Three major China firms plan to enter bidding for Iraq oil deals Friday, July 10, 2009
Wednesday, June 10, 2009 E-Mail this story Free Headline Alerts
LONDON Ñ China is preparing to compete in Iraq's second round of energy licenses.
Industry sources said China's three largest energy companies were working to participate in the tender for the Iraqi oil contracts.
The Chinese companies Ñ China National Petroleum Corp., Sinopec, and China National Offshore Oil Corp. Ñ had submitted bids for the first round of oil licenses.
China Petroleum has teamed with BP to win a contract to develop Iraq's Rumaila oil field.
This marked the only contract awarded in the auction in late June. In 2008, China Petroleum signed an agreement to develop Iraq's Al Ahdab oil field in a project estimated at $3 billion.
The second round of Iraqi energy licenses was expected to take place by 2010. The sources said Chinese companies were seeking to team with Western and other companies to bid for the Iraqi energy projects.