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China Shipping-NITC plan joint shipping line

China Shipping-NITC plan joint shipping line

Shanghai: Iran's National Iranian Tanker Company and China Shipping are in negotiations to set up a joint shipping line to carry three million tons of liquefied natural gas (LNG) from Iran to China. According to local media, the National Iranian Oil Company (NIOC) has announced that its subsidiary, NITC, is to help Iran export 83m tons of LNG by 2014.

Abdolsamad Ta'aqol, planning manager at NITC has confirmed that company md Mohammad Souri visited China last week in order to discuss the new venture. "In Souri's recent visit important talks were held on further cooperation with potential buyers of LNG in transportation filed and establishment of joint shipping line. The visit focused on cooperation in the field of transfer of LNG as agreed by Chinese purchasers of products of North and South Pars gas fields. "

As China continues to develop, its energy needs continue to skyrocket beyond domestic production capabilities.

Iran is also reportedly holding talks with leading international energy companies, including Repsol (Spain), Total (France) and Royal-Dutch Shell (England).  [23/07/07]

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