Iraq has picked a Chinese state-owned oil producer and trader to pay it upfront for oil, providing much-needed cash to the Iraqi government which has been struggling to make ends meet since the oil price collapse earlier this year. OPEC’s second-largest producer has selected state-held China ZhenHua Oil Co as the winning bidder to supply 130,000 bpd for five years, with an upfront payment for the first year of supply, Bloomberg reported, quoting sources with knowledge of the plans. Iraq’s State Oil Marketing Organization (SOMO) has…
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