CHINA, THE MIDDLE EAST AND AFRICA
Wednesday, May 18, 2016
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
Petroleum Contract, or IPC, oil minister announced.
Development of the second phases of both North
would be carried out by Chinese companies,
Minister Bijan Namdar
said on May 16,
"Iran approaches to
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
in April that
seeks to reach a buyback agreement with Sinopec over the development of the second phase of
field, however if agreement couldn't be reached, the project will be offered within the framework of IPC.
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