Iraq looks to Chinese investors to meet ambitious output growth plans

Iraq’s ambitious and long-stated drive to boost its crude production capacity has Baghdad increasingly looking eastward for needed investment, as western majors recalibrate their portfolios and seek higher returns. Many western international oil companies have pulled back from Iraq, with China, by far the biggest buyer of Iraqi crude, bidding aggressively to replace them in recent years. Some 34% of… Iraq’s ambitious and long-stated drive to boost its crude production capacity has Baghdad increasingly looking eastward for needed investment, as western majors recalibrate their portfolios and seek higher returns. Many western international oil companies have pulled back from Iraq, with China, by far the biggest buyer of Iraqi crude, bidding aggressively to replace them in recent years. Some 34% of… Read More