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A Chinese company plans to sign an oil contract with Iraq at the upcoming Shanghai Expo

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A Chinese company plans to sign an oil contract with Iraq at the upcoming Shanghai Expo

Post by RamblerNash on Sun Nov 04, 2018 12:34 pm

A Chinese company plans to sign an oil contract with Iraq at the upcoming Shanghai Expo


Economy News _ Baghdad

China's Chinhua Oil is expected to agree to make arrangements with a partnership with Iraq's Sumo Corporation and until 2019 for unrestricted oil supplies at the Shanghai Expo next week, Reuters reported on Sunday.

"The understanding between Iraq and China will be among the expected arrangements at the China International Import Fair from November 5 to 10, which will be visited by many Chinese institutions and buyers," the agency said in a report read by the economy news.

"The partnership between Sumo and Chen Hua, which has been subject to transactions for a long period of time, will contribute to strengthening the state of the Iraqi oil market in Asia as the fastest growing markets in the world."

She added that "

"China's imports of unrefined Iraqi oil rose to 32.28 million tons in the first nine months of this year, or 863,000 bpd, up 15 percent from the previous year," it said.


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Re: A Chinese company plans to sign an oil contract with Iraq at the upcoming Shanghai Expo

Post by claud39 on Wed Nov 07, 2018 4:54 pm


La Chine Zhenhua Oil va signer des accords pétroliers avec l'Irak et une Arabie saoudite à l'exposition de Shanghai: sources

BEIJING/DUBAI (Reuters) – China’s state-run Zhenhua Oil is set to sign a head of agreement that includes a proposed joint-venture with Iraq’s state oil marketer SOMO and for 2019 annual crude oil supply in Shanghai next week, two industry officials with direct knowledge of the matter told Reuters.
The agreement will be among deals expected at the China International Import Expo during Nov. 5-10, to be attended by thousands of foreign companies and Chinese buyers to demonstrate the importing potential of the world’s No.2 economy.
The joint-venture between SOMO and Zhenhua, which has been under negotiations for months, will help bolster Iraq’s position in Asia, the world’s biggest and fastest-growing oil-consuming region. Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) oil cartel.
La nouvelle coentreprise sera basée dans la ville portuaire de Tianjin, dans le nord de la Chine, près de Pékin, a annoncé cette personne, qui a refusé d'être nommée car elle n'est pas autorisée à parler aux médias.
La source n'a pas précisé le volume de l'offre dans le pacte annuel brut.
Les entreprises étaient censées finaliser la transaction vers novembre.
Zhenhua Oil, une filiale du conglomérat chinois de défense Norinco, devrait également renouveler à cette occasion un accord annuel de fourniture de pétrole brut pour 2019 avec l'entreprise pétrolière et gazière saoudienne Aramco, sans donner plus de détails.
Source: Reuters, 3 novembre 2018


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