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China negotiating $100 billion energy deal with Iran
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, December 20, 2005
China is in talke to conclude a $100 billion oil and natural
gas contract with Iran that would cement Beijing's presence in the Middle
East market.
A Chinese delegation has been discussing with Iran's Oil Ministry a deal
for the purchase of 250 million tons of liquefied national gas and crude oil
over 25 years. This was the second attempt by Beijing to complete
such a deal over the last year.
In October 2004, Iran signed a memorandum of understanding with China's
Sinopec for oil and LNG exports, Middle East Newsline reported. Under the MoU, China would also help
develop Iran's onshore Yadavaran oil field and purchase 150,000 barrels of
oil per day.
Iran has vowed to change the terms of the MoU. Officials said the new
government in Teheran has opposed granting foreign contractors a production
share as a means of payment for energy development.
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