China, Iraq set to ink multi-billion dollar oil bail-out deal ...Kuwait

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China, Iraq set to ink multi-billion dollar oil bail-out deal
The contract will run for five years, with the successful bidder paying up-front for the first year's supply of oil. China is set to support Iraq's cash-strapped government with a long-term contract that will see Baghdad supply oil in exchange for money up-front.The bailout will take the form of a multi-billion dollar contract between Baghdad and the state-run China ZhenHua Oil Co. Beijing has struck similar loan-for-oil deals with other struggling oil suppliers, including Angola, Ecuador and Venezuela. Sources cited by Bloomberg said the Chinese firm was picked after SOMO, the Iraqi agency that oversees exports, asked oil traders for bids.A final decision is yet to be announced, however,

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