Iraq will sign a $1.2 billion oil service contract with China to replace a production-sharing deal agreed under Saddam Hussein, an Iraqi newspaper quoted oil minister Hussain al-Shahristani as saying on Tuesday.
The oil minister is travelling to China at the end of this month to discuss the deal, which was orginally signed in 1997 between Iraq and the China National Petrolium Company (CNPC). (ht2 Blairwatch)
Although another contract signed under Saddam won’t be revived-
Shahristani also repudiated a Saddam Hussein-era deal with Russia’s largest private oil company LUKOIL , saying the contract was political and its terms “totally unfair”.
“Relating to the Russian contract, it was signed with the former regime for political reasons and scrapped by the former regime also for political reasons,” he said. “It is a totally unfair contract.”
Dumb Ruskies, don’t you know it pays to own debts.