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Page added on September 28, 2006

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Iraq’s revival of China deal heartens oil majors

Top oil multinationals expect the revival of a Saddam-era oilfield deal between Iraq and China to pave the way for contracts giving them access to Iraq’s vast untapped reserves.

Wednesday’s news that Iraq’s oil ministry would discuss handing China the first foreign contract to develop oil resources was no surprise to Western oil executives, who say Chinese companies are eager to drill in the field they signed up for in the mid-1990s.

reuters



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