China state firms to start pumping new oil in Iran

China, Iran’s largest oil client, imported 564,536 barrels per day of crude last month. (File photo: Reuters)

China's state oil giants are set to start pumping a combined 160,000 barrels a day at two projects in southwestern Iran from around October, company sources said, contributing to Tehran's plan to boost output ahead of sanctions being lifted.

Chinese energy firms had earlier put on hold or slowed work on energy projects in Iran from late 2010, worried about penalties that might be imposed by Washington as it led world powers to press Tehran to curb its nuclear ambitions.

Sources at Sinopec Group, parent of Sinopec Corp and China National Petroleum Corp said companies have since late last year stepped up work at existing main contracts, after prodding from Iranian counterparts as negotiations were continuing over the eventual easing of sanctions.

"Once out of sanctions, Iran will be looking for European or American standards in building oil and gas facilities as well as in services," said a Sinopec official.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
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