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Iraq strikes $2 billion prepayment crude oil supply deal with China's Zhenhua


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Iraq Strikes $2 Billion Prepayment Crude Oil Supply Deal With China s Zhenhua
Iraq s SOMO signed a deal with China’s ZhenHua to supply 130,000 crude oil barrels per day, upto 4 million barrels worth $2 bn with an upfront annual payment.
Iraq on January 2 struck a multibillion-dollar oil-supply deal with a Chinese firm after Iraqi Prime Minister Mustafa al-Kadhimi approved the rare contract in the Iraqi parliament. China’s ZhenHua Oil Company finalized a deal with Iraq’s State Oil Marketing Organization (SOMO) for the monthly purchase of 4 million oil barrels worth $2 billion in a 5-year annual contract. The Iraq-China crude supply deal will bolster Iraq’s economy which is in shambles due to the coronavirus pandemic. Iraq is the latest with the prepayment settlement among the Chinese state-owned trading companies that struck similar deals with Angola, Venezuela, and Ecuador, previously to rescue the cash strapped economies.  ....

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Having unemployed oil engineers in oil-rich Iraq is unacceptable


December 23, 2020 at 10:52 am | Published in: Article, Opinion
A general view of the Shuaiba oil refinery near the southern Iraqi port city of Basra 17 June 2003 [AHMAD AL-RUBAYE/AFP via Getty Images]
December 23, 2020 at 10:52 am
Engineering graduates gathered again on Sunday to protest in front of the headquarters of the Shuaiba Refinery near Basra in southern Iraq because of the government s failure to respond to their demands to be hired by the oil companies. An earlier protest blocked the road leading to the refinery to prevent employees from entering. Shuaiba is one of the most important oil refining centres in the south. ....

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