China, Iraq reach $3 bn oil deal

Written by Agencies | Beijing, August 28: | Updated: Aug 28 2008, 20:50pm hrs
China and Iraq have reached an agreement on a landmark, three-billion-dollar deal to exploit oil in the Middle Eastern country, the Iraqi embassy in Beijing said on Thursday.

The two sides reached the agreement during a visit to China by Iraqi oil minister Hussain al-Shahristani, according to a statement issued by the embassy.

The agreement revives a 1997 contract that granted China exploration rights to the Al-Ahdab oil field in the province of Wassit, just south of Baghdad.