The Sinopec Group has signed an agreement with the National Iranian Oil Refining & Distribution Company (NIORDC) to provide 6.5 billion US dollars in capital to the latter for building and upgrading refineries in Iran, reported the semi-official Iranian media MEHR.Well short of the rumored $40 billion, but still no doubt most welcome for the Iranian government.
Market-watchers believe that it will develop into another loan-for-oil deal in which Iran would export crude oil to China in exchange for loans.
China and Iranian refining, cont.
Remember Iran’s shortage of refining capacity? At least one rumored and unsurprising agreement of mutual benefit appears to have been struck.
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