China wins crude oil in Iran

Posted by Oilism.com on December 15th, 2007 at 03:20pm

The Iranian minister of oil Gholam Hossein Nozari told the press during a press conference a contract had been closed with the Chinese Oil company Sinopec for the development of the Iranian oil field Yadavaran.

The Chinese oil company Sinopec invests over two billion dollar for the development of the Iranian oil field Yadavaran. 

China is already consumer of Iranian crude oil and gas. It is however for the first time that a Chinese joint venture will develop an Iranian oil field. The signatures placed on the contracts is a sign that China is not really impressed by the American, European and Israeli attempts to isolate Iran and all tensions that comes with it.

Fact is that the contract, about which was negotiated for a long time,  was signed immediately after the American information services have came with its conclusion that Iran in 2003, stopped with the development of nuclear energy. Adoptive must become that the managers of Sinopec do not expect that the sanctions will further be tightened up against Iran within a short period of time. Peking has already made clear to be against any kind of sanctions against Iran.

11% of Chinese crude oil import comes from Iran and that will increase during the duration of this contract. According to last estimates the Yadaravan field contains 3.2 billion barrels of crude oil or black gold! The intention is that Sinopec will eventual pump up 185,000 barrels per day from these oil sources. A month earlier

Chinese oil ministers already visited the Iranian president Ahmedinejad and talked about more coorperation between China and Iran in the field crude oil refinery and general energy winning. It not only about crude oil but also concerns a new gas contract.

Under China Oil+ Middle East+ Oil and gas+ Oil company+ Oil fields