Oman and China sign oil cooperation agreements

Mar 25, 2002 01:00 AM

Oman and China have signed three agreements on cooperation in the oil field and for the sale and purchase of Omani crude oil by China. Salim bin Mohammed Shaaban, Oil and Gas Ministry Undersecretary signed the agreements on behalf of the Omani government, while directors general at the Chinese national oil establishment and some Chinese companies signed for their country's side.
The signing ceremony was attended by Maqbool bin Ali Sultan, Commerce and Industry Minister and Wu Yi, Chinese State Councillor, the Chinese ambassador to the Sultanate, the delegation accompanying the state councillor and oil and gas ministry officials. Shaaban said the first agreement was a MoU between the Sultanate and the Chinese national establishment to enter into activities relating to oil sector such as exploration and other services.

He said discussion was currently underway with the Chinese establishment to grant it some concession areas if the two sides agreed on the terms of the relation binding them, noting that the MoU stressed the willingness of both sides to cooperate in this field and adding that even if the two sides did not agree on the concession areas the MoU would be valid.
He pointed out that the other two agreements were on renewal of sale and purchase contracts of Omani crude oil with Chinese companies, as China wished to increase its purchases of Omani oil through direct buying from the government, noting that China used to buy Omani oil through Western companies. However, some Chinese companies had recently expressed their wish to directly purchase Omani oil and it was agreed with them, he said.

Two Chinese companies would purchase 34,000 bpd of Omani oil and that the Chinese side intended to purchase more quantities of oil which the Sultanate would avail during the upcoming period, he added. The agreements signed with the Chinese companies renewed the sales contracts for a year to start from upcoming July.

Source: Asia Pulse
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