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EghtesadOnline: Iran said it plans to award the development of two of its major oil fields to the Chinese companies.

Gholam-Reza Manouchehri, the deputy director for engineering and development affairs of the National Iranian Oil Company (NIOC), has been quoted by the media as saying that China’s CNPC will be awarded the development of the second phase of North Azadegan project, reports ISNA.

Manouchehri added that the second company – Sinopec – will be awarded the development of the second phase of Yadavaran project. 

Both are located in Iran’s southwestern province of Khouzestan.   

The official added that negotiations between the related officials from Iran and China over both projects had entered final stages during last week visit to Beijing by Iran’s Minister of Economy and Financial Affairs Ali Tayyebnia. 

He added that a delegation from China will arrive in Tehran over the next few weeks to finalize negotiations over the remaining aspects of the projects, including the commercial, economic and technical points.  

Manouchehri said CNPC and Sinopec possess “vast financial resources” to carry out the development of North Azadegan and Yadavaran projects.  He added that Iran’s decision to award the projects to the Chinese companies was in line with Tehran’s strategy to promote economic relations with Beijing. 

Tayyebnia arrived in Beijing on Monday at the head of a high-ranking delegation to participate in the 16th meeting of the Iran-China joint economic commission, which was held on Tuesday and Wednesday.

During his stay in the Chinese capital, Iran signed two memorandums of understanding (MoUs) with the Export-Import Bank of China (EXIM) and China Development Bank (CDB) to provide loans for its key development projects.

Tayyebnia later told the media that Tehran is determined to expand its relations with Beijing in all areas.

Iran-China trade Iran oil deals