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Iran, China sign MOU on strategic oil reserves

TEHRAN, Sept. 12 (Mehr News Agency) - Iran and China have signed an MOU on strategic crude oil reserves in China, Iran's caretaker oil minister said on Wednesday as carried by Reuters.

Speaking on the sidelines of a meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Gholam-Hossein Nozari said the two countries signed a memorandum of understanding but they have yet to agree on the final capacity of the crude oil reserve facility.

China has completed filling its Zhenhai reserve facility, which has a capacity of 33 million barrels, and the first crude oil consignment was deposited into its second strategic storage facility at Aoshan in late May, 2007.

China's goal is to have a reserve capacity of 100 million barrels by the end of 2008.

The crude being stored comes from producers like Angola, Iran and Sudan, shipping sources said.

Iran's crude output is expected to rise to 5.3 million barrels per day by 2014, up from 4.3 million bpd currently, Nozari added.

... Payvand News - 9/12/07 ... --

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