China and Afghanistan sign oil extraction contract


Image: CGTN

The Taliban-led government of Afghanistan has signed a contract with the Chinese company Xinjiang Central Asia Petroleum and Gas Co. Ltd. Ltd. (CAPEIC) to extract oil from the Amu Darya basin in the north of the country.

The deal, signed in Kabul, marks the first major raw materials extraction deal the Taliban government has reached with a foreign company since it took power in 2021. Under the contract, CAPEIC will invest $150 million a year in Afghanistan, according to the Taliban spokesman Zabihullah Mujahid, and the investment will increase to 540 million dollars in the three years following the signing of the contract.

CAPEIC will invest $150 million a year in Afghanistan under the contract, Taliban-led administration spokesman Zabihullah Mujahid said on Twitter.

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His investment will increase to $540 million over three years for the 25-year contract, he said.

The Taliban administration will have a 20 percent stake in the project, which can rise to 75 percent, it added.

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