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Name | Symbol | Market | Type |
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China Petroleum and Chemical Corp | NYSE:SNP | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 45.66 | 0 | 01:00:00 |
By Benoit Faucon
Top Iranian officials are traveling this week to Beijing to meet executives at one of China's largest energy companies to discuss oil projects after a political agreement to eventually lift Western sanctions was struck, people familiar with the matter said.
The meetings with Sinopec Group, a state-owned Chinese company, come as China is looking to secure its interests in Iran following a tentative agreement last week with the U.S. and European powers that could enable the return of major Western oil companies to the world's fourth-largest oil patch.
They are also among the first signs that foreign companies are moving to position themselves for Iran's opening up to the world if sanctions over its nuclear program are lifted. Iran and the West still must hammer out the final details of the agreement in June.
The Chinese emerged as the last foreigners still willing to carry significant investments in Iran's oil sector after European companies such as Royal Dutch Shell PLC and Eni SpA pulled out in 2010 when sanctions were ratcheted up. But the Chinese "know the landscape will soon be changing" with the potential arrival of Western oil companies and want to secure their special relationship with Iran, a person familiar with Sinopec's thinking said.
The Iranian delegation will include Oil Minister Bijan Namdar Zanganeh and the deputy oil minister for international affairs, Amir-Hossein Zamaninia. They plan to meet the management of Sinopec, China's largest oil refiner, an Iranian official and people close to Sinopec said.
Sinopec didn't respond to a request for comment.
The two sides are set to discuss the expansion of the Yadavaran project--a Sinopec-operated oil field near the Iraqi border currently producing 50,000 barrels a day, the people familiar with the matter said.
Sinopec would like to expand output to 135,000 barrels a day but has misgivings about the new proposed contracts offered by Iran to carry the development, another person familiar with Sinopec's thinking said. Iranian officials have discussed offering contracts that allow foreign companies to recoup their costs but also require them to work in joint ventures with Iranian companies.
The Iranian delegation will also discuss Sinopec's crude oil needs but isn't expected offer specific amounts of extra crude oil yet, the people said. Iran will wait for the sanctions to be lifted before it decides on pricing and extra deliveries, an Iranian oil official has previously said.
After Western sanctions were imposed, China became the largest buyer of Iranian oil and its largest trade partner--with transactions estimated at $44 billion in 2014, according to the Iran-China Chamber of Commerce.
Brian Spegele contributed to this article.
Write to Benoit Faucon at benoit.faucon@wsj.com
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