Iraq signs $3 billion oil deal with China

[girl gone mad]

Source: CNN Business

BAGHDAD, Iraq (CNN) -- Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi Oil Ministry said Saturday.

It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders.

The contract with the China National Petroleum Corporation could be worth up to $3 billion. It would allow the CNPC to develop an oil field in southern Iraq's Wasit province for about 20 years, Oil Ministry spokesman Assim Jihad said.

Iraq's Cabinet must still approve the contract, but Jihad said that would happen soon and work could start within a few months.

The Chinese company will provide technical advisers, oil workers and equipment to develop al-Ahdab oil field, providing fuel for al-Zubaidiya power plant in Wasit, southeast of Baghdad, bordering Iran, Jihad said.

Read more: http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html

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It looks like we sent our young men and women to fight and die in Iraq and spent hundreds of billions of our tax dollars bankrolling "regime change" and "reconstruction" so that China could swoop in and buy cheap oil while they continue to undercut our labor market.

Who benefits?

[bemildred]

1. So, does Cheney know about this?

Does he realize yet just how completely he has failed to do what he wanted to do?

[Divine Discontent]

4. I'm sure he's written a new chapter for this in his mind

that allows him to accept his failure and instead make money off of it in different forms, since his plan to have the US control everything (and get the oil) failed! (if that's what you were alluding to)

MORE AT www.cafepress.com/warisprofitable

[AlphaCentauri]

7. he may start a manufacture business in China from oil derivatives.

[davidwparker]

2. * is an idiot. a complete idiot.

[Fearless]

3. Teehee.

[davepc]

5. Americans die so China can get cheap oil. nice

[Bozita]

6. That headline belongs on every billboard in America.

The GOP deserves it!

[stark6935]

8. Haliburton wouldn't happen to be making a dollar off this?

[aaroh]

9. Good for Iraq

Why should only American companies have a monopoly over Iraq's oil.

[girl gone mad]

10. Who is profiting?

America is drowning in debt because of our involvement in Iraq.

[aaroh]

11. poetic justice.

america invades iraq for their oil, the oil ends up in china, america foots the bill. As an American tax-payer this is outrageous, but at the same time its mildly funny.

[pampango]

17. Right. I hope no one here thinks that the US should control Iraqi oil. If the US were exercising

control over that oil, DUers would rightly decry the proof that our invasion was precisely to control the flow of Iraqi oil.

[farmbo]

12. We're spending $10 billion a month to protect CHINA's oil?!?

Meanwhile, we're borrowing money from the Chinese to purchase oil from Saudi Arabia.

Can we go home yet?

:grr:

[terrya]

13. I hope Obama/Biden will be using this bit of news.

[bronxiteforever]

14. Kick & R This is a massive public relations and policy failure for the GOP.

Thousands of lives and billions upon billions of dollars for this.

Have we reached the point where foreign policy incompetence become traitorous?

It will be hilarious to see right wing fanatics try to spin this unprecedented failure in Iraq as something positive. Little solace to the dead however.

[Dont_Bogart_the_Pretzel]

15. Good! Now China can drill their own damn oil.

and let us keep our oil here at home(USA)









:hide:

[elizfeelinggreat]

16. unbelievable

This should be headline news.

I want to know MUCH more about this.

They should be asking *everyone* at the convention about this development.

[Bozita]

18. This story is going, going, gone! ... Never to be heard from again.

Is anyone surprised?