Bloomberg: Iraq Picks Chinese Firm for $2 Billion Oil Prepayment Deal
Tue January, 2021, Age: 2 years
China has beat out a European competitor, cinching a oil deal in Iraq. This marks the first time that Iraq has signed a prepayment deal, effectively exchanging oil rights for a development loan. It’s also another example of Chinese lending to struggling oil producers via state-controlled companies and banks, gaining valuable foreign assets while simultaneously shoring up its much-needed access to energy reserves.