Intercontinental Oil & Gas (600759.SH) signed the "Iraq Project Crude Oil Sales Framework Agreement" with related parties.

The update from the iFinancial APP, ZhiTong Finance, is: Intercontinental Oil and Gas (600759.SH) has 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 facilities construction projects in Iraq ("Iraq Project", all legal agreements related to the Iraq Project are referred to as "Project Contracts"). The company will gradually extract different qualities of Basra crude oil ("Project Crude Oil", including Basra light, medium, and heavy crude oil) in accordance with local Iraqi regulations requirements. In order to better leverage the company's advantages in oilfield upstream development, focus on production and operation, achieve the timely and sufficient extraction of project crude oil, strive for optimized selling price, optimize organization of shipping schedules to ensure timely payment collection, Intercontinental Oil and Gas has entrusted GRL Company as the exclusive sales agent for the project crude oil, selling all Basra crude oil extracted by the company from the Iraq Project to GRL Company from the start of extracting project crude oil until the termination of the Project Contracts.