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Last Updated: Iraq Strikes $2 Billion Prepayment Crude Oil Supply Deal With China s Zhenhua Iraq s SOMO signed a deal with China’s ZhenHua to supply 130,000 crude oil barrels per day, upto 4 million barrels worth $2 bn with an upfront annual payment. Iraq on January 2 struck a multibillion-dollar oil-supply deal with a Chinese firm after Iraqi Prime Minister Mustafa al-Kadhimi approved the rare contract in the Iraqi parliament. China’s ZhenHua Oil Company finalized a deal with Iraq’s State Oil Marketing Organization (SOMO) for the monthly purchase of 4 million oil barrels worth $2 billion in a 5-year annual contract. The Iraq-China crude supply deal will bolster Iraq’s economy which is in shambles due to the coronavirus pandemic. Iraq is the latest with the prepayment settlement among the Chinese state-owned trading companies that struck similar deals with Angola, Venezuela, and Ecuador, previously to rescue the cash strapped economies. 

Republic of iraqAlaa al yasiriMustafa al kadhimiChina zhenhua oil coZhenhua oil coWorld bankIraq state oil marketing organizationZhenhua oil companyIraqi prime minister mustafaState oil marketing organizationClosing prices for crude oilIraq economic monitorVulnerable iraqisUrgent stimulusகுடியரசு ஆஃப் இராக்உலகம் வங்கி