Iran and China poised to sign gas deal

Iran and China have reached an agreement to exploit Iranian gas reserves in the Persian Gulf.

Iran and China poised to sign gas deal
The 16 billion dollar deal was due to be signed by Iran's Pars Oil and Gas company and China National Offshore Oil Corp (CNOOC) on Wednesday, but this has been postponed to the "near future", an Iranian official said on Tuesday.

CNOOC leads China's fledgling Liquefied Natural Gas (LNG) industry, and Iran plans to export production from the 30 trillion cubic feet Northern Pars field in the form of LNG.

China has in recent years expanded commercial ties with Iran, which is now China's largest supplier of gas and oil after Angola and Saudi Arabia.

China's Sinopec Group signed a deal in December to develop Iran's giant Yadavaran oilfield.

Iran has the world's second largest oil reserves after Saudi Arabia, and the second largest gas reserves after Russia. Although a member of OPEC, the oil producers cartel, and a major exporter, sanctions against Iran and its lack of LNG plants have slowed its expansion of gas exports.


Güncelleme Tarihi: 28 Şubat 2008, 15:07