BAGHDAD (AP) -- Iraq and China are set to revive a $1.2 billion oil deal that was canceled after the 2003 U.S.-led invasion, the Iraq's oil ministry said Sunday.
An initial agreement with China is expected to be signed at the end of August to develop the billion-barrel Ahdab oil field south of Baghdad, the ministry said in a statement.
"Iraq and China are keen to show their cooperation by finalizing an agreement on developing the Ahdab oil field," it said.
The announcement came after a meeting between Iraqi Oil Minister Hussain al-Shahristani and China's ambassador to Baghdad.
No further details were released, but if the deal is signed it will be the first Saddam Hussein-era oil deal to be honored by the new Iraqi regime.
In 1997, Saddam's government signed an agreement with the state-owned China National Petroleum Corp., despite United Nations sanctions that barred direct dealings with Iraq's oil industry.
The two countries restarted talks in October 2006.............
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