China's Sinopec in talks over Iran LNG deal<\/p>\n
Agence France-Presse, Beijing<\/p>\n
Chinese oil giant Sinopec is in talks with Iranian firms to
\nimport at least five million tons of liquefied natural gas (LNG)
\nannually, in what would be a multi-billion dollar deal, state
\nmedia reported on Monday.<\/p>\n
Citing Iranian Vice President Mohammad Sattarifar, the China
\nDaily said that in return Sinopec would win the right to exploit
\nsome of Iran's richest oilfields.<\/p>\n
Sinopec is negotiating with National Iranian Oil Gas Export
\nCompany and the National Iranian Oil Company with senior Sinopec
\nexecutives set to visit Iran next month, Sattarifar said.<\/p>\n
\"All Chinese companies are welcome to market Iranian LNG,\" he
\nsaid.<\/p>\n
\"Both China and Iran see each other as long-term partners.
\nIran takes China as an energy market while China can take Iran as
\na long-term energy supplier.<\/p>\n
\"We hope to strengthen our cooperation in exploring and
\ndeveloping natural oil and gas fields and oil refineries too.\"<\/p>\n
Iranian Vice Oil Minister Hadi Nejadhosainaian was in Beijing
\nlast month to push through the deal, the paper said, citing
\nsources as Iran's Beijing embassy as saying agreement should be
\nreached this year.<\/p>\n
The move follows state-owned oil trader Zhuhai Zhenrong Corp.
\nlast month signing a US$20 billion deal to buy 110 million tons
\nof LNG from Iran over 25 years.<\/p>\n
Zhuhai Zhenrong said that it had signed a \"framework
\nagreement\" in March to purchase 2.5 million tons of LNG annually
\nfrom Iran starting in 2008.<\/p>\n
Analysts said that, if successful, Chinese companies would
\ncatch up with the likes of French Total and Royal\/Dutch Shell as
\nthe largest investors in Iran's oil and gas industry.<\/p>\n
Besides generating electricity, imported LNG is expected to be
\nused to power Chinese industry, fuel local residential gas grids
\nand run China's growing public transport fleets of compressed and
\nliquid natural gas buses and taxis.<\/p>",
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