China, Iceland announce deal on oil-rich Arctic

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REYKJAVIK - China and Iceland announced a deal on the oil-rich Arctic region Friday after Chinese Prime Minister Wen Jiabao flew in to Reykjavik on the first stage of a four-nation European tour.


The deal was part of a package of six agreements signed on the first day of the Chinese premier's visit to the country, during which he held talks with his Icelandic counterpart Johanna Sigurdardottir.

The Arctic's oil reserves were high on the agenda for energy-hungry China during the high-powered delegation's visit to Iceland.

Iceland's strategic location near the Arctic has not gone unnoticed in China, the world's biggest energy consumer, as the shrinking of the polar ice cap makes the region's mineral resources more accessible