Iran General NewsCNOOC confirms preliminary gas deal with Iran - Xinhua

CNOOC confirms preliminary gas deal with Iran – Xinhua

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Reuters: China National Offshore Oil Corp (CNOOC) said on Friday it has signed a preliminary gas deal worth $16 billion with National Iranian Oil Company (NIOC), Xinhua reported. BEIJING, Dec 22 (Reuters) – China National Offshore Oil Corp (CNOOC) said on Friday it has signed a preliminary gas deal worth $16 billion with National Iranian Oil Company (NIOC), Xinhua reported.

The official news agency, quoting a CNOOC official, confirmed a report on Wednesday by Iranian state radio which did not specify if it was a preliminary pact or a final deal.

Xinhua said the deal covered development of Iran’s north Pars gasfield and building facilities to liquefy natural gas for exports to China and that these activities would take 8 years.

CNOOC, parent of New York-listed 0883, would build the liquefaction facilities and take a 50 percent share in the produced LNG, Xinhua said.

Chinese industry executives have cautioned that massive investments like these would take months if not years to finalise.

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