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Iran, China set up 3 joint working groups on oil projects

Tehran, Dec 21, IRNA-Iran and China have set up three joint working groups to speed up implementation of oil and petrochemical agreements previously signed between the two sides.

Deputy Oil Minister for International Affairs Mohammad-Hadi Nejad Hosseinian said here Tuesday the groups will discuss and try to reach a final agreement on the modalities of expanding the Yadavaran oil field, transfer of liquefied natural gas (LNG) and petrochemical issues.

"With regard to these working groups on the Yadavaran oil field, the Chinese side is expected to send a revised version of their `comprehensive plan on the field's expansion' and their comments on the preliminary agreement reached this month," he said.

The Chinese side will send a negotiating team to Iran early next month to finalize the agreement, he added.

On the subject of LNG transfers, he said Iranian exprts have presented a report on the LNG market situation in the country over the past four years, the big changes that have been made and its shift from being a buyer market into a seller one, the trend toward increasing prices and its forecast on the future state of the LNG market.

The Chinese side is expected to report its conclusions to China's Planning and Reform Commission, Nejad-Hosseinian said, adding that an expert Iranian delegation will give its own assessment to the Chinese officials concerned whenever necesssary so the two sides can reach an acceptable solution to the problem.

On the subject of petrochemicals, the Chinese side, with the valuable experience it has gained in implementing polyethylene projects, is to send the results of a feasibility study to Iran's petrochemical sector. If favorably reviewed, the Chinese side will be invited to attend petrochemical tenders in Iran, he stated.

The two sides also pledged to undertake more studies on the possibiility of entering into joint ventures on petrochemicals in Iran and China.

... Payvand News - 12/21/05 ... --

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