Monday, October 19, 2009

Iraqi blood for sale

ISTANBUL, Oct 19 (Reuters) - Iraq expects to sign the final contract with BP (BP.L) and China's CNPC to develop its largest oilfield within three weeks, the first major new oilfield deal since the 2003 U.S.-led invasion, an Iraqi official said on Monday.

Iraq's cabinet approved the deal for the super-giant Rumaila oilfield last week [Comment: Is there a bigger joke than the Iraqi cabinet and it's so called sovereignty ? they have as much leverage over Iraq as I do over Botswana], one of several deals near completion that could nearly triple the country's oil output to around 7 million barrels per day (bpd).

The last step in finalising the deal before it is signed and takes effect was for Iraq and the two companies to agree on the exact current output from the field, the official said, speaking on condition of anonymity.

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