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China invests US$40 bln in Iran oil and gas
Source :China Knowledge update : 2010-08-04
China has invested around US$40 billion in Iran's oil and gas sector, sources reported, citing Hossein Noqrehkar Shirazi, deputy Oil Minister of Iran.
"The volume of Chinese investment in upstream projects is US$29 billion," said the Minister, adding that China had signed another US$10 billion worth contracts in petrochemicals, refineries, oil and gas pipeline projects.
He said that Iran's oil exports to China fell by 30% to less than 9.02 million tons in the first six months of 2010, compared with the corresponding period last year.
In 2009, China became Iran's biggest trading partner, with bilateral trade value reaching US$ 21.2 billion.
Iran, OPEC's second largest oil exporter, has a dilapidated refining sector, forcing it to import petroleum products such as gasoline to meet domestic needs.
"The volume of Chinese investment in upstream projects is US$29 billion," said the Minister, adding that China had signed another US$10 billion worth contracts in petrochemicals, refineries, oil and gas pipeline projects.
He said that Iran's oil exports to China fell by 30% to less than 9.02 million tons in the first six months of 2010, compared with the corresponding period last year.
In 2009, China became Iran's biggest trading partner, with bilateral trade value reaching US$ 21.2 billion.
Iran, OPEC's second largest oil exporter, has a dilapidated refining sector, forcing it to import petroleum products such as gasoline to meet domestic needs.