Thursday, June 30, 2011

China’s cooperation with Iraq yields dividends in oil sector, as new field starts operations

China National Petroleum Corp (CNPC), the country's top oil producer, has said operations have begun at Iraq's Al-Ahdab oil field, with an initial annual capacity of three million tonnes.

The field located in central Iraq, which came onstream a week ago, is the first new major oil project in war-ravaged Iraq in more than 20 years, the company said in a statement released this week.

The project marks "the realization of the Chinese oil industry's goal to develop the high-end oil market in the Middle East," CNPC said.