Iraq to sign an agreement with China for oil services worth 1.2 billion dollars

Iraqi newspaper quoted the oil minister Hussein Shahrastani on Tuesday saying that Iraq will sign a contract with China to provide oil worth 1.2 billion dollars after renegotiating it will replace the production-sharing agreement reached in the era of the late President Saddam Hussein.

The oil minister will move to China at the end of this month to discuss the agreement signed in 1997 between Iraq and China National Petroleum Company, Shahrastani said to Noor newspaper that the Iraqi side had held talks with Chinese counterparts over a year and had been contracted to change the terms of service contract and that the Chinese side agreed to this. He added that the contract value to $ 1.2 billion.
If completed the deal will be renegotiated by the first oil services contract expected the new Iraqi government since the fall of Saddam Hussein in 2003.