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China Petroleum Makes a Foothold in Iraq

Global Times reported that China National Petroleum Corp and BP jointly won the bidding for the al-Rumeila oil field contract in Iraq. “Despite earning only two U.S. dollars a barrel and facing various risks, China’s oil companies need to get a firm foothold in Iraq as soon as possible and increase their market share of oil and gas exploitation. Income and profit margin are secondary factors.”

Source: Global Times, July 2, 2009