Selling Eastward: Chinese, Indian Corporations Lead in Iraqi Oil Acquisitions
Shafaq News/ April saw Chinese corporations emerge as the frontrunners in the procurement of Iraqi crude oil, a monthly report by the state oil marketer, SOMO, revealed on Monday.
Eight Chinese firms, out of a total of thirty-six international entities engaged in oil transactions with Iraq during the prior month, highlight China's assertive trajectory in the acquisition of Middle Eastern oil reserves.
The dynamic Indian market trailed China in this particular race with seven active corporations in oil transactions for Iraq's oil. Drawing a tie for the third place were American and South Korean companies, fielding four each. Italian companies made a mark with three, while the Turks and Spaniards proffered two participating firms.
The array of remaining purchasers bore an international complexion, featuring lone representatives from Dutch-British, French, Azerbaijani, Malaysian, Emirati, and Greek consortiums.
SOMO, as by the report, reiterated its commitment to enforcing stringent standards for contracting and leveraging agreements with global oil conglomerates, medium-scale independent entities, and comprehensively integrated governmental operations.
Prominent global corporations surfacing in the list of Iraqi oil acquirers included renowned names like India's Hindustan, Korea's Kukje, China's PetroChina, the US Exxon Mobil, the Dutch-British Shell, and Italy's Eni.
