Iraq signs $2bn Oil Deal with Chinese Firm

By John Lee.

Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year's supply of oil.

Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but did not identify the company.

Bloomberg had previously reported that China's ZhenHua Oil was poised to sign the contract.

More here and here.

(Sources: Bloomberg, FT, INA)

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