Chinese oil corporations have finally convinced Iraq to consider renewing oil trade contracts in exchange for reconstruction aid and debt forgiveness. If the negotiations between Iraq and China are successful this week, China will be one of the first countries to reestablish oil trade with Iraq.
From the Khaleej Times:
Iraqi President Jalal Talabani arrived in Beijing on Wednesday for talks with Chinese leaders on oil cooperation and other bilateral issues, state media said.Talabani will meet his Chinese counterpart Hu Jintao on Thursday, the Chinese foreign ministry said, amid reports that the two sides will try to revive a frozen oil exploration deal signed by Baghdad’s former regime.
Iraq wants Chinese firms to bid for oil exploration contracts and hopes to revive the frozen oil exploration contract, the Iraqi ambassador to China told Chinese state media before the president’s visit. [Full Text]
