Saturday, May 28, 2022

Baghdad

Iraqi National Oil Company signs contract with Sinopec

 Iraqi National Oil Company signs contract with Sinopec

Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail, speaking at a ceremony in Baghdad. (Source: Ministry of Oil)

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil signed a contract to develop the Mansuriyah gas field in the Diyala Governate with Sinopec, a Chinese oil and gas company. The expected production capacity of the field is (300) million standard cubic feet per day, supplying electric power stations throughout Iraq. The project will not be finalized until the new government of Iraq is formalized.

The contract stipulates that Iraq’s National Oil Company will be a government partner with a percentage of 51% while the share of Sinopec will be 49%.

Iraqi Oil Minister, Ihsan Abdul Jabbar Ismail said: “I hope that the next government will proceed with the final contract procedures in order for the Chinese company to start development work for the field, and Sinopec is one of the largest oil, gas and petrochemical companies.”

According to Iraq’s Minister of Oil, the Mansuriyah gas field is the second largest gas field in Iraq.