China's oil giant Sinopec Group has
signed a US$70 billion oil and natural gas agreement with Iran,
which is China's biggest energy deal with the No. 2 OPEC
producer.??
Under a memorandum of understanding signed Thursday, Sinopec
Group will buy 250 million tons of liquefied natural gas over 30
years from Iran and develop the giant Yadavaran field.
Iran is also committed to export 150,000 barrels per day of
crude oil to China for 25 years at market prices after
commissioning of the field.
Iran's Oil Minister Bijan Zanganeh, who is on a two-day visit to
Beijing pursuing closer ties, said Iran is China's biggest oil
supplier and wants to be its long-term business partner.
Official figures show that China imported 226 million tons of
oil in 2003, about 13 percent of which coming from Iran.
Beijing expects to secure foreign energy supplies by the deals
for its economy, which has turned China into a major oil importer
but suffers severe power shortages.
(CRI.com October 31, 2004)