Iraq signs $ 3 billion oil deal with Chinese national oil company . Iraq sparked a scramble for lucrative oil contracts in June , when Shahrastani opened bidding to 35 international companies for long-term contracts to redevelop six oil fields . This is first major contract with foreign company since fall of Saddam Hussein . China National Petroleum Corporation to develop oil field in southern Kurdistan province . Oil field expected to produce 500 barrels a day within 5 years .
Iraq signs $ 3 billion oil deal with Chinese national oil company . This is first major contract with foreign company since fall of Saddam Hussein . China National Petroleum Corporation to develop oil field in southern Kurdistan province . Oil field expected to produce 500 barrels a day within 5 years .