Witness the transfer of the EBS oilfield project to the NORINCO

This year marks the fifth anniversary of the "Belt and Road Initiative" put forward by China and marks the 60th anniversary of the establishment of diplomatic ties between China and Iran. On June 6th, the handover ceremony of the East Baghdad Oilfield (South) Project (abbreviated as "EBS Project") was held at the Iraqi Central Oil Company Camp. Zou Wenchao, member of the Party Group and deputy general manager of the group company, and Jalal Ahmed Mohammed, general manager of Central Iraqi Oil Company attended the event and delivered speeches. Iraq handed over letters symbolizing the management rights of the EBS project and keys to the temporary camp to China, marking the official transfer of the project. The EBS oilfield has approximately 7.3 billion barrels of oil geological reserves and resources, and is one of the potential oil fields in central Iraq. The total investment of the project is nearly 1.5 billion U.S. dollars, and the northern companys subsidiary, Zhenhua Petroleum, holds 90% equity. After the project starts, it will reach 40,000 barrels per day within five years.

On December 25, 2017, Zhenhua Petroleum and the Iraqi Petroleum Ministry initialed a project development and production service contract. On May 23, 2018, under the witness of Ambassador Chen Weiqing of the Chinese Embassy in Iraq and Minister of Oil Affairs of Iraqi Jabal Al-Luhabi, Northern Company Vice President and Chairman of Zhenhua Petroleum Liu Yijiang and General Manager of Central Iraqi Oil Company Jalal officially Sign the project contract. The project was obtained by the exclusive negotiation between Zhenhua Petroleum and the Iraqi government, which reflected the high recognition of the governments ability to develop Zhenhua oil projects. The project will help Zhenhua Petroleum further explore the oil and gas markets in Iraq and the Middle East and lay a solid foundation for the realization of the Thirteenth Five-Year strategic objectives of the North Company.

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