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2014-06-14 19:05:00

CHINA CAN HELP IRAQ

CHINA CAN HELP IRAQ

China said on Friday that it was watching security developments in Iraq closely after Islamist fighters captured two more towns in a southward sweep, and offered the Baghdad government whatever help it can give.

China is the top foreign player in Iraq's oilfields, which are the largest in the Middle East open to foreign investment, and has a natural interest in the country's stability.

"China is paying close attention to the recent security situation in Iraq and we support the Iraqi government's efforts to maintain domestic security and stability. We hope that Iraq can return to stability, safety and normality as early as possible," said Hua Chunying, a Foreign Ministry spokeswoman.

"For a long time, China has been giving Iraq a large amount of all sorts of aid and is willing to give whatever help it is able to," she told a daily news briefing without elaborating.

China had asked Iraq's government to ensure the safety of Chinese people in the country, Hua said, though she did not say if any there had been any effect on Beijing's oil interests there.

State-run China National Petroleum Corporation (CNPC), China's biggest oil and gas producer, has three projects in Iraq, in the country's south and southeast.

Most of Iraq's oil drilling and export facilities are in the south, where al Qaeda-inspired groups have little support. They are not expected to be as vulnerable to insurgents as infrastructure in northern Iraq.

Analysts, however, said there was little China can do to immediately bolster the Iraqi government and protect their interests, despite aid it has offered to Baghdad in the past.

"The situation shows how mixed up the geopolitics of the Mideast and oil have become," said Daniel Yergin, the vice chairman of research group IHS and a noted oil historian.

"This time, the U.S. and China and Iran are all on the same side, trying to preserve the Iraqi state - each of them with their own interests, and all of them unprepared and caught by surprise," he said.

reuters.com

Tags: CHINA, IRAQ, CNPC, OIL, GAS

Chronicle:

CHINA CAN HELP IRAQ
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

CHINA CAN HELP IRAQ
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

CHINA CAN HELP IRAQ
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

CHINA CAN HELP IRAQ
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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