Iraq seeks to boost oil ties with China

Iraq is seeking to bolster its ties with China in the field of oil industry, local media reported Thursday."The Chinese companies are considered as strategic partners to Iraq in aspects of extracting and marketing crude oil through their active participation to develop the Iraqi oilfields," the state-run Iraqia channel quoted Iraqi Oil Minister Abdul-Kareem al- Luaybi as saying.Iraq has signed several oil deals with Chinese companies."Iraq seeks to conclude a long-term agreement with China to supply it with all its needs of Iraqi crude oil," Luaybi said."China is one of the major oil customers for Iraq as it imports more than 500,000 barrels per day (bpd) from Iraq," he added.Observers say that nearly a third of the future oil production in Iraq is expected to come from fields that were either directly owned or co-led by Chinese companies in several major Iraqi oil fields.