State-owned China National Petroleum Corp. (CNPC) has shipped the first crude oil cargo produced by its joint-venture oil field in Iraq back to China, according to a May 31 Dow Jones report citing a CNPC announcement. A very large crude carrier (VLCC) carrying 2 million barrels of oil, departed for China on May 28 from Iraq's Basrah port, according to the report. The state-owned CNPC signed a crude oil export agreement with the Iraqi government on April 12, and the cargo shows that costs and remuneration fees for developing Iraq's giant Rumaila oil field are starting to be paid back, the company said.
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