| China is diversifying suppliers against future needs, now that their Venezuela play has become a short term investment. Read the contract very carefully, Iraq — Allah helps those who help themselves. |
Assem Jihad said Iraq will sign the contract with ZhenHua Oil to develop the southern section of Eastern Baghdad oilfield. He said the agreement aims to drive up production from the field to 40.000 barrels per day within five years.
No assistance from neighboring Iranians will be required, or tolerated.
He added that the Chinese company will also establish a residential compound annexed to the field, and will commit to rely on Iraqi workers to a great extent.
Both sides signed a preliminary agreement on the project late 2017.
Iraq is OPEC’s the second largest oil producer after Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
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