Pelicot will receive France's highest civic order, for her bravery in the fight against sexual violence
Pelicot, 72, became a figurehead for the global feminist struggle after waiving her anonymity in the trial of Dominique Pelicot, her former husband, and 50 other defendants who were accused
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Analysis-China's independent oil firms elbow into Iraq's majors-dominated market
By Chen Aizhu and Ahmed Rasheed SINGAPORE/BAGHDAD (Reuters) -China's independent oil companies are ramping up operations in Iraq, investing billions of dollars in OPEC's number two producer even as some global majors have scaled back from a market dominated by Beijing's big state-run firms. Drawn by more lucrative contract arrangements, smaller Chinese producers are on track to double their output in Iraq to 500,000 barrels per day by around 2030, according to estimates by executives at four of the firms, a figure not previously reported. For Baghdad, which is also seeking to lure global giants, the growing presence of the mostly privately run Chinese players marks a shift as Iraq comes under growing pressure to accelerate projects, according to multiple Iraqi energy officials. In recent years, Iraq's oil ministry had pushed back on rising Chinese control over its oilfields. For the smaller Chinese firms, managed by veterans of China's state heavyweights, Iraq is an opportunity to leverage lower costs and faster development of projects that may be too small for Western or Chinese majors. With meagre prospects in China's state-dominated oil and gas industry, the overseas push mirrors a pattern by Chinese firms in other heavy industries to find new markets for productive capacity and expertise. Little-known players including Geo-Jade Petroleum Corp, United Energy Group, Zhongman Petroleum and Natural Gas Group and Anton Oilfield Services Group made a splash last year when they won half of Iraq's exploration licensing rounds. Executives at smaller Chinese producers say Iraq's investment climate has improved as the country becomes more politically stable and Baghdad is keen to attract Chinese as well as Western companies. Iraq wants to boost output by more than half to over 6 million bpd by 2029. China's CNPC alone accounts for more than half of Iraq's current production at massive fields including Haifaya, Rumaila and West Qurna 1. PROFIT-SHARING, RISK TOLERANCE Iraq's shift a year ago to contracts based on profit-sharing from fixed-fee agreements - an attempt to accelerate projects after ExxonMobil and Shell scaled back - helped lure Chinese independents. These smaller firms are nimbler than the big Chinese companies and more risk-tolerant than many companies that might consider investing in the Gulf economy. Chinese companies offer competitive financing, cut costs with cheaper Chinese labour and equipment and are willing to accept lower margins to win long-term contracts, said Ali Abdulameer at state-run Basra Oil Co, which finalises contracts with foreign firms. "They are known for rapid project execution, strict adherence to timelines and a high tolerance for operating in areas with security challenges," he said. "Doing business with the Chinese is much easier and less complicated, compared to Western companies." Smaller Chinese firms can develop an oilfield in Iraq in two to three years, faster than the five to 10 years for Western firms, Chinese executives said. "Chinese independents have much lower management costs compared to Western firms and are also more competitive versus Chinese state-run players," said Dai Xiaoping, CEO of Geo-Jade Petroleum, which has five blocks in Iraq. The independents have driven down the industry cost to drill a development well in a major Iraqi oilfield by about half from a decade ago to between $4 million and $5 million, Dai said. TRADE-OFFS A Geo-Jade-led consortium agreed in May to invest in the South Basra project, which includes ramping up the Tuba field in southern Iraq to 100,000 bpd and building a 200,000-bpd refinery. Geo-Jade, committing $848 million, plans to revive output at the largely mothballed field to 40,000 bpd by around mid-2027, Dai told Reuters. The project also calls for a petrochemical complex and two power stations, requiring a multi-billion-dollar investment, said Dai, a reserve engineer who previously worked overseas with CNPC and Sinopec. Zhenhua Oil, a small state-run firm that partnered with CNPC in a $3 billion deal to develop Ahdab oilfield in 2008, the first major foreign-invested project after Saddam Hussein was toppled in 2003, aims to double its production to 250,000 bpd by 2030, a company official said. Zhongman Petroleum announced in June a plan to spend $481 million on the Middle Euphrates and East Baghdad North blocks won in 2024. Chinese firms' cheaper projects can come at the expense of Iraq's goal to introduce more advanced technologies. Muwafaq Abbas, former crude operations manager at Basra Oil, expressed concern about transparency and technical standards among Chinese firms, which he said have faced criticism for relying heavily on Chinese staff and relegating Iraqis to lower-paid roles. To be sure, some Western firms are returning to Iraq: TotalEnergies announced a $27 billion project in 2023, and BP is expected to spend up to $25 billion to redevelop four Kirkuk fields in the semi-autonomous Kurdish region, Reuters reported. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Lionel Messi has 'minor' muscle injury in right leg, return timeline unclear
Inter Miami announced on Sunday that Lionel Messi is dealing with a "minor" muscle injury in his right leg, a day after the superstar striker left a game with what appeared to be a hamstring injury. After the Leagues Cup win over Necaxa via penalty kicks, head coach Javier Mascherano described Messi's injury as "discomfort" and told reporters that he would undergo further testing Sunday. Inter Miami's update on his status after that testing was light on details and did not offer a projected timeline for Messi's return. "Messi underwent medical tests to evaluate the extent of the muscle discomfort he experienced during last night's Leagues Cup match against Necaxa, which forced him to leave the field," the statement reads. "The results confirmed a minor muscle injury in his right leg. His medical clearance will depend on his clinical progress and response to treatment." That was the extent of the team's update, which did not confirm if the injury was to Messi's hamstring. This story will be updated.
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Don't Buy AMCIL Limited (ASX:AMH) For Its Next Dividend Without Doing These Checks
AMCIL Limited (ASX:AMH) is about to trade ex-dividend in the next four days. Typically, the ex-dividend date is two business days before the record date, which is the date on which a company determines the shareholders eligible to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. Thus, you can purchase AMCIL's shares before the 8th of August in order to receive the dividend, which the company will pay on the 27th of August. The company's next dividend payment will be AU$0.055 per share. Last year, in total, the company distributed AU$0.04 to shareholders. Based on the last year's worth of payments, AMCIL has a trailing yield of 3.5% on the current stock price of AU$1.13. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. That's why we should always check whether the dividend payments appear sustainable, and if the company is growing. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Last year AMCIL paid out 104% of its profits as dividends to shareholders, suggesting the dividend is not well covered by earnings. Generally, the higher a company's payout ratio, the more the dividend is at risk of being reduced. Check out our latest analysis for AMCIL Click here to see how much of its profit AMCIL paid out over the last 12 months. Have Earnings And Dividends Been Growing? Stocks with flat earnings can still be attractive dividend payers, but it is important to be more conservative with your approach and demand a greater margin for safety when it comes to dividend sustainability. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. With that in mind, we're not enthused to see that AMCIL's earnings per share have remained effectively flat over the past five years. We'd take that over an earnings decline any day, but in the long run, the best dividend stocks all grow their earnings per share. Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. AMCIL's dividend payments are effectively flat on where they were 10 years ago. The Bottom Line Has AMCIL got what it takes to maintain its dividend payments? AMCIL has an uncomfortably high payout ratio, and its earnings have not grown at all. All things considered, we're not optimistic about its dividend prospects, and would be inclined to leave it on the shelf for now. With that being said, if you're still considering AMCIL as an investment, you'll find it beneficial to know what risks this stock is facing. For example - AMCIL has 1 warning sign we think you should be aware of. If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
