Iran, China Sign LNG Deal

Source: Tehran Times 12/2/2006, Location: Asia

Iran’s Pars LNG Company and PetroChina Company signed a deal on Iranian LNG sales to China, a senior Iranian official said here on Friday. “Under the contract that was signed here last Tuesday night, the Chinese company will buy 3 million tons of liquefied natural gas (LNG) annually from Iran,” official news agency IRNA quoted the managing director of the National Iranian Gas Export Company (NIGEC) as saying.

Nosratollah Seifi explained that the exchange is determined based on crude oil daily price. “However, the formula can be revised to moderate the price over different periods,” he added.

The official further said that the contract was signed in the presence of a high-ranking delegation of officials from Chinese oil companies affiliated to the China National Petroleum Corporation (CNPC).

On the Pars LNG Company, Seifi explained that Iran, French Total, and Malaysian Petronas are the stockholders of the company. “It is in charge of Pars LNG Project, one of Iran’s three main projects to produce LNG,” he added.

He noted that Pars LNG, Iran’s first ever and largest integrated oil and industrial project is close to Final Investment Decision (FID), expected to be implemented from mid 2007 on.

Meanwhile, the managing director of the National Iranian Oil Company (NIOC) on Friday said that Iran is holding talks with three Chinese companies over LNG sales.

Gholam-Hossein Nozari added that negotiations are concurrent. “But, final agreements are yet to be reached,” Mehr News Agency reported him as saying.


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