Iraqi Cabinet Approves $3 Bln Oil Deal with China

The oil deal between that China is hoping to sign with Iraq is close to being finalized. From Reuters:

The Iraqi government recently announced renegotiated terms of the oil deal with the Chinese National Petroleum Company (CNPC), which was originally signed in 1997.

[…] CNPC, the parent company of PetroChina and Asia’s biggest oil and gas company, has a head start as foreign firms line up to sign lucrative long-term oil deals with Iraq.

The CNPC deal is sure to be watched closely by firms seeking to secure the most profitable terms they can in contracts brokered with Iraq, with proven reserves of 115 billion barrels.

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