Company “Sinochem Corp” Chinese one of the largest buyers of Iraqi oil in 2014
Company “Sinochem Corp” Chinese one of the largest buyers of Iraqi oil in 2014
09.11.2013 13:37
{Baghdad: Euphrates News} international reports revealed that the company “Sinochem Corp” China will become one of the largest buyers of oil in Baghdad next year 2014.
According to reports seen by the Agency {Euphrates News}, that “Sinochem Corp” will occupy the forefront of buyers when the company begins the Chinese General operation of the refinery wholly owned, and the longer this decade as the latest example of overcoming Iraq over his rivals in the Middle East in the competition for access to markets new in Asia. ” and increased production of Iraq quickly after years of unrest, while China is the destination most important oil exporters seeking new markets, as it surpassed the U.S. as the largest importer of oil in the world in September and led the growth in global demand for fuel for a decade. Iraq has confirmed that he is seeking to increase purchases China’s crude oil by more than two-thirds in the year, for its part, is planning “” Sinochem Corp for the use of Iraqi crude oil for occupancy {40%} of the ability of the new refinery, to replace the preliminary agreement to use Kuwaiti oil more expensive. and trade sources said is expected to refinery with a capacity for production capacity of {240} thousand barrels per day will repeat about {100} thousand barrels per day of Iraqi crude after the completion of the tests, which is scheduled to begin in January 2013. was the Deputy Prime Minister for Cun energy Hussain al-Shahristani , had said earlier this month that “Iraq is expected to get China to {70%} of crude oil, or a total of {850} thousand barrels per day, in 2014 compared to current levels of export. Shahristani said that the total oil exports Iraq now is {2.5} million barrels per day, but in the first quarter of 2014 we expect to rise to four million barrels per day. expect Iraq to reach its oil production to {3.5} million barrels per day by the end of the year, but the lack of infrastructure and the security situation poor have hampered his efforts to keep the rate constant output and exports. ended
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