China needs energy and doesnt go to war to get it.
China increases its investments in Iraq
AL-AHDAB OIL FIELD, Iraq - China didn't take part in the
U.S.-led invasion of Iraq or the bloody military battles that
followed. It hasn't invested in reconstruction projects or efforts
by the West to fortify the struggling democracy in the heart of the
Middle East.
But as the U.S. military draws down and Iraq opens up to foreign
investment, China and a handful of other countries that weren't
part of the so-called coalition of the willing are poised to cash
in.
In the past two years, Chinese companies have walked away with
stakes in three of the 11 contracts the Iraqi Oil Ministry has
signed in its bid to increase crude output by about 450 percent
over the next seven years. Only two American firms won stakes in
oil deals.
The French automaker Renault and Germany's Mercedes-Benz are in
advanced talks to make trucks for industrial transport, according
to Iraqi officials. The South Koreans signed a memorandum of
understanding to build a multimillion-dollar steel mill in the
south and a power plant, and the Turks have scored a series of
construction and government services contracts.
Except for a $3 billion contract with General Electric to
purchase power-generating equipment for Iraq, Iraqi and U.S.
officials are hard-pressed to point to any significant U.S.
investment in Iraq.
The U.S. "consistently ranks in the bottom" among investors,
according to a 2009 study by Dunia Frontiers Consultants, which
tracks private investment in Iraq.
"This is a rich country," French Ambassador Boris Boillon said.
"In this world of recession, in this period of global crisis, we
need to get growth and expansion wherever you can find it."
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