China agrees to write off 80% of Iraq's debt

[arh777]

2009-11-22

ال
China agrees to write off 80% of Iraq's debt

. China has agreed to write off 80 percent of Iraq's debt, amounting to 8.47 billion dollars for the crowned by an agreement in principle entered into more than two years. This agreement comes after an increase of Chinese imports of Iraqi crude oil and also in the aspiration of the Chinese companies working in oil companies such as CNN. that. me. C to win contracts to develop vast oil reserves in Iraq.
و
م. Said Hassan al-Haidari, an adviser to the Central Bank of the deal are similar to those agreements that were reached with the Paris Club of creditor nations, under which to write off 80 percent of the debt that dates back to the reign of Saddam.

و. She said the Iraqi Finance Ministry in a statement that the Iraqi finance officials have agreed to the conditions in Beijing this month and the final signature of this Convention will be held in December. وأ. Haidari said that the deal include the write-off of Iraq's debt owed to the companies, the Chinese government and is expected to encourage Chinese enterprises to participate in the reconstruction of Iraq, though it will cause in favor of these companies when it comes to investment bids.
http://translate.googleusercontent.c...an1tZxREk4AWFQ

[Howler]

yep, they have agreed to this in principal for 2 years now.
Iraq must have sweetened the deal with some oil.

[BettingOn Iraq]

yep, they have agreed to this in principal for 2 years now.
Iraq must have sweetened the deal with some oil.

But Iraq's oil minister is playing hard ball with China's Sinopec for dealing with Kurdistan. Before China signed on the dotted line, Sinopec should have been included.

[EBJNYC]

China is HEDGED in Iraq BOTH ways - CNPC and SINOPEC - one gets rejected the other is accepted - No LOSS for China ! However the BIG picture is as follows - China is Irans biggest oil customer - hence China's reluctance to DIVORCE Iran politically-economically. However China has stated to U.S. sources that "IF" given a NEW source for oil - besides Iran - they will gladly END the relationship. Okay what do you think that NEW source will be --- IRAQ OF COURSE. As soon as Iraq gets up and pumping than Iran will LOSE its China ally. This will INCREASE demand for Iraq oil and HOPEFULLY its currency NOT to mention Iran losing its leverage against U.S.A. relating to its NUCLEAR posturing.

[Torquewrench]

Odds are, Iraq is going to allow China to pay for their oil with all the US treasuries they bought to fund our war!

Kinna cool when you think about it!

[BettingOn Iraq]

China is HEDGED in Iraq BOTH ways - CNPC and SINOPEC - one gets rejected the other is accepted - No LOSS for China ! However the BIG picture is as follows - China is Irans biggest oil customer - hence China's reluctance to DIVORCE Iran politically-economically. However China has stated to U.S. sources that "IF" given a NEW source for oil - besides Iran - they will gladly END the relationship. Okay what do you think that NEW source will be --- IRAQ OF COURSE. As soon as Iraq gets up and pumping than Iran will LOSE its China ally. This will INCREASE demand for Iraq oil and HOPEFULLY its currency NOT to mention Iran losing its leverage against U.S.A. relating to its NUCLEAR posturing.

Good stuff!! I hadn't thought of it that way. Makes a lot of sense.

Thanks

[mcreighton20]

From what I understand this deal should be inked by mid Dec?