09/01/2008 01:02 PM
Iraq Signs Oil Deal With China (click here)
Iraq: Government officials have announced that a $3 billion contract has been negotiated with China's national oil company to produce 125,000 barrels a day from the al-Ahdab oil field in the south of the country.
In return for security guarantees China will provide equipment, workers, and expert advice. The deal is the first large foreign contract signed since the collapse of the Saddam regime.
Iraq has oil reserves believed to be in the vicinity of 115 billion barrels, equal with Iran and second only to Saudi Arabia. Officals are also negotiating short term deals with companies including Exxon, Royal Dutch Shell, BP, and Chevron.
