China's Sinopec signed a multi-million-dollar deal with Iran to develop an oil field in southern Iran, despite the US opposition.
The agreement indicates Washington's claims that international firms are not willing to invest in Iran are baseless, said Iranian Oil Minister Gholam-Hossein Nozari.
It was a message to all nations that foreign firms can invest in the oil industry of the Islamic Republic, Nozari added.
Under the agreement, the Chinese company is obliged to make all necessary investments to develop the Yadavaran Oil Field.
A prior agreement had been signed between Iran and Sinopec Corp. on the Yadavaran oil field in southwestern Iran in 2004.
"The initial estimation of the cost of the project to develop the huge Yadavaran oil field is about 2 billion dollars and the final cost of the project will be decided after the tenders are offered," Nozari said.
"The first phase to produce 85,000 barrels per day will be carried out in four years and the second phase to produce another 100,000 bpd will be carried out in another 36 months," he said.
"In total, the field will produce 185,000 barrels a day." "We are very happy to sign this contract," Zhou Baixiu, head of Sinopec's International Department said, adding that "China is willing to buy LNG from Iran and we hope to talk about the LNG project later."
Chinese officials have stressed that no threats of further sanctions by Washington but tough commercial negotiations had delayed the agreement.
China has so far opposed the US drive for more sanctions against Iran, which is Beijing's third-largest supplier of crude oil and also a main trade partner.
The agreement indicates Washington's claims that international firms are not willing to invest in Iran are baseless, said Iranian Oil Minister Gholam-Hossein Nozari.
It was a message to all nations that foreign firms can invest in the oil industry of the Islamic Republic, Nozari added.
Under the agreement, the Chinese company is obliged to make all necessary investments to develop the Yadavaran Oil Field.
A prior agreement had been signed between Iran and Sinopec Corp. on the Yadavaran oil field in southwestern Iran in 2004.
"The initial estimation of the cost of the project to develop the huge Yadavaran oil field is about 2 billion dollars and the final cost of the project will be decided after the tenders are offered," Nozari said.
"The first phase to produce 85,000 barrels per day will be carried out in four years and the second phase to produce another 100,000 bpd will be carried out in another 36 months," he said.
"In total, the field will produce 185,000 barrels a day." "We are very happy to sign this contract," Zhou Baixiu, head of Sinopec's International Department said, adding that "China is willing to buy LNG from Iran and we hope to talk about the LNG project later."
Chinese officials have stressed that no threats of further sanctions by Washington but tough commercial negotiations had delayed the agreement.
China has so far opposed the US drive for more sanctions against Iran, which is Beijing's third-largest supplier of crude oil and also a main trade partner.
Via: Islamic Republic News Agency
