China mulls tripling Iran energy finance
China has financed 20 billion euros of projects in Iran’s oil industry and is considering to triple the funding, a senior Iranian energy official says.
The new arrangement comes after a recent visit by Minister of Petroleum Bijan Namdar Zangeneh to Beijing.
China is Iran’s biggest crude oil client, with the proceeds being deposited in an account within Chinese banks.
Deputy Petroleum Minister Abbas She’ri-Moqaddam said China has funded an equivalent sum in Iran’s oil industry.
“So far, China’s financing in the Iranian oil industry has been on a par with our country’s assets in Chinese banks,” he said.
“China will soon announce its final answer to the Oil Ministry officials about tripling investments in the Iranian oil industry,” added She’ri-Moqaddam, who is also the managing director of Iran’s National Petrochemical Company (NPC).
Oil Minister Zanganeh has just returned from a key visit to Beijing where the two sides discussed Chinese investments in Iran.
China’s companies are developing Iran’s giant Yadavaran oil field, which officials say is 95% complete.
It is being carried out by Sinopec on $2 billion of investment to initially produce 75,000 bpd of crude oil.
Another Chinese entity, CNPC, has signed a $2 billion contract with Iran to produce 120,000 bpd of oil from the North Azadegan field.
The highlight of close trade ties came last week when China accepted Iran as a founding member of the Asian Infrastructure Investment Bank.
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