Sinopec is in talks over a landmark multi-billion dollar deal with Iranian firms. The talks regard a deal with the National Iranian Gas Export Company (NIGEC) and the National Iranian Oil Company (NIOC) to annually import at least 5 million tons of LNG from Iran in return for the right to exploit some of the country’s richest oilfields. Iranian Vice-President Mohammad Sattarifar has revealed that the move by China’s second-largest oil firm would be one of the biggest LNG purchase transactions in the world. Negotiations on the deal, which would give a major lift to trade between the two countries, come after Zhuhai Zhengrong – one of China’s four State-owned oil traders – signed a Memorandum of Understanding in March 2004 to import 110 million tons of LNG from Iran over 25 years. Senior Sinopec executives will visit Iran in May 2004 to continue the talks.
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