BEIJING, 7 November 2004 — Iran wants China to replace Japan as its biggest importer of oil and gas, Iranian Oil Minister Bijan Namdar Zanganeh was reported as saying here yesterday.
“Japan is our number one energy importer due to historical reasons ... but we would like to give preference to exports to China,” Zanganeh was quoted as saying the China Business Weekly magazine. “From the supply side, we have no difficulties (in making China the top energy oil importer from Iran),” the minister added.
Iran and China last week signed a preliminary accord under which China will buy 10 million tons a year of liquefied natural gas (LNG) for 25 years in a deal worth $100 billion.
The memorandum of understanding also grants to Chinese oil giant Sinopec the right to exploit the Yadavaran oil field on a buyback basis in cooperation with a major international oil company.