ZhenHua expands China’s role in Iraq’s oil sector
The Chinese state-owned company is looking to form an oil trading joint venture with SOMO and develop the East Baghdad oil field.
Workers at drilling rig No. 7 at the East Baghdad oil field. (KAMARAN NAJM//Metrography/Iraq Oil Report)
BAGHDAD - The China ZhenHua Oil Company, a subsidiary of state-owned arms manufacturer Norinco, is poised to make two new investments in Iraq’s oil sector.
The company is forming a new oil trading joint venture with the State Oil Marketing Organization (SOMO) and is negotiating the upstream development of the East Baghdad oil field.
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