Iraq revives Saddam deal with China (China to develop 90,000 BPD Iraqi oil field)

Financial Times ^ | June 22 2007 | Jamil Anderlini and Steve Negus

[DaveTesla]

Baghdad has revived a contract signed by the Saddam Hussein administration allowing a state-owned Chinese oil company to develop an Iraqi oil field, the Iraqi oil minister told the Financial Times in Beijing on Friday.

Hussein al-Shahristani also said Baghdad welcomed Chinese oil company bids for any other contract in the country through a “fair and transparent bidding process” to be laid out in the new oil law under discussion in Iraq’s parliament.

China National Petroleum Corporation, the country’s largest oil company and the parent of listed group Petrochina, signed a deal with Iraq in 1997 to develop the al-Ahdab oil field. The field is one of the first to be offered to foreign investors since the 2003 US-led invasion.

Iraq has been reluctant to revive Saddam-era contracts, but seems to have turned to China as security problems and uncertainties over Iraqi investment law have deterred other investors.

The field had an estimated pre-war capacity of 90,000 barrels a day and the 1997 contract was valued at about $1.2bn (€900m, £600m). “The contract with the previous administration is still valid – it was signed and we will honour it,” Mr al-Shahristani said. “We have been talking since I visited China eight months ago and the Chinese have just submitted a revised proposal to meet the new technical requirements for oil field development laid out by the Iraqi government.”

He said there were still some technical details to work out but that the two sides would begin discussing revised commercial terms and price details “within one month”. It was too early to put a dollar value on the revised contract.

US diplomats in Beijing said they were not aware that the deal had been revived.

[DaveTesla]

A state-owned Chinese oil company is not a western idea it’s communism.

[Neu Pragmatist]

You nailed it Dave !

[billbears]

“During the five-month period, the top ten countries (in terms of dollar amount) making investments were: Hong Kong, the British Virgin Islands, Japan, the Republic of Korea (South Korea), Singapore, the United States, the Cayman Islands, Samoa, Taiwan and Mauritius. “

That’s complete bunk.

Wow. Sorry for me posting a news story. The article is talking about companies from those nations (course I imagine a good 'conservative' such as yourself will limit who companies should trade with eh?). I should have just asked Dave. I mean Dave knows more than fact

The United States has spent Billions (about 5 billoin so far) rebuilding Iraq.

Um yeah. Right. About 4 years ago perhaps. From last year

Iraq's deputy finance minister, Kamal Field al-Basri, said it was "reasonable" for the United States to sharply cut back its reconstruction efforts after spending about $21 billion.

So 21 billion last year Dave. But heck it's just taxpayer money, let's throw some more at 'em eh? Not to mention the $12 billion 'lost. So that's up to over $30 billion in 'rebuilding' costs Dave. How much more should we waste on unconstitutional ventures?

So tell me, are you upset that the Iraqis are exercising their sovereignty that we supposedly 'gave' them or is it that they're not trading with our nation as if they owe us something?

[DaveTesla]

“Wow. Sorry for me posting a news story. The article is talking about companies from those nations (course I imagine a good ‘conservative’ such as yourself will limit who companies should trade with eh?). I should have just asked Dave. I mean Dave knows more than fact”

So tell me something, would you open a business there?
Would you invest in a place where your personnel can be kidnapped and murdered?

“How much more should we waste on unconstitutional ventures?”

Every bit of our venture was voted on and approved by
congress.

We dam sure shouldn't give it away to the communists.

While I believe in the principals put forth by Hayek
I don't believe he had a state run communist enterprise
that is arming our enemy's and posing a threat to the world
in mind.

And I see you don't mind the Chinese taking over where they
left off during the oil for food scandal.

Where does it end?
Were letting the Chinese first poison our pets now us,
sell adulated food and medical supplies, latex gloves for surgery
with holes in them, sell weapons to murder our soldiers,
undermine our economy, commit economic espionage on our
industry, etc, etc.

And you think this is what a free market is about.

[billbears]

So tell me something, would you open a business there? Would you invest in a place where your personnel can be kidnapped and murdered?

Yeah, why not? You can get kidnapped or murdered anywhere? Or has the crime rate here in the US dropped to zero when I wasn't looking?

Every bit of our venture was voted on and approved by congress.

The new 'conservatism'. If Congress approves it, it's constitutional by default. Well that saves a lot of time I suppose....

And you think this is what a free market is about.

Any market has its faults and its growing pains but

Indeed, the largely hidden role of a vibrant, efficient private sector may help explain why Chinese growth continues to be as high as it is, despite the losses at state factories. In five years, more than 60% of the economy will be in private hands and employ some 75% of China's workforce, says Zhong Jiyin, an associate professor at the Chinese Academy of Social Sciences.

Quick run over to Business Week and tell them these companies don't exist. Never mind the data, tell 'em Dave said they don't exist!! Because that would assume the existence of a growing free market..You may want to do a search on China and capitalism though....

[DaveTesla]

Not a word about them selling weapons to kill Americans.

Somehow you keep avoiding that FACT.

Just a bunch of propaganda on how it is good to get
rich quick selling American industry and jobs to the Communists.

Like Stalin said, The capitalists will sell us the rope to hang them with.

"says Zhong Jiyin, an associate professor at the Chinese Academy of Social Sciences."
Your quoting the communists?

