A Helping Hand from China to Iraq

A Helping Hand from China to Iraq A helping hand was extended from China to Iraq. Iraq, will sign a billion-dollar contract with China ZhenHua Oil Co. Iraq was affecting the balances in the oil market to a great extent with its difficulties. For this reason, China extended a help to Iraq, which is in trouble. According to the report compiled by Bloomberg HT, Iraqi agency SOMO, responsible for oil exports, chose ZhenHua after evaluating the offers from oil companies for the deal. It has been reported that Iraq, which has been short of cash for a long time, will receive cash payments from Beijing in return for its long-term oil supply. This will be recorded as one of the latest examples of state-controlled banks and companies providing support to vulnerable oil-producing countries such as Angola, Venezuela and Ecuador. Speaking on Tuesday, Cabinet spokesperson Hassan Nadhim said that there were "several proposals" and that Prime Minister Mustafa Al-Kadhimim is continuing to investigate before making a final decision. The decline in oil prices due to the coronavirus epidemic that exploded in 2020 shook Iraq's budget considerably, causing the government to be unable to pay teachers and civil servants on time.