Iraq approves oil deal with China

Iraq has approved a $3 billion deal with China to develop the al-Ahdab oil field.

It's the first Saddam-era oil deal to be honored by the new Iraqi government. It initially was canceled after the 2003 invasion.

A government statement says the Cabinet approved the deal on Tuesday. It was signed last week in China.

Under the contract, China National Petroleum Corp. will develop the field for 20 years, the AP reported. It's expected to produce up to 25,000 barrels a day after three years, …