From Baghdad to Beijing: The rise of China in Iraq amidst western withdrawal

Iraq's recent initiative to launch a licensing round for 29 oil and gas projects signals a significant milestone in its ongoing efforts to harness its vast natural gas reserves and attract substantial foreign investments. This strategic decision aims to enhance the country's electrical infrastructure and foster a conducive environment for massive inflows of capital, primarily from international energy firms. This comprehensive analysis explores the motivations behind Iraq's decision, the reasons behind the participation of companies such as the Zhongman Petroleum and Natural Gas Group (ZPEC) and others, and why Western firms, including BP, are less engaged in these new ventures.