The greedy sold them half our industry and there still every bit communists as when we started.

Try fighting a war with the Chinese when they make all the machinery and semiconductors.

What part of there selling the weapons to terrorists to kill Americans did you not understand?
Or is it that your wallet takes a higher priority than the
lives of or sons in the military?

Argue all you want. You will see it is a mistake in the end.

[DaveTesla]

The greedy sold them half our industry and their still every bit communists as when we started.

[billbears]

Not a word about them selling weapons to kill Americans. Somehow you keep avoiding that FACT

No it's of no matter. Forces from around the world supply guerrilla fighters. Here's a shocker for you. In the past, neutral nations were known to have supplied materials for both sides of a war. Standard practice that fell out of favor for a long time but not so out of norm as it pertains to international relations.

So yes while I realize China is making a mistake in supplying current guerrilla fighters in theaters US forces are currently in, I wouldn't advocate cutting off trade with them either. As China continues to grow towards a capitalist economy and move into the region for economic expansion they will recognize the same threats, hence stop supplying those that would attack them.

Argue all you want. You will see it is a mistake in the end.

I tell you, with all the bugbears you lot see underneath your beds, I'm suprised there's room left to sleep in your bedroom

[billbears]

"Many big companies have sought to break into the China market over the past two decades, but few of them have been as ardent and unrelenting as Rupert Murdoch's News Corp. Murdoch has flattered Communist Party leaders and done business with their children," reports the NYT's Joseph Kahn.

"His FOX NEWS network helped China's leading state broadcaster develop a news web site. He joined hands with the Communist Youth League, a power base in the ruling party, in a risky television venture, his China managers and advisers say. Murdoch's third wife, Wendi, is a mainland Chinese native who once worked for his Hong Kong-based satellite broadcaster Star TV.

Run!!! Fox News is now out to get us...and LOOK he cozied up to the COMMUNISTS!!!! LOL. If I were you I wouldn't watch another minute of Fox (to tell the truth it may do you good, I haven't watched it in over a year). Just another entrepreneur doing business in a new market learning you have to work with what you got to get where you want it to be.

[DaveTesla]

Not a word about them selling weapons to kill Americans.

“No it’s of no matter.”

To some of us it is.
You see those men are my men, my friends.
And I would rather die than disgrace them.

[DaveTesla]

I don't care what Murdoch does.
I am An American and he is not.

After your comment in post #28 I care not to discuss
the matter with you any more.

That one made me sick.

I think your sick.

[billbears]

I don't care what Murdoch does. I am An American and he is not.

Yes but part of Murdoch's company is. And the rest of his company is owned by allied nations. So according to you, it's practically the same.

After your comment in post #28 I care not to discuss the matter with you any more.

What? It's a historical fact that 'neutral' nations have supplied both sides of a war before. You wanted realism, you got realism. These are facts Dave. It does us no good to cut off trade with China because of supplies they give to guerrillas.

Especially considering Chinese funding is helping to hold up our government. What? You don't think all these domestic programs (i.e. handouts) are free do you? Somebody owns those loans. And let me tell you Dave, it's not the Italians.

That one made me sick. I think your sick.

Realism and historical fact make you sick? You've got a weak stomach Dave-o

The point is that it's inevitable for another nation to take leadership. It happens, it's the way things are. Historically there's always been a break as the next Empire rises. At the beginning of the 20th century there wasn't much of a break though. The handoff from the Empire upon which the sun never set to our own was rather short (perhaps 20 years). But Britain survived.

I don't know if there will be a break this time, but as the world has shrunk there may not be. We may have passed our apex or we may currently be at it. But personally don't see much growth left. This isn't anti-American it's just a long view of things.

Now you can deal with it, invest properly and perhaps make some retirement dollars off of it. Or you can continue to do what you're doing now. But be sure, American companies and our own government aren't going to be following your path. There's too much at stake

[DaveTesla]

“The point is that it’s inevitable for another nation to take leadership. It happens, it’s the way things are. Historically there’s always been a break as the next Empire rises.”

Yeah I read you loud and clear, you would sell America
down the river.

Good luck with your new communist boss.

He likes useful Idiots.

[billbears]

Yeah I read you loud and clear, you would sell America down the river.

I'm not selling anything. The companies are. With the blessings from our government. And as pointed out from current data and news articles China is becoming less communist. It's not the US standing up against anything, that form of economic model doesn't take into account human nature and eventually fails. Or do you believe that communism could exist perpetually if not for blocked trade?

You can hope for America for 1000 years but for the Romans it's never happened. And the way information travels, not to mention trade of ideas and materials, how fast militaries move, it's doubtful it could ever happen again. These are historical points Dave.

How exactly is this 'selling' anything?

Good luck with your new communist boss. He likes useful Idiots.

If China follows the path of Vietnam (which there's no reason to doubt otherwise looking at the data), it's likely China will be 'communist' in name only within a decade. Within a generation or so, they most likely drop the name entirely as it won't mean anything.

[avacado]

"China National Petroleum Corporation, the country’s largest oil company and the parent of listed group Petrochina, signed a deal with Iraq in 1997 to develop the al-Ahdab oil field. "

China cannot develop crap, without stealing American oil & gas exploration technology. The Iraqis just bought second hand technology stolen by people who don't even understand it themselves.

DUMB!