Who has the government of Iraq approved an oil deal with?
The Iraqi government has approved a deal with a consortium led by British giant BP PLC to develop a prized oil field in the south in a major step forward for the country’s oil industry. BP, which was booted from the country in 1972 when Saddam Hussein nationalized the oil industry, and its partner CNPC of China were the only winners in Iraq’s first international oil auction in over 30 years for development rights for the 17.8 billion barrel Rumaila field. Out of two gas fields and six oil fields offered in the June 30 bidding round, the Rumaila contract was the only success story. Most oil companies rejected the prices Iraq was willing to pay, striking a major blow to Iraq’s hopes for an oil-revenue fueled postwar recovery. Sources: http://news.yahoo.com/s/ap/20091017/ap_on_re_mi_ea/ml_iraq_oil;_ylt=AiJpw0CkaBdSbC.
