ID :
123591
Sat, 05/22/2010 - 16:16
Auther :
Shortlink :
http://m.oananews.org//node/123591
The shortlink copeid
China plans to keep Iran oil projects moving ahead
Beijing, May 22, IRNA -- China's biggest oil company is pressing ahead with oil-and-gas projects in Iran valued at billions of dollars, its top executive said, highlighting Beijing's strong economic ties with Tehran.
The longstanding initiatives by China National Petroleum Corp. run in tandem with a $60 billion global investment plan over the next decade.
"We will implement our projects in Iran as usual, and we don't have plans to speed up," Jiang Jiemin, president of state-owned China National Petroleum, said in a statement on Thursday.
Iran is one of the biggest suppliers of crude oil for China's fast-growing economy.
Jiang made the remark in a news conference at the annual general meeting of PetroChina Co., China National Petroleum's Hong Kong.
China National Petroleum's $60 billion international push is aimed at increasing its overseas oil production to four million barrels a day, from 284,000 now.
The effort is being spearheaded by PetroChina, which is the world's second-most-valuable oil company after Exxon Mobil Corp.
China National Petroleum is in various phases of developing three fields in Iran, including work on one of the world's biggest natural-gas fields, and on enhancing recovery from a small, older oil field.
Jiang said he expected production from the older field to hit around 20,000 barrels a day later this year. "Regarding our projects that have been started, we will continue to do so," he said.
Iran was China's third-biggest supplier of oil last year after Saudi Arabia and Angola.
China's other big state-owned oil companies, China National Offshore Oil Co. and China National Petrochemical Corp., also have projects in Iran, as do oil companies from more than three dozen other countries including the U.K., France and Japan.
Faced at home with both declining oil production and rising demand, China has been importing more oil from countries like Iran.
Jiang, who is also chairman of PetroChina, said he hopes to see oil prices between $70 and $80 a barrel and was optimistic PetroChina's first half financial results would meet analysts' expectations./end
The longstanding initiatives by China National Petroleum Corp. run in tandem with a $60 billion global investment plan over the next decade.
"We will implement our projects in Iran as usual, and we don't have plans to speed up," Jiang Jiemin, president of state-owned China National Petroleum, said in a statement on Thursday.
Iran is one of the biggest suppliers of crude oil for China's fast-growing economy.
Jiang made the remark in a news conference at the annual general meeting of PetroChina Co., China National Petroleum's Hong Kong.
China National Petroleum's $60 billion international push is aimed at increasing its overseas oil production to four million barrels a day, from 284,000 now.
The effort is being spearheaded by PetroChina, which is the world's second-most-valuable oil company after Exxon Mobil Corp.
China National Petroleum is in various phases of developing three fields in Iran, including work on one of the world's biggest natural-gas fields, and on enhancing recovery from a small, older oil field.
Jiang said he expected production from the older field to hit around 20,000 barrels a day later this year. "Regarding our projects that have been started, we will continue to do so," he said.
Iran was China's third-biggest supplier of oil last year after Saudi Arabia and Angola.
China's other big state-owned oil companies, China National Offshore Oil Co. and China National Petrochemical Corp., also have projects in Iran, as do oil companies from more than three dozen other countries including the U.K., France and Japan.
Faced at home with both declining oil production and rising demand, China has been importing more oil from countries like Iran.
Jiang, who is also chairman of PetroChina, said he hopes to see oil prices between $70 and $80 a barrel and was optimistic PetroChina's first half financial results would meet analysts' expectations./end
