China to Develop 2 Iranian Oil Fields: Minister

News ID: 1076987 Service: Economy
زنگنه وزیر نفت

TEHRAN (Tasnim) – Iran’s oil minister said Chinese companies will push on with development of two major Iranian oil fields in line with the previous agreements.

Speaking to reporters in Tehran on Monday, Bijan Namdar Zanganeh said Iran has agreed to let Chinese companies complete development of the second phases of North Azadegan and Yadavaran oil fields.

The development projects will “continue under preliminary contracts (buyback deals)," Shana quoted the minister as saying after a meeting with Deputy Administrator of National Energy Administration of China Zhang Yuqing.

He further described China as Iran’s “strategic partner” in the oil, gas and petrochemical industries.

Last month, Zanganeh said France’s oil giant Total had inked a non-disclosure deal with Tehran on the development of the South Azadegan oil field.

Iran discovered Azadegan oil field in 1999 and teamed up with Japan’s Inpex to push the project toward development. However, the Japanese company quit the project as a result of US sanctions against Iran.

The National Iranian Oil Company (NIOC) later divided the project into southern and northern sections.

Iran is now seeking foreign investment to boost its oil industry following the removal of anti-Tehran sanctions as part of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

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