Iran, China to launch oil cooperation in Iraq

News ID: 3574654 -
TEHRAN, Mar. 07 (MNA) – NIDC managing director has announced the launch of negotiations with a Chinese company on joint implementation of oil projects in Iraq.

Managing Director of the National Iranian Drilling Company (NIDC) Heidar Bahmani described new plans for running oil projects in Iraq saying “for implementation of certain oil projects in Iraq, we have conducted talks with China, the winner of the Iraqi tender, in order to supply some required equipment.”

Bahmani also announced ongoing talks with some European companies present in Iraq in order to run join collaboration in Northern and Southern areas of the neighbor country; “moreover, negotiations are being held with Kuwait on carrying out joint Projects in the Persian Gulf littoral state.”

The official pointed out the provision of proper grounds for Iran’s presence in the international market commenting “we were not able to transfer drilling equipment to neighboring countries during sanction years while the issue has been completely resolved with the elimination of sanctions clearing the path for Iran’s more visible presence in Persian Gulf littoral states.”

Touching upon the dialogue with Italian firms, NIDC managing director explained “currently, an agreement is being sealed with Italians based on which the European side will undertake the investment portion while NIDC will carry out the drilling activities.”

“Furthermore, talks are being held with Singaporean firms on implementing offshore projects with Singapore providing finance and Iran offering equipment and facilities,” continued the official.

He also referred to plans to supply drilling rigs in the coming year asserting “certain Memoranda of Understanding have been inked with Chinese firms to supply rigs.”

“Since the Islamic Revolution, the number of drilling rigs in the country has risen from 6 to 75 while the figure will reach 80 in the next Iranian year (to begin March 20),” maintained Bahmani.

Stating that purchase of each offshore drilling rig demands at least $ 200 million, the official reiterated “we intend to increase the number of rigs with the participation of Iranian or foreign investors within the framework of lease-purchase contracts.”

 

HA/3574048

 

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