China to take over development of 2 major Iranian oilfields

News ID: 3660220 -
TEHRAN, May 16 (MNA) – Iran’s oil minister said Mon. the development plan of phase II of North Azadegan and Yadavaran oilfields has been handed over to two Chinese companies under an initial contract.

Bijan Zanganeh made the announcement among reporters on Monday following his meeting with Deputy Head of National Energy Administration of China Zhang Yu Ging, in Tehran.

He added that Iran considers China as a strategic partner in the sectors of oil, gas and petrochemical cooperation, and that China is well aware of this fact.

He further said the MDP of phase II of North Azadegan and Yadavaran oilfields has been approved by Chinese contractor SINOPEC and China National Petroleum Corporation (CNPC) under an initial contract, adding “Iran is ready to hold multilateral negotiations with Chinese companies within its accepted framework.”

“The Master Development Plan of Yadavaran oilfield has progressed well, but discussions over North Azadegan oilfield are still ongoing,” he said.

Zanganeh maintained that the two sides have also conferred on the sales of crude oil and gas condensates, adding “although China is already importing over 600,000 barrels of crude oil from Iran, this volume can increase given the projects the Chinese companies are currently working on.”

According to the oil minister, gas flare, financial issues and financing Iran’s petrochemical industry were among other topics of discussion with the Chinese side.

“The contract of development of Abadan oil refinery signed with Chinese companies is worth 1.5 million euros,” said Zanganeh, adding “the contract has been recently activated and the rest of it must be financed by the Chinese side.”

 

MS/3660152

 

 

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