HK Stock Market Move | ANTON OILFIELD (03337) rose over 7% after obtaining qualification for selling Iraqi crude oil, upgrading to a full-spectrum oil industry chain company.

ANTON OILFIELD (03337) rose over 7%. As of the time of writing, it has increased by 7.39% to HK$0.945, with a transaction volume of HK$8.5707 million. In news, ANTON OILFIELD recently announced that on September 6, the group received approval from the Iraqi Ministry of Oil to sign a long-term cooperation agreement with the Iraq National Oil Sales Company (referred to as "SOMO"), gaining qualification for crude oil sales and becoming an authorized crude oil export sales partner for Iraq. The signing of this long-term crude oil sales cooperation agreement will make Anton the only Chinese independent oil and gas energy company with qualifications in oilfield technical services, oil and gas resource development, and crude oil sales services in the Iraqi market. According to the agreement, the group has obtained the right to extract oil from self-operated oilfields of the Iraq National Oil Company, as well as general long-term sales cooperation qualifications. This will help facilitate the cash settlement channels from crude oil sales to oil and gas development service providers, including connecting crude oil buyers and traders, coordinating crude oil shipment arrangements, and actively promoting resource monetization, supporting related enterprises in Iraq's oil and gas industry ecosystem, such as contractor settlement demands. At the same time, the group will also act as a general long-term oil seller, helping SOMO increase its market share.