China looks to secure Iranian oil, gas deals

(UPI):China and Iran held talks Saturday to discuss relations on possible cooperation over the Yadavaran oil field and export of natural gas, according to Iran's News Agency IRNA.

A visiting Chinese delegation discussed importing 250 million tons of liquefied natural gas under a 30-year contract with Iran. China's Sinopec is also looking to gain 51 percent of the Yadavaran expansion operation through a buyback agreement, Iranian Deputy Oil Minister for International Affairs Hadi Nejad-Hosseinian told reporters following the meeting.

But differences on exporting LNG between the two sides remain.

On LNG exports to China he said "we have put forth several suggestions on which the Chinese side said it will consult their government and reply to us." He said the two countries differ on buyback schemes, and the length of the agreement. A few other issues will have to be hashed out as well.

"Some of the snags were removed and the remaining issues were slated to be discussed by the expert committees in the future," Nejad-Hosseinian said.

The Iranian official said the two countries will hold another meeting Tuesday as they aim to secure an agreement by January.