By Jianli Yang | September 5, 2022
In 2003, the United States invasion of Iraq liberated the Iraqi people from the tyrannical rule of Saddam Hussein. Nearly two decades later, China has been busy exploiting Iraq’s oil-rich resources by aligning with militia groups to gain a strong foothold in the country’s lucrative oil industry.
So far, China has made three attempts to gain control of Iraq’s petroleum resources, but each attempt was foiled by Iraq’s oil ministry. For instance, Russia’s Lukoil and U.S. oil giant Exxon Mobil wanted to sell their stakes in major fields to Chinese government-backed firms, but intervention from Iraq’s Ministry of Oil prevented it. Even Britain’s BP was contemplating selling a stake to a Chinese company but was dissuaded by Iraqi officials. If China had succeeded, it might well have triggered an “exodus” of international oil giants that would leave Iraq open to a more extensive takeover by Beijing. Iraqi government officials have already expressed deep concern over the fast pace at which China is attempting to virtually take over Iraq. A recent demonstration near the headquarters of a Chinese oil company in Iraq’s southeastern governate of Maysan has once again brought into focus Iraq’s growing concern about China’s expansion into the oil sector… [Continue Reading]