Sinopec Group

Energy
China

Sinopec Group is the parent company of Sinopec Corp
 

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"China's state oil giants are set to start pumping a combined 160,000 barrels a day at two projects in southwestern Iran from around October, company sources said, contributing to Tehran's plan to boost output ahead of sanctions being lifted. Chinese energy firms had earlier put on hold or slowed work on energy projects in Iran from late 2010, worried about penalties that might be imposed by Washington as it led world powers to press Tehran to curb its nuclear ambitions. Sources at Sinopec Group, parent of Sinopec Corp and China National Petroleum Corp said companies have since late last year stepped up work at existing main contracts, after prodding from Iranian counterparts as negotiations were continuing over the eventual easing of sanctions. Sinopec Group is expected to start producing at the Yadavaran oilfield at 85,000 barrels per day (bpd) under phase-one development, two company sources said, part of a $2 billion deal signed in 2007 to build a 200,000 bpd producer. 'Yadavaran project is progressing smoothly and is expected to start producing at 85,000 bpd by the end of the year,' said company spokesman Lu Dapeng." (Reuters, "China state firms to start pumping new oil in Iran," 7/31/15)
 

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"Top Iranian officials are traveling this week to Beijing to meet executives at one of China's largest energy companies to discuss oil projects after a political agreement to eventually lift Western sanctions was struck, people familiar with the matter said. The meetings with Sinopec Group, a state-owned Chinese company, come as China is looking to secure its interests in Iran following a tentative agreement last week with the U.S. and European powers that could enable the return of major Western oil companies to the world's fourth-largest oil patch. They are also among the first signs that foreign companies are moving to position themselves for Iran's opening up to the world if sanctions over its nuclear program are lifted. Iran and the six major powers still must hammer out final details of the agreement by June 30... The Iranian delegation will include Oil Minister Bijan Namdar Zanganeh and the deputy oil minister for international affairs, Amir-Hossein Zamaninia. They plan to meet the management of Sinopec, China's largest oil refiner, an Iranian official and people close to Sinopec said." (WSJ, "Iranian Officials Travel to Beijing to Discuss Oil Deals," 4/7/15)