Sinopec is Dealt a Setback in Iraq

By John Lee.

China Petrochemical Corporation, also known as Sinopec, is still unable to participate in projects in central and southern Iraq four years after it acquired a project in northern Kurdistan, reports the Wall Street Journal.

The company held talks with Russia’s Lukoil about jointly developing the West Qurna-2 oil field, but Lukoil’s chief executive Vagit Alekperov said:

Unfortunately, the Iraqi government didn’t confirm joint work with Sinopec.

State-owned Sinopec has been unable to secure projects in central and southern Iraq since 2009, when it purchased Switzerland’s Addax Petroleum, which had an oil contract with the Kurdistan Regional Government.

(Source: Wall Street Journal)

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