The contract for the extraction of oil in the field of Amu River has been signed with a Chinese company (CPEIC)

Thu, Jan 05 2023 1:40 PM

A contract to extract oil from the Amu River basin was signed by the Ministry of Mines and Petroleum and the Chinese company (CPEIC) in the existence of Mullah Abdul Ghani Baradar Akhund, the Deputy Prime Minister for Economic Affairs. At the time of signing, Mullah Abdul Ghani Baradar Akhund referred to the deal as being in Afghanistan's best interests and asserted that it would strengthen Afghanistan's economy and increase its level of oil independence. “In terms of natural resources, Afghanistan is a wealthy nation. In addition to other minerals, oil is the wealth of the Afghan people on which the economy of the country can rely,” according to Mullah Sahib, referring to the country's natural resources.The Deputy PM for Economic Affairs also made reference to additional oil reservoirs in Afghanistan that contain significant amounts of oil. According to Mullah Sahib, Afghanistan is home to several significant oil fields, including the Afghan-Tajik, Amu Sindh, Herat, Helmand, and Katawaz basins, which are estimated to contain 1.8 billion barrels of crude oil. The contract for the Qashqari-Amu Basin's oil reserves had been signed with a Chinese company during the previous administration, too, but it had been suspended for a number of reasons. Fortunately, thanks to the Islamic Emirate's efforts, this contract is going to be re-signed and the oil extraction process will start immediately. Mullah Abdul Ghani Baradar Akhund assured the contracting company that the Islamic Emirate is ready to cooperate with them in any way. Similarly, Mr. Mullah Sahib asked the Chinese company to pay close attention to the environmental and economic security of the people of Sar-e-Pul province and provide social services to the people of the mentioned province. It should be noted that the contractor will invest up to $150 million a year, which will increase to $540 million in three years. According to the contract, the Islamic Emirate will benefit 20% share, which will increase to 75%. Similar to this, daily oil extraction will begin at 1,000 tons and gradually increase. The project directly provides job opportunities for 3,000 Afghans. An important article included in the contract with the Chinese company (CPEIC) is that if the company does not meet all the materials and items it has promised in the contract within a year, the contract will be automatically terminated.

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