Saudi Arabia, Iran, and Iraq are the most prominent countries in which China is looking to secure long-term oil supply deals.
. These two elements together laid the foundation for the recent landmark deal brokered by China that saw the resumption of relations between the historical enemies Saudi Arabia and Iran. The latter multi-faceted deal with Iran, meanwhile, lay the foundation for a similar series of deals to be done between China and Iraq.
The same sort of contract-only model was used in Iraq’s neighbouring supergiant Majnoon oil field after Britain’s Shell decided to exit that site in 2017, with CPECC awarded a US$203.5 million contract-only project for engineering to treat sour gas at the Majnoon site. Before this award to CPECC on Majnoon, though, two other game-changing contracts had been signed for the supergiant field.
These, and China’s other multiple field developments in Iraq, run alongside Beijing’s other strategic priorities in the country as they relate to the all-encompassing OBOR project. One of these was Baghdad’s approval of nearly IQD1 trillion for infrastructure projects in the city of Al-Zubair in the southern Iraq oil hub of Basra.
At the same time as Iraq was making these deals with China, Baghdad looked to offset any negative reaction from the U.S. with promises that Iraq would put more distance between itself and Iran. For many years, Iraq – despite its oil and gas riches – had been dependent on neighbouring Iran for around 40 percent of its power supplies, coming in the form of both gas and electricity imports into Iraq.
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