Baku, Azerbaijan, May 15
By Fatih Karimov - Trend:
Iran and China have signed a Memorandum of Understanding (MoU) for long-term cooperation in oil and gas sectors.
The document was signed by Iran's deputy oil minister for international affairs and trading, Amir Hossein Zamaninia and deputy head of the National Energy Administration of China Zhang Yuqing on a visit to Tehran May 15, oil ministry's SHANA news agency reported.
According to the deal, the two sides will cooperate in developing oil and gas projects in Iran and enhancement of crude oil and gas condensate recovery from Iranian fields by Chinese companies.
Ahead of signing the deal, Zamaninia said Tehran considers China as a reliable partner, voicing the Islamic Republic's willingness to enter into partnership with major Chinese firms for developing oil and gas fields in Iran in a competitive atmosphere.
"China is a strategic partner for Iran and we are seeking to enhance our relations with this country," Zamaninia said at the meeting with Chinese official.
China is one of Iran's traditional oil customers. The country's oil purchase from Iran has increased by 13 percent following the removal of international sanctions last January.
Some 11 percent of China's oil imports account for Iran in 2011, Zamaninia said, adding the figure is expected to rise after the long-term deals signed between the two countries come into force.