China National Petroleum Corp (CNPC) has started to get paid for developing Iraq’s Rumaila oilfield, according to reports from the China Petroleum Daily.
The company received its first cargo of oil as payment for helping to develop the oilfield on 28th May, two weeks after partner BP loaded its first shipment.
A crude oil carrier carrying 2 million barrels of oil left Basra Oil Terminal in southern Iraq on Saturday en route to China.
BP holds 38%, CNPC has 37% and Iraq holds 25% stakes, respectively, in the 20-year service contract for Rumaila oilfield.
(Source: China Petroleum Daily)