China to develop two Iranian giant oil fields

CIHAN  | BEIJING - 17.05.2016

Iran agreed to deliver development of two giant oil fields to Chinese companies based on new designed contracts, called Iran Petroleum Contract, or IPC, oil minister announced.
Development of the second phases of both North Azadegan and Yadavaran would be carried out by Chinese companies, Oil Minister Bijan Namdar Zanganeh said on May 16, Shana reported.
"Iran approaches to China as a strategic partner in oil, gas and petrochemical fields," he added.
Zanganeh didn't mention the name of Chinese companies, but Abdolreza Hoseininejad, CEO of Oil Engineering and Development Company told Fars in April that Iran seeks to reach a buyback agreement with Sinopec over the development of the second phase of Yadavaran field, however if agreement couldn't be reached, the project will be offered within the framework of IPC.

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