Iran seeks multi million dollar deal with China’s Sinopec
Posted: 20 February 2006
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Iran wants to sign a multi billion dollar deal with China’s Sinopec before the UN Security Council votes for economic sanctions, said Iranian oil ministry officials to Wall Street Journal’s online edition on Friday.
A memorandum of understanding signed by Iran and China in 2004 grants 51 percent stake in the Yadavaran oil field development project to Sinopec Group, and China will purchase 10 million tonnes of liquefied natural gas annually from Iran for 25 years, the report said.
The deal, if concluded, would be the first major contract of its kind for Iran since Iran’s President Mahmoud Ahmadinejad, an outspoken critic of the United States, took office as president last August.
Posted by Editor Pipeline Magazine
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