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THursday, August 21, 2008

Iraq readies $1.2 billion oil deal with China

BAGHDAD — Iraq is concluding preparations to for its first major oil deal since the toppling of the Saddam Hussein regime.

Officials said Baghdad intends to sign a $1.2 billion oil service contract with China, the first major energy deal since the fall of the Saddam Hussein regime in 2003. They said the contract would replace an earlier production sharing agreement with the state-owned China National Petroleum for the Adhab oil field.

"We have held talks with the Chinese for a year, and the terms of the deal were changed to a service contract," Oil Minister Hussein Al Shahristani said. "The Chinese have agreed on that, with a value of $1.2 billion."

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Adhab produces 90,000 barrels of oil per day, and under the contract Iraq would retain production revenues.

Officials said Al Shahristani would travel to China in late August to finalize the deal.

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