Chinese company wins Iraq oil contract
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  • Chinese state oil firm CNPC won the right to develop yet another lucrative Iraqi oilfield on December 11. A CNPC-led group of oil firms successfully bid to develop the Halfaya oilfield. The contract is the third big deal CNPC has secured in Iraq after the Ahdab and the super giant Rumaila field, secured in June 2009.

    Analyst Raad Alkadiri, head of global risk at the Washington-based consultancy PFC Energy noted that cheap labour costs and a willingness to take more risks than their Western counterparts have given Chinese state energy firms an edge in garnering contracts.1

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