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Samson » January 16th, 2022
Five Issues Summarizing The Motives Behind China’s Interest In Iraq
16th January, 2022
On Sunday, the economist Nabil Al-Marsoumi, in a Facebook post seen by / the information, attributed the motives of Chinese interest in Iraq to five issues related to the Belt and Road project and the future of energy, as well as the Sino-American conflict.
Pressure on Washington
The economist considers that “the Chinese interest in promoting trade exchange with Iraq is due to Beijing’s targeting of its relations with Iraq as a pressure card on Washington, especially in light of the American military presence there, which made it an arena prepared to pressure the United States by establishing economic relations with Baghdad that allow in the future, it will have political influence over the Iraqi political elites and promote options that affect US-Iraqi relations.”
Belt and Road Project
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On the other hand, Al-Massoumi affirms that “the strategic importance of Iraq lies in its geographical location, which is located in the heart of the Middle East, which is a contact area and confluence of the continents of the ancient world. It is in an important position in its political and strategic priorities for many considerations, including: its geographical location, Iraq’s enormous wealth, its strategic location in the continent of Asia, and the possibility of an influential Iraqi role in regional policies in the future.”
Oil exports
With regard to oil, the economist pointed out that “Beijing is seeking to increase its investments in the field of energy in Iraq, as the Iraqi Ministry of Oil announced in April 2018 that the Chinese company UGE had obtained a contract to develop the Sinbad exploratory patch in Basra. Geo Jaid also acquired two contracts for the development of Naft Khana and Al-Hawizeh in the Maysan Governorate.
He pointed out that “in April 2018, Iraq signed a contract with the Chinese companies “Power China” and “Norinco International” to build an oil refinery with a production capacity of 300,000 barrels per day in the Faw port on the Gulf, and therefore China seeks to invest in international oil fields, including the fields Iraqi oil companies, as Chinese companies own different stakes in five of the Iraqi oil fields under the first and second oil licensing rounds. China is also interested in buying the shares of the US Exxon Mobil and Lukoil of Russia in the West Qurna 1 and 2 fields. He considered that “Chinese companies’ chances of obtaining oil contracts in Iraq are increasing, as a result of their willingness to negotiate flexible and conclude contracts on concessional terms compared to others with the International Oil Company.”
Market for chinese products
The Iraqi market, according to al-Massoori, is “close to China compared to European and American markets, and Iraq has turned into one of the largest importers of Chinese products after 2003, especially with the deterioration of the purchasing power of Iraqi citizens, and their inability to obtain high-cost imported products.”
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The economist believes that “Beijing seeks to influence various regional and international issues and events, in addition to securing the energy sources necessary for the continuation of its economic growth, which is linked to achieving stability in countries such as Iraq.”
He pointed out that “some analysts believe that Beijing is taking the economy as an entrance to the future impact on the political situations and interactions in Iraq,” noting that “the Chinese strategy towards Baghdad is based on the need to develop strategic relations with regionally important countries, including Iraq, which could play a future regional role. in the East”. LINK
Source: Dinar Recaps
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