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By John Lee.
Iraq has reportedly “put on hold” it oil contract with China’s Zhenhua Oil.
The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq’s State Oil Marketing Organization (SOMO) for a regular supply of crude oil.
Oil prices have risen significantly since the deal was struck.
(Source: S&P Global)
The post Iraq “Pauses Oil Pre-Payment deal with China” first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has signed an outline agreement with a Chinese consortium for the development of the Dhi Qar refinery.
A Ministry official described the signing of the initial principles agreement as an important step forward, and a prelude to the signing of the final investment contract for the Dhi Qar refinery project, which will have a capacity of 100,000 barrels per day (bpd).
The Director General of the Southern Refineries Company (SRC), Hussam Wali, said that the final signature of the contract will be made “after the completion of the economic model of the investment contract“, and it is hoped that this will take place within three months.
The consortium consists of Chinese state-owned arms manufacturer Norinco (which owns ZhenHua Oil), Power China (Power Construction Corporation of China), CNEC (China Nuclear Engineering & Construction?) and the UAE Company for Middle Services Ltd.
(Source: Ministry of Oil)
The post Chinese Consortium to Develop Dhi Qar Refinery first appeared on Iraq Business News.
By John Lee.
Iraq has reportedly awarded a Chinese company a deal which would see it paying $2 billion upfront for a year’s supply of oil.
Alaa al-Yasiri, General Manager of State Oil Marketing Organization (SOMO) told Iraqi News Agency (INA) that a Chinese company had won the contract ahead of a European company, but did not identify the company.
Bloomberg had previously reported that China’s ZhenHua Oil was poised to sign the contract.
(Sources: Bloomberg, FT, INA)
The post Iraq signs $2bn Oil Deal with Chinese Firm first appeared on Iraq Business News.
By John Lee.
Iraq is to renew the contract to drill three new directional (non-vertical) oil wells in the East Baghdad oil field.
The decision was approved at the meeting of the Iraqi Cabinet on Tuesday.
The field is being developed by China’s ZhenHua Oil.
(Source: Govt of Iraq)
The post Drilling approved East Baghdad Oil Field first appeared on Iraq Business News.
By John Lee.
Two rockets have reportedly struck near a Chinese oil facility south of Baghdad on Saturday.
According to AP, there were no casualties.
It cites an Iraqi army statement saying the rockets struck near a Chinese company in the Nahrawan area, and speculates that the company involved is ZhenHua, a subsidiary of the arms manufacturer Norinco, which has been working in the nearby East Baghdad oil field.
(Source: AP)