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Page added on July 20, 2012
China starts oil field operation in southern Iraq
Iraq and China’s National Petroleum Corporation jointly launched the inauguration ceremony for the Halfaya oil field in the southern Maysan province on Wednesday.
Iraq’s Deputy Prime Minister Hussein Al-Shahristani, the Oil Minister Abdul Kareem Luaibi and the Chinese ambassador Ni Jian participated in the ceremony.
The field will produce 70,000 barrels of oil a day and five million metric tons per year.
Foreign investment is crucial for war-weary Iraq to develop its oil-rich land. Oil revenues make up nearly 95 percent of the Iraqi government’s annual budget.
4 Comments on "China starts oil field operation in southern Iraq"
DMyers on Sat, 21st Jul 2012 2:15 am
Go China! Make some deals. Keep it rolling. We need your stuff!!
BillT on Sat, 21st Jul 2012 3:15 am
And the beat goes on…lol.
Kenz300 on Sat, 21st Jul 2012 2:28 pm
China is very concerned about its growing oil use and the worlds supply of oil. It is increasing it subsidies of electric vehicles and hybrids to ease consumption and reduce pollution. They expect electric and hybrid vehicle sales to hit 5 million units by the end of the next decade. Car makers are required to have electric and hybrid vehicle programs as they update and install new capacity. The government is offering subsidies for energy efficient vehicles and appliances. China is moving to be a leader in electric vehicle production and alternative energy sources. Their solar and wind production capacity grew from almost nothing 5 years ago to being a world leader today. They see these as the future and want to provide them to the world while providing jobs for their citizens.
BillT on Sun, 22nd Jul 2012 2:14 am
Kenz, you are correct. They are working to be the next global leader for the 21st century. Imagine what the US could do if it directed just 50% of the Trillion plus dollars we blow on security/military stuff each year. $500,000,000,000.00 per year for solar and wind and rail systems and…