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| Iran, China sign oil deal |
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| THURSDAY , AUG. 6. 2009 |
Iran, China sign oil dealIran, China sign oil deal
TEHRAN - Iran and China singed an agreement worth of two to three billion dollars in the field of oil and energy.
Chinese mass media quoted informed sources in Iran as saying that the deal pertains to a project to develop the capacities of Abadan and Persian Gulf refineries, IRNA reported.
The project will take three years to complete.
China\'s oil consumption has sharply increased in recent years and it currently stands at eight million barrels a day.
Iran exports an average of 450,000 barrels of oil a day to China.
Meanwhile, the Chinese company ZPMC earlier signed a $2.2 billion agreement on building 10 offshore and seven onshore oil rigs with the Iranian Engineering and Building Sea Installations Company. According to a report by Singaporean publication, the deal was signed in Shanghai based on which the Chinese party should complete construction of 10 offshore and seven onshore oil rigs by July 2010.
ZPMC received a credit line of 10 billion dollars from China Development Bank last month to finance the offshore section of the project.
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