Iraq has confirmed it has struck a deal with a Chinese company to supply it with crude oil and earn an advance payment of $2 billion. Iraq's SOMO, the state oil marketing company, said the amount to be received will carry no interest and will represent a premium over oil prices, the Financial Times reported, citing the company's general manager. While the company's name was not revealed, Argus reported in late December the winner was Zhenhua, a division of state-owned defense corporation Norinco. Norinco, the report noted, operates a 120,000-bpd…
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