Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy.
Follow Israel Hayom on Facebook, Twitter, and Instagram
Since the start of 2021, plans by Russia's Lukoil and US oil major Exxon Mobil to sell stakes in major fields to Chinese state-backed firms have hit the buffers after interventions from Iraq's oil ministry, according to Iraqi oil officials and industry executives.
Selling a stake to a state-run Chinese company was also one of several options being considered by Britain's BP, but officials persuaded it to stay in Iraq for now, people familiar with the matter said.
China is Iraq's top investor and Baghdad was the biggest beneficiary last year of Beijing's Belt and Road initiative, receiving $10.5 billion in financing for infrastructure projects including a power plant and an airport.
But when it comes to further Chinese investment in major oilfields, Baghdad has drawn a line in the sand.
