Eric Watkins
Senior Correspondent
LOS ANGELES, Nov 27 -- Iran has invited China Petrochemical Corp (Sinopec) to finalize an agreement initiated in 2004 for development of Iran's Yadavaran oil field (Apr. 18, 2005, Newsletter).
The Petroenergy Information Network, operated by Iran's oil ministry, said Sinopec would also secure oil and natural gas supplies.
Under the 2004 informal agreement, Sinopec would pay Iran up to $100 billion over 25 years for oil and gas purchases and for a 51% stake in Yadavaran field.
China would be able to buy 250 million tonnes of LNG and 150,000 b/d of Iranian crude oil at market rates over that period.
"All elements of the contract have been finalized, and it is in the final process for signing by Sinopec," said National Iranian Oil Pres. Gholamhossein Nozari.
Contact Eric Watkins at [email protected].
