Afghanistan Signs Major Oil Deal With China

The Afghan government has signed a deal with a Chinese company for the development of oil deposits, a project expected to earn Kabul billions of dollars over two decades.

The Afghan government has signed a deal with a Chinese company for the development of oil deposits, a project expected to earn Kabul billions of dollars over two decades.

The deal with China National Petroleum Corp (CNPC) -- covering drilling and a refinery in the northern provinces of Sar-e Pul and Faryab -- is Kabul's first international oil-production agreement in several decades.

Afghan Mines Minister Wahidullah Shahrani told a news conference that CNPC would bring their experts and equipment to the site in a month's time, with the practical work to begin in October 2012.

He said the contract was valid for 25 years. "We estimate that within 23 years, the revenue for Afghanistan will be $7 billion," he added.

It's the second major deal for China in Afghanistan after Metallurgical Corp of China signed a contract in 2008 to develop the huge Aynak copper mine south of Kabul, which is due to start producing by the end of 2014.

compiled from agency reports


Copyright (c) RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

Comments

Spero News
 

Disney drops 'Good Luck Charlie'

Most popular show on television in its time-slot for youth under 15.

Conference to focus on advances for Paraguayan electronic media

An international conference on digital migration will take place in Paraguay on July 4, just as the South American country concludes an agreement with El Salvador to share electronic content.

Mexico: Food prices sky-rocket

Tomatoes are going for $5.77 per kilo in Mexico.

On Heaven and Earth: an excerpt

Cardinal Jorge Bergoglio, before his election to the papacy as Francis, conversed with Rabbi Abraham Skorka on the commonalities of Jewish and Catholic faith.

History & Science

Argentina: bishops demand information on kids abducted by dictatorship

For the first time, the Catholic Church has released a TV spot in which Bishop Arancedo says it is the 'moral obligation' of every Argentine to release any extant information on children born in prison or kidnapped by 1970s military dictatorship.

$50 billion nuclear fusion reactor under construction

International nuclear fusion reactor under construction in France won't begin operation until 2027, but Lockheed Martin's Skunk Works claims they will place a fusion reactor on the back of a truck in ten years.

Resources

This page took 0.1826seconds to load