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Finance & Stock Groups Forum Index » Mutual Funds » Beijing, Baghdad sign deal to develop Iraqi oil field
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 Posted: Tue Nov 11, 2008 10:16 pm |
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Beijing, Baghdad sign deal to develop Iraqi oil field
November 12, 2008
BEIJING (RIA Novosti) - China and Iraq have signed a deal to jointly
develop an oil field in Iraq, the Xinhua news agency said on Tuesday.
Under the $2.9-billion deal, China National Petroleum Corporation
(CNPC) will help develop the al-Ahdab oil field in eastern Iraq’s
Wasit province.
“This is an important participation from the Chinese side to develop
the Iraqi oil fields, and we are looking forward for more
participation in rebuilding Iraq,” the agency quoted Iraqi Oil
Minister Hussein al-Shahristani as saying at the signing ceremony.
The oil field is expected to produce over 110,000 barrels of oil per
day, which will be supplied to the Zubaiduyah power plant, “and the
surplus would go for export,” the minister added.
China and Iraq signed their first oil deal in 1996, during Saddam
Hussein’s rule. However, it never got off the ground and was postponed
indefinitely after the UN imposed economic sanctions on the country
and the U.S.-led invasion in 2003.
http://www.tehrantimes.com/index_View.asp?code=182261 |
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