Sign up for our free China-Africa Week in Review email newsletter
  • This field is for validation purposes and should be left unchanged.

Follow CAP on Social Media

Listen to the CAP Podcast

China Strikes Financing Deal With Iraq, Providing New Clue to How Beijing Deals With Major Oil Supplying Countries

by Eric Claude Olander
Flames rise from the burning of excess hydrocarbons at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra on April 21, 2020. Hussein FALEH / AFP

The Chinese government is reportedly coming to the rescue of the financially stressed Iraqi government with a $2 billion cash payment for a year’s worth of oil at current market prices. The five-year agreement, as reported by Bloomberg, provides fresh insights into how China is approaching financial ties with its major oil supplying partners in the Mideast and potentially in Africa and the Americas as well.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Connect with leading professionals on the China- Africa Experts Network.

You’ve reached your free monthly article limit.

Subscribe today for unlimited access.

OR

Click Here to Learn More

You Might Like

China-Angola Debt Restructuring Deal Close Says Senior Official

The Angolan government is reportedly close to finalizing a deal with Chinese creditors to restructure the $20.1 billion of debts that Luanda owes Beijing, according to an unnamed senior government official quoted ...

China Says It’ll Work With Angola on G20 Debt Relief, But Remains Vague About Status of Bilateral Loans

The Chinese government on Wednesday reaffirmed its position that it will cooperate with the G20’s ongoing debt relief initiative in Africa but refused to provide any specific details about how Beijing plans to ...

Two Opposing Views of the Controversial New $2.8 Billion Chinese-financed AKK Pipeline in Nigeria

Nigerian President Muhammadu Buhari launched production last week of a vast, new multibillion-dollar natural gas pipeline that will cross almost the entire country.

What is The China-Africa Project?

Independent

The CAP is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Africa stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalist and a variety of stakeholders in the China-Africa discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

Subscribe