Cursor International executes projects and collaboration activities across several industries.
By John Lee.
China Petroleum Engineering Procurement & Construction (CPECC) has reportedly won an engineering contract for a plant to process gas from the Gharraf (Garraf) and Nasiriyah fields.
According to Upstream Online, the contract was awarded by lead contractor Baker Hughes.
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(Source: Upstream Online)
The post China Wins Engineering Deal for Giant Iraqi Gas Plant first appeared on Iraq Business News.
By John Lee.
Iraq was the largest beneficiary from China’s Belt and Road Initiative (BRI) in 2021, according to a study by the Green Finance & Development Center, at Shanghai’s Fudan University.
It says the country with the highest construction volume was Iraq, with about $10.5 billion, followed by Serbia (about $6.8 billion) and Indonesia (about $2.4 billion).
In the energy sector, Iraq received by far the most investment from China in 2021.
Iraq and China cooperate on oil (e.g., construction of the Al Khairat heavy oil power plant with a total value of about $5 billion), gas (e.g., development of the Mansuriya gas field by Sinopec together with Iraq’s Midland Oil Company), as well as solar (e.g., a 2 GW power PV project, currently in permission stage developed and owned by Power Construction Corporation of China valued at $3.7 billion).
The report suggests that the price for the solar power project seems unusually high if no energy storage facility is included, with a comparable 2.2GW solar plant completed in China’s Qinghai, with 202 MWh storage, at a cost of $2.2 billion.
A Chinese company, the China State Construction Engineering Corporation (CSCEC), will also rehabilitate Nassiryiah International Airport.
The full report can be read here.
(Source: Green Finance & Development Center)
The post Iraq was Largest Beneficiary of China’s Belt & Road in 2021 first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins says that China has continued to press home the geopolitical advantage given to it in Iraq following the official end of the U.S.’s ‘combat mission’ in the country with the conclusion of three huge deals, all focused on the oil sector.
Click here to read the full article.
The post China “Tightens its Grip on Iraq” with 3 Major Oil Deals first appeared on Iraq Business News.
By John Lee.
Kuwait Energy Basra Limited (KE Basra), an indirect wholly-owned subsidiary of Hong Kong-based United Energy Group (UEG), has entered into the EPCC (engineering, procurement, construction and commissioning) contract with a Chinese consortium to provide a central processing facility including oil treatment system and auxiliary systems at Block 9 in Basra.
The contractor is a consortium formed on 31 December 2020 and consisting of China CAMC Engineering and CNOOC Petrochemical Engineering.
According to disclosure documents lodged with the Stock Exchange of Hong Kong, the contract price is US$593,584,975 and the work should be completed within 33 months from the date of commencement. (The foundation stone for the project has just been laid).
The main purpose of this central processing facility project is to increase crude oil production capacity of Block 9 to 100,000 barrels per day (bpd).
In its statement to the Hong Kong Stock Exchange, UEG added:
“Kuwait Energy Basra Limited is a limited liability company incorporated in British Virgin Islands and an indirect wholly-owned subsidiary of the Company.
“KE Basra is the operator of the Block 9 contract area located in the Basra Governorate, Southern Iraq, pursuant to the Exploration, Development and Production Service Contract with the contracting parties of Basra Oil Company (an Iraqi State Oil Company), KE Basra, Dragon Oil (Block 9) Limited and Egyptian General Petroleum Corporation.“
(Source: UEG)
The post Chinese Consortium wins $594m Iraq Oil Processing Contract first appeared on Iraq Business News.
By John Lee.
The President of the Iraqi National Oil Company (INOC) has laid the foundation stone for the $594-million crude oil processing plant at Block 9, within the Al-Fayha Oil Field in Basra Province.
Ihsan Abdul-Jabbar Ismail said that the development is important for the production of light oil, with a target for this project of up to 100,000 barrels of crude oil per day, along with 135 mmscfd of gas at a future stage for electricity production.
