Chinese to develop Afghan oil field  

Posted by Big Gav in , ,

The Gulf Daily News reports on a move by China to extract oil in Afghanistan - Afghanistan clears CNPC accord.

Afghanistan's cabinet cleared the way for the war-torn state to sign a deal with China National Petroleum Corporation (CNPC) for the development of oil blocks in the Amu Darya basin, the president's office said yesterday. ...

The deal covering drilling and a refinery in the northern provinces of Sar-e Pul and Faryab will be the first international oil production accord by the government for decades. It marks the second major deal for China, after Metallurgical Corporation of China signed a contract in 2008 to develop the huge Aynak copper mine south of Kabul, due to start producing by 2014-end.

State-owned CNPC and joint venture partner Watan Group, a diversified Afghan company, will explore for oil in Kashkari, Bazarkhami and Zamarudsay, which are estimated to hold around 87 million barrels of oil. ...

Indian and Chinese bidders have been front-runners to develop Afghanistan's vast mineral deposits, valued at $3 trillion, worrying Western firms that have hesitated to invest.

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