The Ministry of Oil announced on Sunday the signing of initials with China’s Genghua Oil Company to develop a field east of Baghdad - the southern part
“The ministry will sign on Monday a contract to develop the field east of Baghdad - the southern part with the Chinese company Genghua oil,” said ministry spokesman Assem Jihad in a statement.
Jihad added that “the Ministry of Oil aims through this contract to develop the field and access to production to 40 thousand barrels within 5 years from the date of entry into force of the contract and the Chinese company will also build an oil city including residential units and service facilities, including the establishment of a school and nursery and medical dispensary “He said.
He pointed out that “the contract obliges the contracting company to rely on the national labor force by (50%) gradually increasing to (80%) and the return of the field revenues to the Central Oil Company.”
