en.Wedoany.com Report on Mar 21st, China Intercontinental Oil & Gas announced that its wholly-owned subsidiary, NK Oil & Gas Co., Ltd. (referred to as "NK Petroleum"), as the operator of the Naft Khana oil field in Iraq, signed the "Naft Khana Oil Field Resumption Project Engineering, Procurement, Construction, Operation and Maintenance (EPCOM) Contract" with Huayou Huibo Pu Technology Co., Ltd. on February 2, 2026. The total contract value is USD 225 million (approximately RMB 1.596 billion). The contract period for this project is 18 months for EPC engineering (until provisional acceptance on May 31, 2027) and a subsequent 36 months for operation and maintenance services. This contract represents a significant resumption project for the company in Iraq's oil and gas sector, helping to enhance its full-process service capabilities for overseas oil field operations and consolidate its market presence in the Middle East. The announcement highlights multiple risks, including international environment, project delays, exchange rate fluctuations, regional factors, and crude oil monetization.
