"A fresh round of talks has kicked off with PetroChina Company Limited over resumption of cooperation in Iran’s petrochemical industry. Following the three-billion-dollar financing contract with China’s Sinopec for development, renovation and optimization of Azadan refinery complex, the East Asian country is reopening Lines of Credit (LOCs) and finances to the Iranian petrochemical industries. In other words, following the signing of a cooperation agreement with CNPC in South Pars Phase 11, Chinese companies have become further determined to bolster cooperation in Iran’s oil refinery and petrochemical sectors." (February 15, 2017).


PetroChina is a subsidiary of CNPC (China National Petroleum Corporation).


"Iran is taking steps to ramp up oil exports ahead of an end to U.S.-led sanctions, extending crude contracts with its top two Chinese buyers into 2016 and starting talks with other potential buyers there, sources involved in the talks said... Iranian oil officials have met in the last two months with traders at PetroChina, the country's second-largest state refiner... PetroChina's parent company CNPC started pumping oil at Iran's North Azadegan field around October with estimated flow of 75,000 bpd. An easing of sanctions could allow the company to start lifting its share of production, company sources said." (Reuters, "Iran renews oil contracts with China, taps new buyers," 12/3/15)