Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Any sizeable oil and gas contract awards in the Gulf are now near-guaranteed to have Chinese firms competing vehemently to secure assets, and as often as not doing so successfully. As a case in point, March and April saw high profile awards in Abu Dhabi and Iraq respectively. Yet a tendency to enter into non-operating partnerships with western IOCs means the extent of Chinese participation often slips under the radar.
Traditionally China has been viewed primarily as merely a taker of Middle Eastern crude, a role which it certainly plays with gusto. It was the single largest importer of Iranian oil last year, was number two for Iraq (behind India) and climbed from number three to number two spot for Saudi Arabia (see chart 3). It is also among the largest buyers of volumes from other major regional producers including Kuwait and the UAE. (CONTINUED - 1712 WORDS)
DATA INSIDE THIS ARTICLE
|chart||1: CNPC's Net Mid-East Gulf Crude Output In 2017 ('000 B/D) Rivalled Western IOCs...|
|chart||2: ...2018 Ought To See CNPC Vying For The Top Spot With Total And ExxonMobil (‘000 B/D)|
|table||Chinese FIRMS: recent major mideast upstream awards|
|chart||3: 2017 Saw China Overtake The Us As Second Largest Taker Of Saudi Crude (‘000 B/D)|