China nearing deal to develop huge Iran field
Published: Thursday, 30 November, 2006, 11:04 AM Doha Time
BEIJING: China’s Sinopec Group is near to clinching one of its biggest overseas deals, to develop Iran’s giant Yadavaran oilfield, a top Chinese industry official said yesterday.
Yadavaran, in southwest Iran, is expected to produce 300,000 bpd, about the same amount Iran now exports to China. Iran is China’s third largest oil supplier after Saudi Arabia and Angola.
“Both sides have agreed on the technical development plans. Parties also reached consensus over the reserve of Yadavaran,” the official close to the negotiations told Reuters, but declined to give a timeline for signing the pact.Sinopec Group, China’s second-largest state-run oil and gas firm, and the National Iranian Oil Company (NIOC) would each take 50% of the project with an estimated reserve of 3bn barrels, said the official.
Gulf Times – Qatar’s top-selling English daily paper
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