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How China is Beating the United States in the Global Oil Game
Iraq recently signed its first oil deal in 35 years with a foreign company.
And – quite surprisingly to many observers – the company wasn’t one of ours.
Not surprisingly, the U.S. news media barely acknowledged the deal – even though the agreement was major news throughout the rest of the world.
According to reports from Baghdad, the 22-year deal between the Iraqi government and the China National Petroleum Co. involves $55 billion, or 87% of Iraq’s current total revenue at a conservative long-term estimate of $100 a barrel.
The deal is actually a renegotiated version of a 1997 agreement between China and a…
16Oct2008 | Money Morning | Comments Off | Continued
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