Oil signed a final contract with a Chinese company to develop the field east of Baghdad
The Ministry of Oil announced Wednesday the signing of a service and development contract for a field located east of Baghdad with China's Jinhua Oil Company .
"The ministry will sign on Wednesday the contract of service to develop the field east of Baghdad - the southern part with the Chinese company Genghua oil, " said the ministry's spokesman, Assem Jihad, in a statement received by "Economy News ".
He added that "the Ministry of Oil aims through this contract, which was approved by the Council of Ministers recently to develop the field and access to production to 40 thousand barrels within five years ."
He pointed out that "the Chinese company will build an oil city housing units and integrated service facilities ."
Jihad revealed that "the contract obligates the contracting company to rely on the national manpower by a large percentage," stressing the "importance of production of crude oil from the field mentioned to provide crude oil and gas associated with power plants and construction and industrial projects and others ."