NIOC, SINOPEC hold talks on Upstream Cooperation

Senior executives from the National Iranian Oil Company (NIOC) and China Petrochemical Corporation (Sinopec Group) met to discuss avenues for furthering cooperation in upstream projects.

NIOC Chief Ali Kardor and Wang Yupu, Chairman of Sinopec Group, attended the Sunday meeting in Tehran.

“NIOC’s priority is signature of deals under the new framework of oil contracts,” said Kardor in the meeting.

Highlighting the long-lasting history of the two companies’ cooperation in oil projects, the official said enhancing recovery of oil from reserves and transferring the latest technologies are NIOC’s top priorities for cooperation with foreign partners the time being.

“Inking 20-year-long deals under the framework of newly-devised contracts will set the ground for Iranian developers to learn from the technologies transferred to the country by foreign investors,” he added.

The NIOC chief also invited Sinopec to a tender that will be held for development of Azadegan oilfield in the near future.

(Source: Shana)

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