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Petro Matad Says 2026 Oil Sales Deal with PetroChina Set for Approval

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Petro Matad (MATD.L) said Thursday the approval process for its 2026 Oil Sales Agreement with PetroChina related to Block XX crude in Mongolia will be completed shortly.

The London-listed oil company noted that it reached an understanding with the Mineral Resources and Petroleum Authority of Mongolia, PetroChina, and the General Tax Authority to align the deal with petroleum and tax laws.

The Block XX's crude production this year, 35,000 barrels, is stored pending approval, and the sale agreement will allow the company to benefit from higher oil prices.

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