Iraq fears China's hegemony over its oil industry, endemic corruption bothers western companies-expert

Shafaq News/ Iraq fears China's hegemony over its oil industry and seeks to strike an equilibrium between the east and the west, oil expert Hamza al-Jawaheri said on Monday.

"The Chinese technology is not inferior to the western technology, indeed," al-Jawaheri said, "even western firms relocated its plants in China, with all the technology. The quality of the domestic Chinese technology is also above reproach."

"Iraq, however, is concerned about surrendering the country's oil sector to the Chinese companies. It rather seeks to achieve eastern-western diversity in its market."

"Iraq rejects favoring a side over the other. Granting a side a full control renders the country reliant upon the interests of that side."

"We are discussing grand projects valued at six to twelve billion dollars, and even more. Such money might have an impact on the sovereignty of the state. So they tend to avoid to put all the eggs in one basket."

"Western companies are hesitant because of the endemic corruption in Iraq. It might be subject to legal accountability in their countries if they get involved in bribery or corrupt deals, unlike the Chinese companies, and the eastern in general."