China starts oil field operation in Iraq

Iraq and China's National Petroleum Corporation jointly launched the inauguration ceremony for the Halfaya oil field in the southern Maysan province on Wednesday.

Iraq's Deputy Prime Minister Hussein Al-Shahristani,  the Oil Minister Abdul Kareem Luaibi and the Chinese ambassador Ni Jian participated in the ceremony.

The field will produce 70,000 barrels of oil a day and five million tonnes per year.

Foreign investment is crucial for war-weary Iraq to develop its oil-rich land. Oil revenues make up nearly 95 percent of the Iraqi government's annual budget.