During August 2018 it was reported that China’s business and energy ties with Iran do not harm the interests of any other country, the country’s foreign ministry said, after US President Donald Trump said companies doing business with Iran would be barred from the United States. China has already defended its commercial relations with Iran as open and transparent as US sanctions on Iran took effect despite pleas from Washington’s allies.
To be a world-leading integrated international energy company with the general business portfolio of an international energy corporation and the characteristics of China’s national energy corporation.
On July 27, 1998, China National Petroleum Corporation was reorganized to become an integrated group with businesses covering oil and gas upstream and downstream operations, as well as oilfield services and engineering construction.
“For a long time, China and Iran have had open, transparent and normal commercial cooperation in the fields of business, trade and energy, which is reasonable, fair and lawful,” it said.
“This does not violate United Nations Security Council resolutions or China’s promised international obligations, nor does it harm the interests of any other country, and should be respected and protected,” the ministry added.
China, Iran’s top oil customer, buys roughly 650,000 barrels a day of crude oil from Tehran, or 7 per cent of China’s total crude oil imports. At current market rates, the imports are worth some US$15 billion a year.
Total signed a contract in 2017 to develop Phase II of South Pars field with an initial investment of US$1 billion, but the French company had said it would pull out unless it secured a US sanctions waiver.
China’s state-owned energy major CNPC has taken over the share in Iran’s multibillion-dollar South Pars gas project held by France’s Total, the Iranian state news agency IRNA reported on Saturday.