^^^^^^^^

China invested, not invaded. USA invaded Iraq for Oil. Plain and simple. No need to twist the words, I know you hate Chinese... and I also know you will keep hating Chinese because you know why. So I will not waste my time to explain you my point.

 

[gambit]

^^^^^^^^^^

China invested, not invaded. USA invaded Iraq for Oil. Plain and simple. No need to twist the words, I know you hate Chinese... and I also know you will keep hating Chinese because you know why. So I will not waste my time to explain you my point.

If anyone who is 'twisting' anything, it is YOU, my friend. If the US invaded Iraq 'for oil' then why did the current so called 'puppet' Iraqi government honored Saddam's promises to the Russians, the Chinese and the Euros? Face it, the US invaded Iraq neither for US nor Israel interests but for China's.

 

[Communist]

The news report suggests that China has money to invest. Nothing more, nothing less.

USA invaded Iraq for Oil, but that time USA did not know it might get broke in future. US killed innocent humans mercilessly invading a sovereign country denying the UN appeals.

Again you are showing your typical anti Chinese mentality blaming China for no reason. I hope the visitors of this thread will see that.

 

[gen x]

The news report suggests that China has money to invest. Nothing more, nothing less.

USA invaded Iraq for Oil, but that time USA did not know it might get broke in future. US killed innocent humans mercilessly invading a sovereign country denying the UN appeals.

Again you are showing your typical anti Chinese mentality blaming China for no reason. I hope the visitors of this thread will see that.

what we have anti Chinese mentality give me break

 

[gambit]

The news report suggests that China has money to invest. Nothing more, nothing less.

USA invaded Iraq for Oil, but that time USA did not know it might get broke in future. US killed innocent humans mercilessly invading a sovereign country denying the UN appeals.

Again you are showing your typical anti Chinese mentality blaming China for no reason. I hope the visitors of this thread will see that.

Who is 'blaming' China for anything? Do you even understand the meaning of 'blame'?

[www.ANTIC.org] The Economist: Saddam's charm offensive

Saddam's charm offensive
Oct 10th 2002 | NEW YORK
From The Economist print edition

As the risk of war grows, so does Saddam Hussein's generosity—and the willingness of some oil firms to profit from it

SADDAM HUSSEIN is on a charm offensive. Desperate to save his skin from the coalition that President Bush is seeking to build, he is busily trying to boost his own international support by doling out Iraqi oil to anybody he thinks will rally to his cause. Needless to say, the firms left out of this bonanza seem to be the American oil giants. If there were ever any truth in the talk outside America that Mr Bush's secret motive for an invasion was black gold, Mr Hussein is raising the stakes.

The big prize is control of the country's oil reserves. UN sanctions forbid foreigners from investing in the oilfields. But that has not stopped firms rushing to sign contracts in the hope of exploiting fields when sanctions are lifted. Mr Hussein has long been handing out concessions to big firms from politically important countries. France's Total, for example, holds rights to potentially huge reserves in the country. The national oil companies of China and India (not hitherto regarded as oil powerhouses) have also been given slices of the pie. Even Royal Dutch/Shell has signed a deal with Mr Hussein.

Why France wants a UN Veto

It's no secret that France has significant oil interests in Iraq.

Worse than oil deals, Iraq turns to France for telecommunications products, pesticides, and other items ostensibly imported to rebuild Iraq's civilian infrastructure but which cold [could]be used for Iraqi weapons programs. Since 1997, the U.N. Office of the Iraq Programme (OIP) has catalogued Iraq's foreign contract in a database that shows a wealth of French deals.

As we can see, the records showed that others than US had far more invested in Iraq with Saddam Hussein than the US did.

http://www.cdi.org/Russia/johnson/6525-14.cfm

Asia Times
October 31, 2002
China, Russia and the Iraqi oil game
By Pepe Escobar

People like former CIA supremo James Woolsey are not even disguising Washington's plan to turn Iraq into an American protectorate with an Arab Hamid Karzai al-la Afghanistan eager to open the oil taps for American oil giants. Woolsey had been openly saying that if France and Russia contributed to "regime change", their oil companies would be able to "work together" with the new regime and with American companies. Otherwise, they would be left contemplating passing cargoes in the Gulf.

Russia is capable of producing more oil than Saudi Arabia. But its capacity to produce more is also more limited. Extraction and transport of Siberian oil to America can be extremely costly. That's one of the key reasons why Russia definitely does not want low world oil prices: it would render exploitation of Siberian oil much less appealing. With high oil prices, Russia has the best of both worlds: it develops its position as a big oil player and it pays most of its bills.

China has been a major oil importer since 1993; the third-biggest oil consumer in the world, behind the US and Japan. In the 1990s, its oil consumption rose 6 percent while its domestic production decreased 2 percent. In 2001, Chinese imports were one-third (65 million tons) of the total (200 million tons) consumed.

Reserves in northern China are practically extinct. New oil fields in Xinjiang are very hard to exploit. Two-thirds of China's oil imports are from the Middle East: the main suppliers are Iran, Saudi Arabia, Oman and Yemen. In 2010, they could be responsible for 80 percent of China's needs. No wonder Beijing is so worried.

Looks like Pepe Escobar and company ended up with a lot of eggs on their faces today.