• About   |
  • Submit Guest Post |
  • Contact Us
No Result
View All Result
The Second Angle (TSA Magazine)
Advertise
  • Infotainment
    • Sports
    • People
    • Inspiring
  • Entertainment
    • Lifestyle
    • Home & Decoration
  • Buzz
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology
The Second Angle
No Result
View All Result
  • Infotainment
  • Entertainment
  • Buzz
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology
Advertisement
ADVERTISEMENT
Home World News

Afghanistan’s Taliban administration in oil extraction deal with Chinese company

TSA Desk by TSA Desk
January 5, 2023
in World News
Reading Time: 3 mins read
Afghanistan’s Taliban administration in oil extraction deal with Chinese company
Share on FacebookShare on WhatsApp
Advertisement Advertisement Advertisement
ADVERTISEMENT

RelatedPosts

At least 25 killed in rebel attack on Ugandan school near Congo border

At least 25 killed in rebel attack on Ugandan school near Congo border

Chinese president Xi Jinping stresses U.S.-China cooperation in meeting with Bill Gates

Chinese president Xi Jinping stresses U.S.-China cooperation in meeting with Bill Gates


Image for representative purpose

Image for representative purpose
| Photo Credit: AFP

Afghanistan’s Taliban-led administration is to sign a contract with a Chinese company to extract oil from the Amu Darya basin in the country’s north, the acting Mining Minister said on Thursday.

The contract would be signed with Xinjiang Central Asia Petroleum and Gas Co (CAPEIC), officials told a news conference in Kabul.

It will be the first major public commodities extraction deal the Taliban administration has signed with an foreign company since taking power in 2021.

It also underscores neighbouring China’s economic involvement in the region even though the Islamic State militant group has targeted its citizens in Afghanistan.

“The Amu Darya oil contract is an important project between China and Afghanistan,” China’s ambassador, Wang Yu, told the news conference.

China has not formally recognised the Taliban administration but it has significant interests in a country at the centre of a region important for its Belt and Road infrastructure initiative.

The Chinese company will invest $150 million a year in Afghanistan under the contract, the spokesperson for the Taliban-run administration, Zabihullah Mujahid, said on Twitter.

Its investment would increase to $540 million in three years for the 25-year contract, he said.

The Taliban-run administration will have a 20% partnership in the project, which can be increased to 75%, he added.

The announcement came a day after the Taliban administration said its forces had killed eight Islamic State members in raids, including some who were behind an attack last month on a hotel catering to Chinese businessmen in the capital, Kabul.

China’s State-owned company National Petroleum Corp (CNPC) signed a contract with Afghanistan’s previous, U.S.-backed government in 2012 to extract oil at the Amu Darya basin in the northern provinces of Faryab and Sar-e Pul.

At the time, up to 87 million barrels of crude were estimated to be in Amu Darya.

Acting Deputy Prime Minister Mullah Baradar told the news conference that another Chinese company, which he did not identify, had not continued extraction after the fall of the previous government so the deal had been struck with CAPEIC.

“We ask the company to continue the procedure according to international standards, also we ask them to provide for the interest of the people of Sar-e Pul,” he said.

The Mining Minister said a condition of the deal was that the oil be processed in Afghanistan.

Afghanistan is estimated to be sitting on untapped resources of more than $1 trillion, which has attracted the interest of some foreign investors though decades of turmoil has prevented any significant exploitation.

A Chinese State-owned company is also in talks with the Taliban-led administration over the operation of a copper mine in eastern Logar province, another deal that was first signed under the previous government.


ADVERTISEMENT
ShareSendTweet

Related Posts

At least 25 killed in rebel attack on Ugandan school near Congo border
World News

At least 25 killed in rebel attack on Ugandan school near Congo border

The Allied Democratic Forces, or ADF, is accused of launching many attacks on civilians in recent years, notably on civilian...

Read more
Chinese president Xi Jinping stresses U.S.-China cooperation in meeting with Bill Gates
World News

Chinese president Xi Jinping stresses U.S.-China cooperation in meeting with Bill Gates

In this photo released by China’s Xinhua News Agency, Bill Gates, left, meets with Chinese President Xi Jinping in Beijing,...

Read more
U.S. guided-missile submarine arrives in South Korea amid North Korea’s missile tests
World News

U.S. guided-missile submarine arrives in South Korea amid North Korea’s missile tests

The nuclear-powered submarine USS Michigan approaches a naval base in Busan, South Korea | Photo Credit: AP The United States...

Read more
Morning Digest | Heavy rains pound Gujarat coast as cyclone Biparjoy makes landfall; South Manipur cut off as women-led vigilante groups block roads, and more
World News

Morning Digest | Heavy rains pound Gujarat coast as cyclone Biparjoy makes landfall; South Manipur cut off as women-led vigilante groups block roads, and more

Policemen stand guard on the Arabian Sea coast ahead of cyclone Biparjoy’s landfall at Mandvi in Kutch district of Gujarat...

Read more
Chinese Premier meets with Palestinian President in effort to increase Middle East presence
World News

Chinese Premier meets with Palestinian President in effort to increase Middle East presence

Chinese Premier Li Qiang (right) receives Palestinian President Mahmud Abbas at the Great Hall of the People in Beijing on...

Read more
Ukraine reports advances in early stages of counterattack
World News

Ukraine reports advances in early stages of counterattack

A tank from Ukraine’s 3rd Independent Tank Iron Brigade is seen at a position near the front line in Kharkiv...

Read more
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About

The Second Angle

The Second Angle (TSA) Magazine covers a broad spectrum of topics including Entertainment, Lifestyle, education, Crypto, iGaming, Technology, fashion, beauty, relationships, celebrities, wellness, travel, and food. It also features user-generated content in the form of tips, guest post, forums, polls, contests and other interactive articles.

Important Links

  • About
  • Guest Post
  • Privacy Policy
  • Terms
  • Contact Us
  • Newsletter
ADVERTISEMENT

© 2017-23. The Second Angle. All Rights Reserved. Developed and Managed by SquareBase.io

No Result
View All Result
  • Infotainment
    • Sports
    • People
    • Inspiring
  • Entertainment
    • Lifestyle
    • Home & Decoration
  • Buzz
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology

© 2017-23. The Second Angle. All Rights Reserved. Developed and Managed by SquareBase.io

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.