Iraq signs $3 billion oil deal with China

[Subdivisions]

http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html?eref=rss_world">CNN.com

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, Oil Ministry spokesman Assim Jihad said.

Iraq's Cabinet must still approve the contract, but Jihad said that would happen soon and work could start within a few months.

-snip-

Yowchy! That's going to leave a knot on the oil mafia's head.

[Tandalayo_Scheisskopf]

1. Cool.

Can we leave now?

[SidneyCarton]

2. The People's Republic of China would like to thank us for our sacrifices on their behalf.

We are a nation of suckers.

[Aristus]

3. Hey, dang it!!!

'At's OUR ole!!!