Iraq Hopes to Finalize China Oilfield Deal in August
Posted by Morgan Figuers | Aug 10, 2008
China and Iraq will be renegotiating a deal to explore for oil. The deal, originally signed in 2003 with Saddam Hussein, was shelved after U.N. sanctions and the U.S. invasion of Iraq. From Reuters: Iraq’s oil minister will visit China before the end of August to try and finalize a deal to develop the Ahdab oilfield south of Baghdad and build a power station nearby, the Oil Ministry said on Sunday.
Oil Minister Hussain al-Shahristani said in April that Iraq would honor the $650 million deal signed in 1997 between Chinese National Petroleum Company (CNPC) and Saddam Hussein‘s government, but the terms would be renegotiated.