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ZhenHua Oil achieves good results at the First China International Import Expo

PublishTime:2019-01-10 Hits:15

On November 4, before the opening of the First China International Import Expo (CIIE), Wen Gang, chairman of China North Industries Group Corporation Limited (NORINCO Group), and Zhang Guoqing, mayor of Tianjin, Shen Ying, vice chairwoman of the State-owned Assets Supervision and Administration Commission (SASAC), and Mr. Ahmad Berwari, Iraqi Ambassador to China, jointly witnessed the inking of the China-Iraq energy cooperation agreement in Shanghai, under which the project will be located in Tianjin. Before the inking, all stakeholders had friendly talks.

Wen Gang said that the NORINCO Group has a long history of cooperation with Iraq, and Tianjin is a driver of economic development in North China in the future. Under great support from the SASAC and Tianjin municipal government, the NORINCO Group signed the project during the CIIE. This is an important measure to implement the new round of high-level opening-up of the country. It is of profound significance for accelerating the transformation and upgrading of related industries and improving the development quality.

Zhang Guoqing said that the CPC Tianjin Municipal Committee and municipal government had attached great importance to the project signing and fully support the project construction. The signing of the strategic cooperation framework agreement will help promote the construction of core area of the Tianjin international shipping center and resources complementation and industrial integration between China and countries along the “Belt and Road”, deepen regional division of labor and cooperation, enhance inter-regional interconnection, and form a global network of trade, investment, energy and services to achieve win-win development.

Shen Ying said that the SASAC supported NORINCO Group and other central enterprises to develop in Tianjin. NORINCO Group and the Iraqi National Oil Company set up a joint venture, which is the first Chinese-funded enterprise jointly established by NORINCO and an oil-producing country. The signing of the project not only opened up a new modeof energy cooperation with foreign parties, but also provided new guarantees for the national energy security.

Mr. Ahmad said that the joint venture between the Iraqi National Oil Company and ZhenHua Oil will be contribute to Further expansion and deepening on the energy cooperation between Iraq and China, so that Iraq could fully seize the market opportunities from China's rapid growth in energy demand. Iraq hoped that the joint venture may become an important supplier of crude oil imports to China.

After the meeting, ZhenHua Oil and Iraq National Oil Company signed the joint venture agreement under the witness of Wen Gang, Zhang Guoqing, Shen Ying and Ahamad, and the strategic cooperation framework agreement was signed between ZhenHua Oil and Tianjin Economic-Technological Development Area (TEDA).

According to the agreements, ZhenHua Oil and Iraq National Oil Company will jointly fund a joint venture in Tianjin Free Trade Zone, and build it into a trading platform of Basra crude oil, which integrates functions of trading, warehousing and transportation of crude oil, refined oil and natural gas. when the project settled, it is predicted that it will import 8 million tons of oil from Iraq annually, or the annual trade volume of RMB26 billion.

During the First CIIE, ZhenHua Oil signed a long-term agreement with Saudi Aramco for the crude oil purchase of 10 million barrels in 2019. The agreement was signed while the group corporation and Saudi Aramco officially carried out new refining cooperation projects on October 15. North Huajin Chemical Industries Group Corporation also attended the signing ceremony as the crude oil user.