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Sinopec Drops from Iraqi Oil Bidding

10-15 13:24 Caijing

Full article in Chinese: http://www.caijing.com.cn/2009-10-14/110282363.html

» China Petrochemical Corp., or Sinopec Group, has withdrawn from an international consortium led by the Italian oil company Eni that won development rights to Iraq's fourth-largest oilfield, the Zubair.
» The Financial Times quoted Eni's chief executive officer Paolo Scaroni in an Oct. 13 report as saying that Iraq gave the international consortium the development rights on condition that Eni dropped Sinopec Group as its partner.
» Under the agreement between the international consortium and Iraq, Eni, with its South Korean partner Kogas and U.S. partner Occidental, will invest about US$10 billion to boost the field's output from the current 200,000 barrels per day to 1.13 million bpd.
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