Iraq, China launch 'oil for reconstruction' agreement
Baghdad has forged a 20-year deal to supply Beijing with oil in exchange for Chinese investments in projects to repair Iraq's war-damaged infrastructure.
When Iraqi Prime Minister Adel Abdul Mahdi led a delegation to China in September, Baghdad and Beijing activated an "oil for reconstruction" and investment program. Under the arrangement, Chinese firms work in Iraq in exchange for 100,000 barrels per day.
Iraq has said it needs more than $88 billion to develop and mend its rickety infrastructure after three years of combating the Islamic State (IS).
