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Iraq to revive CNPC deal



By Upstream staff 

Iraq has said an agreement signed during the Saddam Hussein era allowing state-owned China National Petroleum Corporation (CNPC) to develop the al-Ahdab oil field remains valid, according to media reports.

CNPC, parent of listed group Petrochina, signed a deal with Iraq in 1997 to develop Al-Ahdab, the Financial Times said, adding that the field is one of the first to be offered to foreign investors since the 2003 US-led invasion.

The Al-Ahdab field had an estimated pre-war capacity of 90,000 barrels a day and the 1997 contract was valued at about $1.2 billion.

Citing oil minister Hussein Shahristani, the report also said Iraq will welcome Chinese bids for other projects under a "fair and transparent bidding process" to be laid out in the new oil law under discussion in Iraq's parliament.


Monday, 25 June, 2007, 02:16 GMT  | last updated: Monday, 25 June, 2007, 02:22 GMT

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