Two months ago, the first international energy expo was held in Iraq, the still turbulent oil country in the Middle East. China Sichuan Honghua Petroleum Equipment Co., Ltd. was the only Chinese company to exhibit. Two months later, a number of Iraqi companies invited Honghua to participate in drilling bidding in the southern Iraqi oil field, and finally found a strong local partner.
Honghua Company specializes in the research, design, manufacture and assembly of large-scale equipment for oil drilling rigs and petroleum exploration and development equipment. The company is currently the world's second-largest oil rig manufacturer, and its annual export earnings per share is ranked first in the same industry in China.
As the security situation in Iraq remains volatile and full of variables, it is necessary to find suitable local partners. Ma Huamin, the general manager of Honghua, was pleased to inform the reporter that after consulting with several local drilling companies, Honghua finally selected the local RABAN AL SAFINA company. In the choice of location, Honghua chose the northern part of Iraq. Northern Iraq is a Kurdish autonomous region composed of three northern provinces and a semi-autonomous government. Business in the region has flourished due to the protection from war.
Honghua has carried out market development work in the Middle East for nearly three years. In 2008, it achieved 12 sets of complete rig sales and sales of more than 100 million US dollars. At present, the cooperation between Honghua and its local partner RABAN AL SAFINA is still under negotiation. Ma Limin said: “Honghua is a strong rig manufacturer. First of all, we can provide high quality and low price rigs, which can meet the demand in terms of quantity and delivery time. Secondly, there are subsidiaries or offices in many places around the world. Insured after the sale; in addition, we are able to provide drilling personnel." He added that both sides have "strong desire for cooperation", "If we cooperate successfully, this will be the first drilling company in Iraq's MAYSAN province."
At the same time, Ma Limin admits that as a new entrant in the Iraqi market, the company has no brand advantage and customer base, and lacks a large number of talents with management experience and expertise. "In response to these disadvantages, Honghua will jointly develop the market with local partners and recruit a large number of mature talents at home and abroad." He pointed out that the current reduction in drilling and mining activities due to low oil prices is a good time for Honghua to recruit talents.
In addition, Iraq’s reconstruction is lacking in funds, and Chinese-funded financial institutions in Iraq or their branches in the Middle East can provide financial support for Chinese companies. Ma Limin believes that it is easy for financial institutions and enterprises to accept financing guarantees from their domestic parent companies for their branches in the Middle East or Iraq. Government departments and financial institutions may also consider other more flexible ones. Ways to provide financial support for Chinese companies to seize the opportunity to rebuild Iraq.
It is understood that most of the oil drilling equipment in the Iraqi region was purchased more than 20 years ago, and the equipment is aging. At present, there is a serious shortage of drilling rig equipment in Iraq, and equipment operators and funds are also facing shortages.
Iraq’s oil reserves account for about 10% of the world’s total reserves; natural gas reserves rank 10th among the world’s largest natural gas powers. Oil exports are the main source of economic income in Iraq. Therefore, with the gradual stabilization of the country’s political situation, Iraq will accelerate oil exploration to return to normal levels before the war.
Honghua Company specializes in the research, design, manufacture and assembly of large-scale equipment for oil drilling rigs and petroleum exploration and development equipment. The company is currently the world's second-largest oil rig manufacturer, and its annual export earnings per share is ranked first in the same industry in China.
As the security situation in Iraq remains volatile and full of variables, it is necessary to find suitable local partners. Ma Huamin, the general manager of Honghua, was pleased to inform the reporter that after consulting with several local drilling companies, Honghua finally selected the local RABAN AL SAFINA company. In the choice of location, Honghua chose the northern part of Iraq. Northern Iraq is a Kurdish autonomous region composed of three northern provinces and a semi-autonomous government. Business in the region has flourished due to the protection from war.
Honghua has carried out market development work in the Middle East for nearly three years. In 2008, it achieved 12 sets of complete rig sales and sales of more than 100 million US dollars. At present, the cooperation between Honghua and its local partner RABAN AL SAFINA is still under negotiation. Ma Limin said: “Honghua is a strong rig manufacturer. First of all, we can provide high quality and low price rigs, which can meet the demand in terms of quantity and delivery time. Secondly, there are subsidiaries or offices in many places around the world. Insured after the sale; in addition, we are able to provide drilling personnel." He added that both sides have "strong desire for cooperation", "If we cooperate successfully, this will be the first drilling company in Iraq's MAYSAN province."
At the same time, Ma Limin admits that as a new entrant in the Iraqi market, the company has no brand advantage and customer base, and lacks a large number of talents with management experience and expertise. "In response to these disadvantages, Honghua will jointly develop the market with local partners and recruit a large number of mature talents at home and abroad." He pointed out that the current reduction in drilling and mining activities due to low oil prices is a good time for Honghua to recruit talents.
In addition, Iraq’s reconstruction is lacking in funds, and Chinese-funded financial institutions in Iraq or their branches in the Middle East can provide financial support for Chinese companies. Ma Limin believes that it is easy for financial institutions and enterprises to accept financing guarantees from their domestic parent companies for their branches in the Middle East or Iraq. Government departments and financial institutions may also consider other more flexible ones. Ways to provide financial support for Chinese companies to seize the opportunity to rebuild Iraq.
It is understood that most of the oil drilling equipment in the Iraqi region was purchased more than 20 years ago, and the equipment is aging. At present, there is a serious shortage of drilling rig equipment in Iraq, and equipment operators and funds are also facing shortages.
Iraq’s oil reserves account for about 10% of the world’s total reserves; natural gas reserves rank 10th among the world’s largest natural gas powers. Oil exports are the main source of economic income in Iraq. Therefore, with the gradual stabilization of the country’s political situation, Iraq will accelerate oil exploration to return to normal levels before the war.
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