• About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy
Tuesday, September 26, 2023
SUBSCRIBE
London Daily Post
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
London Daily Post
No Result
View All Result
ADVERTISEMENT

World News | Iraq Rebuffs Fresh Chinese Investment Proposals Amid Beijing’s Tightening Hold over Its Oil Industry

Editorial Board by Editorial Board
December 1, 2022
in World News
Reading Time: 3 mins read
0


Baghdad [Iraq]December 1 (ANI): Iraq has started rejecting Chinese investment proposals to move away from Chinese dependence.

As skepticism grew about China’s investments in the region and globally, Iraq has begun efforts to limit China’s growing influence, Asian Lite International reported.

Also read | CNN layoffs: CEO Chris Licht confirms layoffs amid economic uncertainty, hundreds of employees will be affected.

By May 2022, Iraq’s Ministry of Oil had anticipated three major deals with Chinese companies that would have allowed them greater control over oil fields.

Those deals include Russia’s Lukoil, Britain’s BP and US oil major Exxon Mobil, which wanted to sell stakes in major fields to state-backed Chinese companies. However, Iraq’s Ministry of Oil has intervened to prevent these deals from materializing, Asian Lite International reported.

Also read | East Pakistan debacle in 1971 A “military failure”, says Pak Foreign Minister Bilawal Bhutto-Zardar.

Oil has always been a key factor in world politics. And in the 21st century, its importance has increased even more as energy has become a major driver of economic growth.

The Middle East and specifically Iraq is one of the richest lands in terms of oil reserves. And so Iraq has become important to Chinese foreign policy. The country is said to be Beijing’s third largest oil supplier.

Beijing has been Baghdad’s top investor and the latter has benefited the most from the Belt and Road initiative by receiving $10.5 billion for infrastructure projects such as a power plant and an airport, Asian Lite International reported.

However, Baghdad has been skeptical of China’s growing influence in the oil industry which was also perceived unfavorably by Western oil companies, which remain crucial markets for Iraq’s oil industry, Asian Lite International reported .

Iraqi government officials have consistently expressed serious concern about the speed with which Beijing is trying to take over Iraq’s oil sector.

A recent protest in southeastern Iraq’s Maysan governorate, which is home to a Chinese oil company, China Petroleum Engineering and Construction, has already hinted at a growing unease in the country about the ambitions China’s expansionists regarding the Iraqi oil industry. Asian Lite International.

According to analysts, China is taking advantage of the security vacuum resulting from the US withdrawal from Iraq in 2011. Beijing is doing so by aligning its state-owned enterprises with militia groups so that it can reap the benefits of the oil sector.

For Beijing, Baghdad is the preferred trading partner in the Middle East and the biggest supplier of oil next only to Riyadh and Moscow. Aside from energy reserves, one of the critical aspects that Beijing wants to benefit from is Iraq’s strategic location near the Persian Gulf and the Strait of Hormuz, the two places that are critical to the BRI, Asian Lite International reported.

Since the US had already withdrawn from the region, Beijing had the opportunity it had been looking for for a long time. His active role in rebuilding Iraq after years of war and conflict has given him a position of influence in the country.

China has already begun to reap the benefits of the opportunities presented after the conflict in Iraq and that too without getting involved militarily.

Iraqi citizens are seeing this growing Chinese power in their country along the lines of colonialism. Therefore, protests outside Chinese establishments have occurred several times.

As one Iraqi official remarked, “We do not want the Iraqi energy sector to be labeled as a Chinese-led energy sector and this attitude is accepted by the government and the Ministry of Oil.” (ANI)

(This is an unedited, auto-generated story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)





Source link

Share this:

  • Twitter
  • Facebook

Related Posts

World News

Giorgio Napolitano, elder statesman of Italian politics, dies at 98

September 25, 2023

Giorgio Napolitano, the long-serving Italian president and a pillar of stability in the hurly-burly of his country’s politics, most notably...

World News

Russia-Ukraine war news: Russian defenses near Verbove breached, Ukrainian officials say

September 23, 2023

Updated September 23, 2023 at 3:04 p.m. EDT|Published September 23, 2023 at 2:20 a.m. EDTRussian Navy members patrol the headquarters...

World News

Poland to stop sending weapons to Ukraine over grain fight

September 21, 2023

Comment on this storyCommentWARSAW — Poland, one of Ukraine’s staunchest backers in the fight against Russia’s invasion, said it was...

World News

Homeland Security outlines plan to stop fentanyl, precursor chemicals

September 19, 2023

Comment on this storyCommentHomeland Security officials on Tuesday announced a plan to increase fentanyl seizures and break up the supply...

Next Post

Brittany Higgins: Rape case that shook Australian politics abandoned over mental health fears

POPULAR

Entertainment

‘NCIS’ Star David McCallum Dead At 90

September 25, 2023
Lifestyle

Discover Résonance Wines From Oregon’s Wine Country

September 25, 2023
UK

Lib Dem conference: Sir Ed Davey to underline health pledges as he promises to ‘fix our economy with care’ | Politics News

September 25, 2023
  • About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy

© 2022 London Daily Post. All Rights Reserved.

No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports