IRAN TO SELLS OIL TO CHINA

Deputy Oil Minister Seyfollah Jashnsaz of Iran said Iran is going to sell 450,000 barrels oil a day to China. He said Iran was now a major supplier of energy to China and cooperation between them in the oil and gas sectors was on the rise. Referring to a gas deal worth around five billion dollars that was signed with China National Petroleum Corporation (CNPC) to develop the upstream part of the giant South Pars gas field in the Persian Gulf, Jashnsaz said conclusion of the accord proves inefficiency of the West’s defeated policies of imposing sanctions on Iran’s oil and gas industries. Under the deal, the Chinese party has announced readiness to implement the project by next three months. He added that the contract signing means replacement of French Total with Chinese CNPC. The aim of implementation of the project was to produce 50 million cubic meters (1.76 billion cubic feet) a day of natural gas and other products.