Baghdad, Iraq October 31, 2024/ Jereh and Petro Iraq for Oilfield Development Co., Ltd. （Petro Iraq） had officially signed a development and production contract with Midland Oil Company of Iraq （MdOC） to jointly develop the Mansuriya gas field. This marks Jereh's first venture as a developer in a major oil and gas project in the ME region.

The agreement was formalized during a signing ceremony attended by notable figures, including Jereh Group's Executive President, Li Weibin, MdOC's General Manager, Mohammed Yassin Hassan, and Petro Iraq CEO Hussein Alhareeri. The event also saw the presence of Iraq's Deputy Prime Minister and Minister of Oil, Hayan Abdulghani, alongside Jereh’s co-founder, Wang Kunxiao.

Expressing his congratulations, Deputy Prime Minister Abdulghani acknowledged Jereh's impressive track record within the oil and gas industry of the Middle East. He expressed optimism for the partnership, expecting positive outcomes from the Mansuriya gas field development.

The Mansuriya gas field, recognized as Iraq's second-largest, is pivotal to the country's strategy to increase domestic energy production and reduce reliance on imports. Under the terms of the contract, the Iraqi Ministry of Oil will repurchase all produced natural gas, liquefied petroleum gas, and condensate products once commercial production begins, ensuring Jereh’s investment and cost recovery.

In an interview following the signing, Li Weibin emphasized Jereh's awareness of the urgency surrounding Iraq's gas supply challenges. He stated, “The Mansuriya project is crucial for Iraq’s energy independence. To this end, we will leverage our strengths in oil and gas field development, drilling and completion services, surface engineering, high-end equipment manufacturing, and international project management to ensure reliable execution of the project.”