Iran calling: to Sinopec
Sinopec nears $100bn Yadavaran deal
China's Sinopec has moved a step closer to signing a deal, possibly worth as much as $100 billion, for the Yadavaran field in Iran.
The contract to develop Yadavaran is complete and ready to be signed, Petroenergy Information Network, the Iranian Oil Ministry news agency, said over the weekend.
"All elements of the contract have been finalised and it is in the final process for signing by Sinopec," Gholamhossein Nozari, the president of National Iranian Oil, was quoted as saying by the agency.
Under the initial deal signed by Sinopec, China would pay Iran as much as $100 billion over 25 years for oil and gas supplies and for a 51% stake in Yadavaran, a Bloomberg report said.
The deal would allow China to buy 150,000 barrels of Iranian crude per day at market rates for 25 years as well as 250 million tonnes of liquefied natural gas.
Shell, which has worked as a technical consultant for Sinopec for the Yadavaran deal, will take part in the field's development, Iran's Oil Ministry said in September. Shell officials have said the company is seeking a 20% stake in the field.
Yadavaran, which has estimated reserves of 3 billion barrels, will probably produce 300,000 barrels per day, Petroenergy said.