After two years of obtaining oilfield service contracts for Rumaila, the largest oil field in Iraq, PetroChina finally began to withdraw its investment. China National Petroleum Corporation disclosed yesterday that 2 million barrels (277,000 tons) of crude oil extracted by PetroChina from the Rumaila field will be shipped to Dalian Port by the Jiuhuashan tanker within five days.
This is also the first oilfield project that Iraq has started to recoup its investment since it first opened up its oil and gas cooperation in 2009. If the current price of crude oil is about US$100 a barrel, the price of 2 million barrels of crude oil will be about US$200 million. PetroChina indicated that the crude oil of this ship is mainly sold to domestic refineries.
In 2009, for the first time, Iraq opened its oil field cooperation contract for foreign cooperation. China Petroleum and British Petroleum (BP) consortium received a 20-year service contract for Rumaila. According to the agreement, PetroChina and BP will receive $2 per barrel of oil.
Zhou Mingchun, chief financial officer of PetroChina Co., Ltd., said that the return on investment of the Rumaila project is about 10%-15%.
In the first quarter of this year, China imported 63.41 million tons of crude oil, which is equivalent to the daily import of two ships Jiuhuashan super-oil tanker crude oil.
This is also the first oilfield project that Iraq has started to recoup its investment since it first opened up its oil and gas cooperation in 2009. If the current price of crude oil is about US$100 a barrel, the price of 2 million barrels of crude oil will be about US$200 million. PetroChina indicated that the crude oil of this ship is mainly sold to domestic refineries.
In 2009, for the first time, Iraq opened its oil field cooperation contract for foreign cooperation. China Petroleum and British Petroleum (BP) consortium received a 20-year service contract for Rumaila. According to the agreement, PetroChina and BP will receive $2 per barrel of oil.
Zhou Mingchun, chief financial officer of PetroChina Co., Ltd., said that the return on investment of the Rumaila project is about 10%-15%.
In the first quarter of this year, China imported 63.41 million tons of crude oil, which is equivalent to the daily import of two ships Jiuhuashan super-oil tanker crude oil.
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