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China, Iraq reach $3-billion oil deal

August 29, 2008|From the Associated Press

China and Iraq have signed a $3-billion deal revising an earlier agreement for China's biggest oil company to help develop the Ahdab oil field, Iraq's Oil Ministry said Thursday.

The deal, restoring a project canceled after the 2003 U.S.-led invasion of Iraq, was signed late Wednesday by Chinese officials and Iraqi Oil Minister Hussein Shahristani.

The original pact, signed in 1997, was valued at $1.2 billion.

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