Executive Briefings

Chinese to Renovate Iran's Petrochemical Industry, Buy Large Share of Its Oil

On Sunday, Iranian and Chinese officials signed an agreement for large-scale Chinese investments and trade commitments for the Iranian petroleum industry.

Chinese to Renovate Iran's Petrochemical Industry, Buy Large Share of Its Oil

Among other measures, the agreement includes the renovation of Abadan Refinery; investments in as many as 70 petrochemical projects; development of the second phase of the North Azadegan and Yadavaran oil fields; and a Chinese commitment to purchase a significant share of Iran's oil exports.

Since the lifting of sanctions in January, China has been Iran's largest customer for oil, with imports of 800,000 barrels a day of crude. Iran has been increasing its production faster than analysts predicted: its exports for April rose to two million barrels a day, the IEA says, up 600,000 barrels from March.

Managing director of the National Iranian Tanker Company, Ali-Akbar Safaei, said that all insurance problems affecting Iranian tanker operations have been solved.

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Among other measures, the agreement includes the renovation of Abadan Refinery; investments in as many as 70 petrochemical projects; development of the second phase of the North Azadegan and Yadavaran oil fields; and a Chinese commitment to purchase a significant share of Iran's oil exports.

Since the lifting of sanctions in January, China has been Iran's largest customer for oil, with imports of 800,000 barrels a day of crude. Iran has been increasing its production faster than analysts predicted: its exports for April rose to two million barrels a day, the IEA says, up 600,000 barrels from March.

Managing director of the National Iranian Tanker Company, Ali-Akbar Safaei, said that all insurance problems affecting Iranian tanker operations have been solved.

Read Full Article

Chinese to Renovate Iran's Petrochemical Industry, Buy Large Share of Its Oil