Iran and China have reached a $143 million deal, allowing a Chinese company to set up a drilling rig in the Persian Gulf.
The contract has been signed by Iran’s North Drilling Company (NDCO) and China Petroleum Technology Development Corporation (CPTDC), Shana news agency has reported.
“Based on the contract, CPTDC, which is a subsidiary of China National Petroleum Corporation, will deliver a drilling rig to the North Oil Drilling Company within the next 8 months to be used in the Persian Gulf’s oil and gas fields,”, said NDCO chief Hedayatollah Khademi.
He added that his company has also finalised a deal with another Chinese company for two jack-up rigs that are to be installed in the Persian Gulf.
China currently relies on Iran for more than 15% of its oil and has commitments of over $80 billion in the country’s energy sector.
