Iraq signs $3B oil deal with China Story Highlights
Iraq signs $3 billion oil deal with Chinese national oil company
Deal is first major contract with foreign company since fall of Saddam Hussein
China National Petroleum Corporation to develop oil field in southern Wasit province
Oil field expected to produce 125,000 barrels a day within three years
BAGHDAD, Iraq (CNN) -- 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.
Iraq's oil fields currently produce around 2.5 million barrels a day.
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 f
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