Geo-Jade Petroleum signed the "Framework Agreement for Crude Oil Underwriting of the Iraq Project" with related parties

According to the Zhitong Finance APP, Geo-Jade Petroleum (600759.SH) announced that the company has signed a series of contracts with the Iraqi government and various national oil companies to invest in upstream oil and gas blocks and supporting infrastructure construction projects in Iraq ("Iraq Project," with all legal agreements related to the Iraq Project referred to as "Project Contracts"). The company will gradually extract different grades of Basra crude oil ("Project Crude Oil," grades include: Basra Light, Medium, and Heavy Crude Oil) in accordance with local regulations in Iraq. To better leverage the company's advantages in upstream oilfield development, focus on production operations, ensure timely and sufficient extraction of Project Crude Oil, strive to optimize selling prices, and optimize shipping schedules to ensure timely payment, Geo-Jade Petroleum has entrusted GRL Company as the exclusive seller of Project Crude Oil, selling all Basra crude oil extracted from the Iraq Project to GRL Company from the start of extraction until the termination of the Project Contracts.

GRL Company is a specialized institution primarily engaged in crude oil trading and sales. The core executives of GRL Company come from leading international oil companies and international commodity traders, possessing extensive marketing channels, professional crude oil trading experience, and risk control capabilities, with many years of experience in Iraqi crude oil trading. This transaction is beneficial for Geo-Jade Petroleum to focus on its upstream development main business, reduce price fluctuation risks and payment time risks, and effectively manage buyer credit risks through a joint venture professional trading company