China, Iran to seal petrochemicals deals worth $530m

25 May 2010 02:16  [Source: ICIS news]

NINGBO (ICIS news)--Companies from China and Iran are expected to seal $530m (€424m) worth of deals in petrochemicals and related areas during a bilateral meeting at Ningbo city in eastern Zhejiang province, the China Petroleum and Chemical Industry Federation (CPCIF) said on Tuesday.

CPCIF declined to reveal details but said that the deals would include trade financing and logistics businesses.

CPCIF, formerly known as the China Petroleum and Chemical Industry Association (CPCIA), develops national programmes for the industry.

Members of the federation include most of the country's petroleum and chemical majors, such as China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and Sinochem.

“Annual bilateral trade between China and Iran has grown to $30bn after recent years of rapid growth, and 50% of the trade consists of petrochemicals,” said CPCIF chairman, Chen Yongwu.

Iran was China’s third largest energy supplier and exported around 27m tonnes of crude oil to China every year, he said, adding that more than 40% of China’s annual methanol import is from Iran.

($1 = €0.80)

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By: Chow Bee Lin
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