Iran Invites Sinopec Head to Sign $100 Billion Oil, Gas Deals

Iran has invited the managing director of China Petrochemical Corp. to Tehran to sign the development contract of Iran’s Yadavaran oil field as well as oil and gas purchases worth as much as $100 billion.

A deal for China’s Sinopec Group, as China Petrochemical is known, to develop Yadavaran has been completed, National Iranian Oil Co. President Gholamhossein Nozari told Iran’s oil ministry press agency Petroenergy Information Network yesterday.
Iran, under U.S. economic sanctions and at odds with the U.S. and the European Union over its nuclear program, is seeking friendlier markets. China and Russia said on Oct. 26 they would oppose a draft resolution imposing United Nations sanctions on Iran over its nuclear program as the Security Council’s five permanent members held their first meeting on the text. No resolution has been passed since.

Royal Dutch Shell Plc, which has worked as a technical consultant for Sinopec on the Yadavaran oil field, will participate in the field’s development, Iran’s oil ministry said in September. Shell officials have said the company is seeking a 20 percent stake in the field.

Bloomberg