People are seen at a booth of a Chinese company during an oil expo in Baghdad, Iraq, on Sept. 9, 2024. Chinese energy firms are making a notable appearance at Iraq's second International Exhibition and Conference for Oil Projects and Licensing Tours, which commenced in Baghdad on Monday, aiming to leverage opportunities in the country's expanding energy sector. (Xinhua/Khalil Dawood)

BAGHDAD, Sept. 9 (Xinhua) -- Chinese energy firms are making a notable appearance at Iraq's second International Exhibition and Conference for Oil Projects and Licensing Tours, which commenced in Baghdad on Monday, aiming to leverage opportunities in the country's expanding energy sector.

Deputy Oil Minister Bassim Mohammed Khudair, speaking at the opening ceremony, outlined that the four-day event aims to facilitate discussions between international and Iraqi firms on implementing projects proposed by the Iraqi Oil Ministry. These projects cover the extraction, gas, refining, and distribution sectors.

Chen Xinrong, president and chief representative of China National Petroleum Corporation (CNPC) Middle East, told Xinhua on the sidelines of the event that CNPC, which holds a majority stake in PetroChina, has been engaged in mutually beneficial cooperation with Iraq for over a decade. He emphasized the company's commitment to "harmonizing energy and environmental development, building a sustainable energy enterprise, and advancing green energy cooperation between China and Iraq."

EBS Petroleum Company, established by China's Zhenhua Oil to operate the EBS oil field in central Iraq, is also participating in the event. Ma Cheng, managing director of EBS Petroleum Company, told Xinhua that Zhenhua Oil was among the first international firms to engage in Iraq's upstream oil and gas exploration and development.

Ma highlighted that the company's operations in Iraq have showcased "the technical prowess of Chinese enterprises and generated numerous job opportunities for the local population."

For his part, Ren Yonglin, general manager of China Oilfield Services Limited (COSL) Middle East (FZE) Iraq Branch, noted that COSL has been introducing new technologies and solutions to bolster Iraq's energy sector and contribute to China-Iraq collaboration within the framework of the Belt and Road Initiative.

Iraq's economy is overwhelmingly dominated by the oil sector. According to an overview report of Iraqi development by the World Bank in 2022, oil revenues accounted for more than 99 percent of Iraq's exports, 85 percent of the government's budget, and 42 percent of its gross domestic product over the past decade.