Iraq zhongtuo invests in energy storage

Could China buy Iraqi oil?

Iraq is the country’s third largest source of oil behind Russia and Saudi Arabia. Iraq sends 35% of its crude to China, and the trade volume between them has reached $50 billion. Still China could also end up buying the newfound Iraqi oil and gas developed by American companies.

Why is China developing 10 more oil and gas fields in Iraq?

China, which was already one of the leading operators of oil and gas fields in Iraq, is now developing 10 more oil and gas fields after winning a competitive bid process to develop selected blocs earlier this year. Pyatt said, “Sudani is serious about trying to attract Western investment into the sector.

Is Iraq the second largest oil reserve in OPEC?

“Everybody recognizes the asset that Iraq represents, second largest proven reserves in OPEC,” Geoffrey Pyatt, the State Department’s Assistant Secretary for Energy Resources told Forbes. Iraq has 145 billion barrels of proven oil reserves, which is about 100 years of supply at the current rate of production, according to the World Bank.

Is Iraq a fungible market?

It’s a fungible and integrated market, with the exception of Russia, which has managed to put itself deep into the penalty box because of Ukraine and which is excluded from mainstream markets,” he said. This relationship between the new Government of Iraq and the U.S. government has been developing over nearly 6 months in force.

Will Iraq be able to connect to the GCC electricity grid?

Another planned power initiative aims to connect Iraq to the GCC electrical grid. This endeavor envisions delivering 1.8 gigawatts of electricity by 2025, stretching from the al-Wafra station in Kuwait to Iraq’s Al-Faw station in the south.

Which energy storage technology has the most installed capacity in MENA?

Pumped hydro storage (PHS) has the largest share of installed capacity in MENA at 55%, as compared to a global share of 90%. Pumped hydro storage is one of the oldest energy storage technologies, which explains its dominance in the global ESS market.