Tuesday June 30, 11:36 AM
Chinese and US firms refuse Iraqi oil term
BAGHDAD (AFP) - Chinese oil firms CNOOC (0883.HK - news) and Sinopec and the US energy (USEG - news) giant ConocoPhillips on Tuesday rejected the terms laid down by the Iraqi government to work in two separate oil fields, an AFP correspondent said.
CNOOC and Sinopec were asked to pay 25.4 dollars per barrel extracted from the Maysan oil field but the companies bid only 2.3 dpb.
ConocoPhillips, meanwhile, offered four dollars per barrel to work in the Bai Hassan oil field but the government wanted 26.7 dpb.
All three companies subsequently withdrew their offers.
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