Chinese to invest in Iranian oil industry’s downstream sector

Business Materials 9 May 2016 17:27

Baku, Azerbaijan, May 8

By Khalid Kazimov - Trend:

China Petroleum & Chemical Industry Federation (CPCIF) is determined to invest in Iran's oil sector, an Iranian oil official said. "Chinese will come to Iran to invest in oil industry's downstream sector," IRNA news agency quoted Masoud Hashemian, an acting deputy oil minister, as saying.

Masoud Hashemian made the remarks following a meeting between the Vice Chairmen of the CPCIF Li Shousheng and Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia in Tehran May 9 where the Chinese federation expressed interest in Iran's downstream projects.

Iranian Oil Ministry has earlier announced that the country needs $400-$500 billion worth investments to develop its oil industry.

According to its website, the CPCIF is a non-government, not-for-profit organization consisting of companies, institutes, sectional associations and local associations in the petroleum and chemical industry on the voluntary basis.