Iraq, China discuss reviving Saddam-era oil deal

Iraq could hand China the first foreign contract to develop its vast oil resources if Beijing agrees to put into effect a deal originally signed with Saddam Hussein, Iraq’s Oil Ministry said on Wednesday.

While U.S. oil majors, excluded from Iraq before the U.S. invasion in 2003, wait for Iraq to pass new laws on the sector before investing, Oil Minister Hussain al-Shahristani will visit China, Japan and Australia shortly to discuss projects and developing exports, ministry spokesman Asim Jihad told Reuters.
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