an oil company Exxon stake Buy China Mei Iraq

A little more than a year after President Barack Obama declared an end to the war in Iraq, the Chinese company is a leading player in the oil sector country. China National Petroleum Corp (CNPC) jointly operates three fields in southern producing 1.4 million barrels per day more than half of Iraqi production. China and Malaysia are the largest part of international contracts, said Abdul Mahdy al-Ameedi, an official with the Iraqi Oil Ministry. "We are very satisfied with the work of Chinese companies," said al-Ameedi, responsible for the oil contracts and oil licensing.Now Chinese can buy (Xom) ExxonMobil's position in the field of Qurna, West 1, which has reserves worth $ 50 billion. Derek Scissors, a senior research fellow at the Heritage Foundation, an expert in Chinese state-owned enterprise, speaking in December with the Chinese oil company executives talk about Iraq Exxon sharing. China executive warned it is not a done deal, Scissors said. Iraq Ministry of Oil and Exxon not comment on the possibility of Iraq's oil industry was abuzz with rumors that agreement.The CNPC Hong Kong-listed subsidiary, PetroChina, is the leading bidder. PetroChina spokesman did not return phone calls and e-mails. A stake in the West Qurna 2 field nearby, you can go to China as well. Lukoil is Russia running on the field, but the project partners, Statoil of Norway, is pulled. "An interesting partner for us is China, where there is a strong growth in demand," said the head of Lukoil Vagit Alekperov journalists in Russia on Jan. 15. Iraq, which produces about 3 million barrels of crude oil per day, is expected to reach 8 million barrels in 2035, according to the International Energy Agency based in Paris. At that time, 80 percent of Iraq's production will go to China. "Baghdad to Beijing is the new Silk Road of global oil oil workers from Baghdad and capital investment from Beijing," said Fatih Birol, chief economist at the IEA. Chinese construction of power plants is cemented relationships. It helps China develop the field at a lower cost than their competitors, said Wenran Jiang, a political scientist at the University of Alberta who studies China's energy industry. Chinese managers and engineers usually get a quarter of the wages paid by Western companies, estimated Jiang. Iraq offered foreign carriers as little as a few dollars per barrel produced, it is difficult to get the money, said Trevor Houser, energy and natural resource expert on China-focused consultancy Rhodium Group. Some companies, including Exxon, move to Kurdish, the more liberal terms. China may have little choice but to accept the terms offered by the Iraqi Oil Ministry. Foreign oil to meet nearly 60 percent of the needs of China today. Which is likely to increase to 80 percent by 2035, said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University. "It is not that the Chinese wanted to go to Iraq," says Lin. But "not many places left." Bottom line: fast bulking Chinese oil companies in Iraq, which could sell 80 percent of crude oil production in Nayla Razzouk China.With, Kadhim Ajarash, and Matthew Philips