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Chinese Win Contract to Develop Major Iraqi Oil Field
British oil giant BP PLC (NYSE ADR: BP) and China National Petroleum Corp. (CNPC) today (Tuesday) won the first contract in more than 30 years to develop a major Iraqi oil field – an indication that Chinese companies plan to play an integral role in the development of Iraq’s energy resources.
A total of 32 energy companies from the United States, Europe, and Asia are bidding for the rights to tap Iraq’s massive oil reserves, but so far only one deal has been struck. BP and CNPC have secured the contract for the Rumaila oil field.
Rumaila is the largest of Iraq’s six…
1Jul2009 | Money Morning | 0 comments | Continued
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