(NSI News Source Info) TEHRAN, Iran - July 31, 2010: Iran's main economic partner China has invested around 40 billion dollars in the Islamic republic's oil and gas sector, a senior Iranian official said on Saturday.Deputy Oil Minister Hossein Noqrehkar Shirazi also said that Tehran's oil exports to China fell by 30 percent in the first six months of 2010 compared with the corresponding period last year.
"The volume (of Chinese investment) in upstream projects is 29 billion dollars," Noqrehkar Shirazi told Mehr news agency, adding that Beijing had signed contracts worth another 10 billion dollars in petrochemicals, refineries and oil and gas pipeline projects.
He said China has also put forward proposals to participate in building seven new refineries in Iran.
Iran, OPEC's second largest oil exporter, has a dilapidated refining sector, forcing it to import petroleum products such as gasoline to meet domestic needs.
Noqrehkar Shirazi said that Chinese imports of Iranian oil fell in the first half of the year.
http://defense-technologynews.blogspot.com/2010/07/dtn-news-china-invests-40-billion-in.html
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