Top Rice Importer Philippines May Halt Purchases to Help Farmers
The Department of Agriculture has recommended the plan and also pushed for higher tariffs on imported rice, the Presidential Communications Office said in a statement on Monday, without providing a timeline or indicating when purchases might be suspended. The cabinet will discuss 'this urgent matter' with President Ferdinand Marcos Jr. on the sidelines of his state visit to India this week, it added.
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China's independent oil companies boost investments in Iraq
Chinese independent oil companies are intensifying their activities in Iraq, aiming to double their production to 500,000 barrels per day (bpd) by 2030, according to a Reuters report. This strategic move comes as some global majors have scaled back from these markets, which are traditionally dominated by China's state-run entities. The smaller Chinese producers, led by industry veterans, are drawn to Iraq by more attractive contract arrangements and the potential to leverage lower costs and faster project development. Geo-Jade Petroleum, United Energy Group, Zhongman Petroleum and Natural Gas Group, and Anton Oilfield Services Group have secured half of Iraq's exploration licences in recent rounds. Currently, China's CNPC is a major player, responsible for more than half of Iraq's production at large oilfields such as Haifaya, Rumaila and West Qurna 1. These companies are recognised for their rapid project execution, which appeals to the Iraqi Government. Their increasing presence signifies a shift for Iraq, which is under pressure to expedite energy projects and has previously resisted increasing Chinese influence over its oilfields. Furthermore, the agility and risk tolerance of these smaller companies allow them to develop oilfields in two to three years, significantly faster than Western counterparts. Iraq's improved political stability and investment climate are cited by executives as key factors in attracting both Chinese and Western companies. The country is seeking to significantly boost its oil output, targeting more than six million barrels per day by 2029. Iraq's shift from fixed-fee agreements to profit-sharing contracts has been instrumental in attracting Chinese independents. Geo-Jade Petroleum CEO Dai Xiaoping was quoted as saying: 'Chinese independents have much lower management costs compared to Western firms and are also more competitive versus Chinese state-run players.' Despite concerns over transparency and technical standards, the cost-effective approach of Chinese companies remains attractive to Iraq. While some Western companies are making a comeback, with TotalEnergies and bp planning significant investments, the trend of Chinese operators' expansion in Iraq's oil sector is clear. In May, a consortium spearheaded by Geo-Jade decided to fund the South Basra endeavour, encompassing the enhancement of the Tuba field in Iraq's southern region to a capacity of 100,000bpd. This included the construction of a refinery capable of processing 200,000bpd. With an investment pledge of $848m (6.09bn yuan), Geo-Jade is set to rejuvenate production at the predominantly idle field, aiming to achieve production of 40,000bpd by mid-2027. "China's independent oil companies boost investments in Iraq" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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Barcode scanner maker Zebra in $1.3 billion deal to buy Elo Touch, boosts forecasts
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Tata Capital Files for IPO to Raise Funds Amid Regulatory Push
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