Iraq clinches major China oil deal as exports to Asia hold steady
Shafaq News/ Iraq secured the world's second-largest energy deal in May through an agreement with China, while crude exports to top Asian buyers remained broadly stable, official and industry data showed on Wednesday.
The South Basra Integrated Project will raise output at the Tuba oil field from 20,000 to 100,000 barrels per day (bpd) and includes a 200,000-bpd refinery, a 620,000-ton petrochemical plant, a 520,000-ton fertilizer facility, and two power stations with a combined capacity of 1,050 megawatts.
The deal follows recent high-profile investments, including a BP-led initiative to develop four oil fields in Kirkuk.
In February, Iraq and Saudi Arabia led global crude deals, ranging from export contracts to asset acquisitions. Analysts view the streak of agreements as a bid to monetize energy assets and diversify Iraq's economy.
Despite volatility in global markets, Iraq's crude shipments to Asia have also remained steady. Customs data showed China imported 1.11 million bpd in May, up 22,000 bpd from the same period last year. India followed with 931,000 bpd, down slightly from 959,000 bpd year-on-year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
6 hours ago
- Shafaq News
Trump announces new round of US-China trade talks
Shafaq News/ On Friday, US President Donald Trump announced that top American officials will meet with Chinese representatives for a new round of trade talks in London on June 9. Trump posted on Truth Social, that the US delegation will include Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Ambassador Jamieson Greer. 'The meeting should go very well,' he wrote. The announcement followed a rare phone call between Trump and Chinese President Xi Jinping, during which the two leaders addressed weeks of growing trade tensions, including disputes over critical mineral exports and tariff measures. Trump described the conversation as 'very positive,' reaffirming plans for continued talks. He had earlier acknowledged the challenges of securing a trade agreement with Chinese President Xi Jinping, calling the process 'extremely difficult,' as fresh tariffs on Chinese metal imports came into force. A fragile truce reached after the Geneva round in May, in which both countries agreed to temporarily lower tariffs—US duties dropped to 30% and China's to 10%—following earlier peaks of 145% and 125%, respectively. However, the temporary reductions are set to expire in early August. The US president recently accused Beijing of violating the pact, and US officials continue to cite delays in China's approval of critical mineral exports as a sticking point.
Shafaq News
8 hours ago
- Shafaq News
Following Shafaq Probe, Iraq orders global hunt for "forgotten" billions in state assets
Shafaq News/ The Iraqi Parliamentary Foreign Relations Committee called on the Ministry of Foreign Affairs to direct ambassadors, consuls, and diplomatic missions abroad to take concrete steps in identifying and reclaiming state-owned assets held overseas. The step came after Shafaq News investigation, citing senior diplomatic sources, revealed that Iraq owns at least 50 properties and investment ventures spread across Europe, Asia, and Africa. These include luxurious palaces, farms, banks, commercial offices, and key industrial facilities, many of which have remained unaccounted for since the fall of the previous regime. Committee member Mokhtar al-Mousawi told Shafaq News that Iraq possesses numerous properties and assets across various countries, all backed by official documentation. However, he stressed that these holdings require serious efforts to be formally registered under the Iraqi state once again. 'These assets include properties that were entrusted to individuals or registered under private names during the former regime. With the right diplomatic engagement, they can be recovered,' al-Mousawi stated. He urged the Ministry of Foreign Affairs to instruct Iraq's ambassadors and consuls to intensify their efforts to restore these properties—some of which are worth millions of dollars. According to al-Mousawi, notable examples include a large mosque in Australia, expansive tea plantations in Sri Lanka, and agricultural lands in Yemen. On domestic assets tied to the former regime, al-Mousawi noted that some seized properties in Baghdad's Green Zone are now being sold to current occupants at a rate of four million Iraqi dinars per square meter—a figure he criticized as undervaluing the strategic importance and location of these properties.
Shafaq News
8 hours ago
- Shafaq News
Syria reactivates key industrial facilities as economic rebuilding efforts intensify
Shafaq News/ The Syrian Ministry of Economy and Industry is moving forward with plans to rehabilitate and restart critical industrial plants, Hasan Al-Ahmad, Director of the Media Office at the Ministry, told Shafaq News. Al-Ahmad revealed that several major facilities have recently resumed operations, including the Hama Iron Plant and the Damascus Cables Factory, along with other strategic assets. 'These facilities are currently undergoing technical evaluations to assess their readiness for flexible and efficient investment models,' he said, adding that the goal is to maximize operational efficiency and ensure these assets contribute effectively to economic recovery. Supporting the national production, Al-Ahmad stressed, remains a cornerstone of Syria's industrial strategy. 'We want Syrian-made products to compete confidently in both domestic and international markets.' Regarding the Ministry's primary focus for the coming phase, it is 'to elevate the standards of the national industry, positioning it as a benchmark for quality and export potential.' This, he said, would help stimulate economic growth, create job opportunities, and strengthen public trust in local manufacturing. Syria's economy has been in a state of collapse since the outbreak of mass protests and civil conflict in 2011. A recent joint report by the United Nations Economic and Social Commission for Western Asia (ESCWA) and UNCTAD, published on January 25, 2025, and titled 'Syria at a Crossroads: Toward a Stable Transition Phase,' highlighted the challenges facing the Syrian economy and outlined scenarios for its potential recovery. According to the report, a recovery scenario assumes successful reconstruction efforts, governance reforms, and sufficient international aid, particularly in the fields of agriculture, industry, and energy. Under this model, Syria could regain up to 80% of its pre-war GDP by 2030, provided the country maintains an average annual growth rate of 13% over the 2024–2030 period. Even in this best-case scenario, per capita income would still reach only half of its 2010 level.