Khaled Hamza, General Manager of Basra Oil Company (BOC), said the development of the field was started in 2014 by Kuwait Energy Company (KEC) and continued by the Chinese company UEG [United Energy Group] which acquired KEC, and that the first exploration well was drilled and the results were encouraging.
He stressed that the oil produced from the exploration Block 9 is one of the best types of oil globally.
The CEO of UEG, Sonk Yu [Song Yu, Chief Operation Officer??], said that laying the foundation stone for the development was an important moment for the company.
(Sources: Ministry of Oil, UEG)
The post Work Starts at $594m Oil Processing Plant at Block 9 first appeared on Iraq Business News.
By John Lee.
The Chinese company Sinopec (China Petroleum & Chemical Corporation) has signed a deal to develop the Mansuriyah gas field in Diyala.
The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation and “various industrial projects“.
With an area of 150 km2 and gas reserves estimated at 4.5 trillion standard cubic feet, Mansuriyah is the second largest gas field in Iraq, after the Akkas field in Anbar Province.
Sinopec will have a 49-percent interest in the field, with Iraq’s state-owned Midland [Middle, Central] Oil Company having 51 percent.
Previous information suggested that the contract will run for 25 years, and may be extended for an additional five years.
In 2010, an agreement had been signed for the field to be developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%). This consortium stopped development in 2014 due to security concerns, and the agreement was reportedly cancelled in 2020.
The signing follows the initial announcement of the award in April 2021. At the ceremony, the Minister for Oil clarified that the “final” contract will need to be signed by the next government.
(Source: Ministry of Oil)
The post Deal Signed to Develop Iraq’s Mansuriya Gas Field first appeared on Iraq Business News.
By John Lee.
The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra.
Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic.
In parallel, Iraq’s state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 onshore area.
Following these studies, one exploratory well will be drilled onshore and one offshore.
The announcement was made following a workshop (pictured) to study plans for the development of marine blocks, organized by the Oil Exploration Company in cooperation with CNOOC.
(Source: Ministry of Oil)
The post CNOOC to Explore Offshore in Iraq first appeared on Iraq Business News.
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)‘s acquisition of ExxonMobil‘s 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq’s oil industry still unable to achieve any of its key oil output goals.
Click here to read the full article.
The post China “the Only Winner” in this Huge Iraqi Oil Field first appeared on Iraq Business News.
By John Lee.
The preliminary principles agreement for the Al-Faw investment refinery project has been signed in Baghdad.
The refinery will have a capacity of 300,000 barrels per day, while the petrochemical complex will be able to produce 3 million tons [per annum?].
The Minister of Oil, Ihsan Abdul-Jabbar Ismail, said that this project will enhance the role of Iraq in manufacturing and petrochemical industries and contribute to sustainable development, adding that this contract is valued at 7-8 billion dollars.
The contract was signed by the Director General of South Refineries Company (SRC) Hussam Hussein Wali, on behalf of the Ministry of Oil, and Yu Fang Chunk, General Manager of Hualu, on behalf of the Chinese side.
Hualu Engineering & Technology is majority controlled by China National Chemical Engineering Company (CNCEC), and describes itself as “an international engineering company proficient in providing project services such as investment and financing, consulting, technology research and development, engineering design, procurement, construction management, commissioning supervision, and plant operation and maintenance.”
(Sources: Ministry of Oil, Hualu)
The post Agreement Signed for Al-Faw Refinery Project first appeared on Iraq Business News.
By John Lee.
China’s Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) has signed a partnership contract with the Iraqi Drilling Company (IDC).
The Director General of the IDC, Basem Abdul Karim, said that the contract includes the provision of support and completion of the work associated with drilling and reclamation operations at Iraqi oil fields.
It also includes the development of personnel and the transfer of expertise and technology.
(Source: Ministry of Oil)
The post China signs Partnership Contract with Iraqi Drilling Company first appeared on Iraq Business News.