Tuesday, November 03, 2009

Iraq signs first major oil deal since 2003

'British oil major BP and China's CNPC on Tuesday signed Iraq's first major new oil deal since the 2003 U.S. invasion, snapping up a development contract for the Rumaila oilfield, one of the world's biggest.

The 20-year contract for the southern oilfield is the first of several deals Iraq expects to sign in the coming weeks and months as it tries to catapult itself to third place from 11th in the league of oil-producing nations.'

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