Iraq signs $3B oil deal with China

" Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi Oil Ministry said Saturday." "It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders. The contract with the China National Petroleum Corporation could be worth up to $3 billion. It would allow the CNPC to develop an oil field in southern Iraq's Wasit province for about 20 years, said Oil Ministry spokesman Assim Jihad."

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