CHINA & IRAN: DOUBLE OIL
China Petroleum & Chemical Corp. 600028.SH +0.39% , or Sinopec, has doubled production at its Iranian oil project, according to people familiar with the matter, a rare success as the country struggles to revive its flagging oil output.
The push is part of a broader attempt by China and Iran to mend fences after the cancellation of a $2.5 billion oil-field deal with another Chinese state-owned giant, China National Petroleum Corp.
Production at the Sinopec-run Yadvaran project, near the Iraqi border, has increased to about 50,000 barrels a day from 25,000 barrels a day in early April, the people said. Sinopec didn't responded to repeated requests for comment.
Sinopec is also pushing to start a new phase to boost output to 135,000 barrels a day, people familiar with the matter said.
The increase will be welcomed by Iran where production has been heavily hit by international sanctions.
Iranian crude output was down 7% in April compared with its average level of 2013, according to the Organization of the Petroleum Exporting Countries.
But more of this oil is going to China, where imports of Iranian oil were up 115% in April on a year-on-year basis, according to Chinese official statistics.
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