Monday, September 1, 2008
Oil deal would give China a 20-year supply of Iraqi crude
The two countries signed a 20-year agreement estimated at $3 billion for
the Iraqi supply of crude oil to China.
The agreement, signed in late April,
stipulated the production of up to 125,000 barrels of oil per day in Iraq by
the state-owned China National Petroleum Corp.
Officials said the accord marked a revision of a 1997 deal reached with
China by the former Saddam Hussein regime.
That agreement called for China
to share in the oil revenues. The latest agreement stipulated that Baghdad
would pay China directly for its services.