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China to invest USD 2.5 billion in Iran

February 28/2011

(ArabianOilandGas.com) -- China is set to invest USD 2.5 billion in South Azadegan oilfield on Irans border with Iraq the Iranian news agency Mehr reported Friday.


"According to the final agreement, China will invest USD 2.5 billion in the field," Mehr quoted Naji Saadouni, president of Iran"s Petroleum Engineering and Development Company (PEDEC), as saying. The PEDEC president did not however specify which Chinese firm would take up the project.


The Azdegan field currently produces 55.000 bpd and it is expected to increase output to 320.000 bpd after the completion of the first phase of the project which is currently underway, according to the Tehran Times. Completion of the second phase will boost the oilfield"s output to 600.000 bpd.


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