Iraqi nod to Chinese oil firms

China's four oil companies are now qualified to participate in Iraq's coming licensing round for oil and gas contracts, according to the Iraqi oil ministry.

The four, China National Petroleum Corp, China Petrochemical Corp, China National Offshore Oil Corp and Sinochem Corp, are among 41 oil firms that have obtained the qualification.

Although developing oil and gas is a risky venture in Iraq, the qualification will benefit Chinese companies as oil resources in Iraq are ill developed because of sanctions and war, said Han Xiaoping, senior vice-president of Beijing Falcon Pioneer Technology Co Ltd.