China Wants Iraqi Oil Fields – Even if They Lose Money

Just a week ago, Iraq held its first auction for energy contracts, and only closed one deal. Iraq was only offering the bare minimum to these foreign oil companies, and most were not interested, despite the promise of massive oil and gas reserves. The Chinese, however, are showing interest.

Though China was not awarded the contract last week (it went to BP), the world’s second-largest consumer of oil has the Iraqi oil reserves on its strategic radar.
EconomyWatch