Amid security risks, China may lead way for Iraqi oil

China has sat out the Iraq war, but it could be the first to take advantage when the Iraqi government finishes a law opening up its oil fields to international companies.

The Iraqi oil legislation, expected to be approved by July, will open the door for the government to sign contracts for exploration and production of the country’s vast untapped reserves, a top U.S. priority. But since few Western companies are prepared to send equipment or crews into the war zone, it could take five years or more before they begin extracting big shipments of Iraqi crude.

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