China and Iran to hold talks on energy investment

Jun 24, 2004 02:00 AM

China and Iran are holding a bilateral energy seminar in Tehran in July that will allow Chinese companies to learn more about Iran's available energy resources with a view to investment, a China-based oil industry official said.
The meeting is part of a larger forum sponsored by Boao Forum For Asia in Tehran that will cover discussions on energy cooperation in the region, with participants coming from major consumers and producers in Asia and the Middle East.

The Chinese delegation will be led by Chen Jinhua, former chairman of National Development & Reform Commission and Wang Tao, a former oil minister. Senior officials from China National Petroleum Corp., China Petrochemical Corp., or Sinopec, and China National Offshore Oil Corp. are expected to meet officials from Iranian oil companies to discuss energy project cooperation, the industry official said. He ruled out the possibility that the three Chinese companies will clash in seeking to secure oil and gas projects in Iran.
"Each company has its investment focus," he said, adding it is very unlikely Chinese companies will compete for projects.

Sinopec is interested in natural gas and petrochemical projects. It aims to import LNG from Iran for its LNG terminal in eastern China. Although Sinopec is China's largest refiner of Iranian crude, with volume reaching 247,800 bpd last year, it is very unlikely that the company will start importing crude from Iran anytime soon. The Chinese government has designated Zhuhai Zhenrong Corp. as the sole lifter of Iranian crude.
In the first five months of this year, Zhuhai Zhenrong imported 291,626 bpd of crude from Iran, up 4.8 % on year.

CNPC, China's largest upstream oil company, is interested in providing geological and well services to existing fields to help improve oil recovery, the official said.
CNOOC, soon to be China's largest LNG importer and terminal operator, is keen to secure long term LNG supply contracts with Iranian suppliers. CNOOC is slated to build about nine LNG terminals in China in the next six years.

Source: Dow Jones
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