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              China Drop Iraq’s Debt In Hope Of $700m Oil Deal
Friday, June 22nd, 2007
By Mick Meaney China has announced the cancellations of the debt owed from Iraq to the Chinese government and have promised to aid the reconstruction of the country and help rebuild its economy. But not everything is as it seems as the Chinese government intend on striking a deal with Iraq on … you guessed it, oil. Iraqi President, Jalal Talabani, is currently in Beijing for talks with Hu Jintao, the Chinese President, and is the first visit by an Iraqi head of state since 1958. The deal is expected to focus on a $700m contract that was signed before the downfall of Saddam Hussein to develop an Iraqi oilfield. The Chinese also hope to expand the contract to allow further oil discoveries, as just 10% of Iraq has been surveyed for oil. Oil is big business for China, the trade is worth over $50bn to them and around 60% of China’s oil is imported from the region. Foreign ministry spokesman Qin Gang said: “China has always been supportive and has participated in the rebuilding of Iraq. “We will reduce or forgive Iraq’s debt on a large scale, and help it to train people in the fields of economics, electrical power, diplomacy and management. We hope Iraq can restore stability, safety and development as soon as possible,” Qin told a news conference. Have Your Say: China Drop Iraq’s Debt In Hope Of $700m Oil Deal Please read our posting guidelines before posting. Alternatively you can discuss this report here. One Response to “China Drop Iraq’s Debt In Hope Of $700m Oil Deal”
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[...] China Drop Iraq’s Debt In Hope Of $700m Oil Deal China has announced the cancellations of the debt owed from Iraq to the Chinese government and have promised to aid the reconstruction of the country and help rebuild its economy. But not everything is as it seems as the Chinese government intend on striking a deal with Iraq on … you guessed it, oil. [...]