TEHRAN - Iran’s Oil Ministry and China’s National Energy Administration signed a five-year memorandum of understanding (MOU) for cooperation in oil industry, Shana news agency reported on Sunday.

Amir Hossein Zamaninia, Iran’s deputy oil minister for international affairs, and Zhang Yuqing, the deputy head of China’s National Energy Administration, signed the MOU in Tehran on Sunday.

“The MOU covers various fields including crude oil and gas condensate exploration and development, oil and gas equipment manufacturing and investment in various oil, gas, refining and petrochemical projects,” Zamaninia said.

Also on Monday, Iran’s Oil Minister Bijan Namdar Zanganeh met with Zhang Yuqing in Tehran.

Addressing the press after the meeting, the Iranian minister expressed satisfaction with the signed MOU and said, “Iran and China have a very good relationship in energy sector and we hope for expanding the relations in post-sanctions setting”.

Zanganeh also noted, “In the MOU, we have emphasized the manufacturing of equipment in Iran and it was decided that the Chinese companies invest in the country”.

Renovating Abadan Refinery and developing the second phases of North Azadegan and Yadavaran oil fields, all in southwest of Iran, managing flare gases, petrochemical projects and financial issues were among other important topics discussed in the meeting, the minister added.

EF/MA