Iraq begins depositing money with China and increasing its oil exports to it
Iraq begins depositing money with China and increasing its oil exports to it
1/8/2020 7:29 PM
{Baghdad: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that Iraq started working on two vital projects in the oil and energy sectors within the agreement signed with the Chinese side.
Saleh said in a dialogue held in cooperation with the Iraqi Economic and Political Center, that “the agreement entered into force as of October 1 and since the beginning of this year, nearly half a billion dollars has been entered into the balance of the sovereign account of Iraq with China.”
He pointed out that “these revenues result from the export of 100 thousand barrels per day and will be spent to finance infrastructure projects in Iraq.”
The financial advisor emphasized that “Iraq started work on two projects within the Chinese agreement, namely; building a project for a thermal power station in northern Baghdad with a capacity of 1400 megawatts and a project for strategic oil storage in southern Iraq.”
He pointed out that the agreement with China extends for 20 years to rebuild dilapidated infrastructure in Iraq.
And Saleh continued that Iraq is likely to raise its oil exports to China to 300 thousand barrels per day instead of 100 thousand b / d if he sees his interest as necessary.
On September 23, Iraq and China signed eight agreements and memoranda of understanding . The agreements and memoranda of understanding included the financial, commercial, and security fields, construction, communications, culture, education and foreign affairs.
In the forefront of the agreements and memoranda of understanding signed, the agreement to implement the framework agreement mechanisms between the Ministry of Finance and the Chinese Credit Guarantee Agency (Sainh Shore), the agreement on economic and technical cooperation, a memorandum of understanding between the Iraqi Ministry of Finance and the Chinese Ministry of Trade on cooperation for post-war reconstruction in Iraq, and a memorandum of understanding between the Chinese Ministry of communications and the Office of Aeronautics in satellites, and a security memorandum of understanding between the Iraqi Ministry of Interior and public security in China , and a memorandum of understanding between the Iraqi and Chinese Foreign ministries on two missions allocated to land Aldblomaseta , And a memorandum of understanding between the Ministry of Higher Education and the Information Office of the State Council to establish a Chinese library at the University of Baghdad, and a memorandum of understanding the Executive Program for Cultural Cooperation. is over
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