Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
Chinese firms bid for oil exploration in Iraq
Adjust font size:

China National Petroleum Corp, China Petrochemical Corp and two other Chinese companies will bid for oil and gas exploration rights in southeast Iraq as energy demand rises in the world's fastest-growing economy.

The two parents of PetroChina Co and China Petroleum & Chemical Corp, as well as China National Offshore Oil Corp and Sinochem Corp, have started to assess fields in Iraq, Zeng Xingqiu, Sinochem's chief geologist, told Bloomberg News yesterday.

China, which relies on imports for about half of its crude-oil needs, is seeking investment in overseas petroleum fields to satisfy growing energy demand from an economy that expanded 10.6 percent in the first quarter.

"Sinochem has completed evaluating 10 small fields in southeast Iraq," Zeng said. "The biggest risk is political uncertainty in that region. It's difficult to predict when we can produce oil from the fields."

The four Chinese companies are among 41 globally that have been allowed by the Iraqi government to bid for exploration rights, he said.

(Shanghai Daily July 4, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- China Welcome to Explore Iraqi Oil Resources: Envoy
- Iraqi nod to Chinese oil firms
Most Viewed >>
- Auto China 2008 staged in Beijing
- China denies hoarding overseas farmland
- Forex cap of $50,000 set for Olympics visitors
- Baosteel, BHP Billiton agree on ore price
- MA600 rolls off line in Xi'an on Sunday
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?