Witness the transfer of the EBS oilfield project to the NORINCO

On June 6th, the handover ceremony of the East Baghdad Oilfield (South) Project (abbreviated as "EBS Project") was held at the Iraq 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 Iraq Oil Company attended the event and delivered speeches. 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 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, NORINCOS Vice President and Chairman of Zhenhua Petroleum Liu Yijiang and General Manager of Central Iraq Oil Company Jalal officially Sign the project contract. The project was obtained by the exclusive negotiation between Zhenhua Petroleum and the Iraq 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 NORINCO.