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Iraq Crisis Threatens Chinese Oil Investments

Trucks lining up at a busy oil refinery near Erbil, in Kurdish-controlled Iraq
Trucks lining up at a busy oil refinery near Erbil, in Kurdish-controlled IraqPhotograph by Onur Coban/Anadolu Agency/Getty Images

As the situation in Iraq worsens, China is showing increasing consternation. And while authorities have mainly issued broad statements of concern, it’s no secret what worries those in charge in Beijing: the risks the crisis could pose to its Iraqi-sourced oil supply and China’s three petro-majors, all active in the country.

You wouldn’t know this from listening to Chinese officials. “The Chinese side follows closely the security situation in Iraq,” and “hopes to see an early restoration of security, stability and order,” was the boilerplate statement from foreign ministry spokeswoman Hua Chunying last Friday.