
China scores major energy deal in Iraq
Iraq’s Ministry of Oil signed an $8 billion agreement with China’s state-owned Hualu Engineering & Technology to oversee expansion of al-Faw Petrochemical Complex, allowing its refinery to process 300,000 barrels per day of crude. The expansion of al-Faw complex, along the strategic Shatt al-Arab waterway in Basra governorate, is the largest yet undertaken in the Iraqi energy sector, and is seen as facilitating a new thrust of output by the country’s oil industry. The deal is a “build-own-operate transfer” (BOOT), which means Hualu could gain effective control of the facility. Â Hualu is majority-controlled by the giant China National Chemical Engineering Company (CNCEC). (Map: University of Texas Libraries)