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PetroChina joins Exxon to dominate Iraqi oil industry

PetroChina joins Exxon to dominate Iraqi oil industry China’s biggest oil producer PetroChina will be developing Iraq’s giant oil field West Qurna with American Exxon Mobil. The deal could make Chinese energy giant the biggest foreign investor in Iraq’s oil industry. China already dominates the oil fields around southern Iraq, Reuters reports. PetroChina was the first foreign company to strike an oil deal in Iraq after US-led forces overthrew Saddam Hussein. It is now developing Iraq’s biggest oilfield Rumaila with BP. The PetroChina-Exxon agreement could be announced in weeks. “PetroChina will participate in developing the field,” Reuters quotes an industry… View Article