In it's first major oil deal with a foreign country since the American and British effort to bring down Saddam Hussein, China will end up winning a $3 billion contract to develop oil in Iraq. It is the first major foreign oil deal in the nation in the last 35 years. The China National Petroleum Company will be allowed a 20 year contract to develop oil in Iraq's Southern Wasit province according to the terms of the major deal.
Interestingly, while it was well known that the 2003 George Bush effort to topple the Saddam Hussein regime was all about putting Iraq's oil under "International control" according to Paul Wolfowitz's own words, China seems to have so far emerged as the biggest winner for all that effort and bloodshed.
Instead of putting more oil on the world market from Iraq from the Bush war in Iraq, production still lags below the pre1991 war levels, although oil production now is nearly as good as days prior to the 2003 effort to topple Saddam Hussein. Oil prices actually nearly doubled to around $4 a gallon as a result of this war at one point, the war only lowering overall oil production levels from Iraq. Rather than providing more oil or cheaper oil, the Bush premise to create war in Iraq to get more oil effort failed on both counts. Traditionally most colonialist wars in poor nations have been all about getting the poor nation's national resources to benefit wealthy interests in nations such Britain, France or the United States.
The American war effort in Iraq has cost at least $683.6 billion dollars so far, and cost the U.S. 4,321 dead, and left 31, 156 American service persons wounded. Americans paid the huge costs of this war, had their sons and daughters come home in body bags or in wheelchairs, but China will see the benefits of the oil from Iraq. Way to go George Bush. Mission Accomplished.