As per the preliminary agreement, CNPC will take a 25% stake in the project, and BP 50%, with another 25% by their Iraqi partners.
Rumaila has a current capacity of 1.1 million barrels per day (bpd) out of Iraq’s total national output of 2.4 million bpd.
The CNPC source said that President Jiang Jiemin is scheduled to travel to London this week to meet with BP’s management. He would also tour BP’s oil production facility in Scotland during the visit.
Both the sides would talk about cooperation on oil refining facilities in China.
