Iraq Expects $1.75bln From Chinese Reconstruction Fund in 2020
01.20.2020 By Greta Talmaci - NEWS

January 20, 2020 [Zawya] – OPEC member Iraq expects to net nearly 2.087 trillion Iraqi dinars ($1.75 billion) from the sale of 100,000 barrels per day of crude oil to China in 2020 within their oil-for-construction fund agreement, an Iraqi official said in remarks published on Thursday.

Mudhar Saleh, a financial adviser to the Iraqi Prime Minister, said the funds would be included in the 2020 budget for as part of allocations for post-war reconstruction projects in the Arab country.
He said Chinese companies have already been awarded two projects to rehabilitate a power thermal plant in Samara north of the capital Baghdad and complete giant oil storage tanks in the Southern Nasiriyah city, adding that only 25 percent of the tank project has been completed.
The 2020 budget will include around 2.087 trillion dinars for projects, an equivalent of 100,000 bpd of oil to be exported to China for one year,” Saleh said.
Saleh had earlier said Iraq could triple oil sales to 300,000 bpd to China at a later stage as part of their recent agreement that allows Baghdad to fund infrastructure and other projects with oil sales to Chinese firms.

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

Hiap Huat JV Co to Build RM100m Liquid Bulk Storage Terminal in West Port Over Five Year Period
06.21.2024 - NEWS
June 21, 2024 [New Straits Times]- Hiap Huat Holdings Bhd’s joint venture company with KL P... Read More
Madrid-Based Company FRV Announces Plans to Develop Green Hydrogen Project in Brazil
06.21.2024 - NEWS
June 21, 2024 [Bioenergy Times]- FRV, a renewable energy development company based in Madrid and ... Read More
China's Wison New Energies to Quit Russian Projects in Blow to Arctic LNG 2
06.21.2024 - NEWS
June 21, 2024 [Reuters]- Chinese engineering firm Wison New Energies has decided to discontinue a... Read More
TotalEnergies, NNPC Take FID on New Gas Project to Supply Nigeria LNG Plant
06.21.2024 - NEWS
June 21, 2024 [LNG Prime]- France’s TotalEnergies and Nigeria’s NNPC have taken the final inv... Read More