USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

Sinopec holds oil exploration talks with Iceland

By Du Juan | chinadaily.com.cn | Updated: 2013-06-17 20:37

A source from Sinopec Group, Asia's top refiner, confirmed to China Daily on Monday that the company is holding preliminary talks on oil exploration with the government of Iceland.

The talks involve Sinopec Star Petroleum Co Ltd, a clean energy subsidiary wholly-owned by the group, the source said.

In April 2012, Fu Chengyu, chairman of Sinopec, signed a framework cooperation agreement with Orka Energy Holding.

CNOOC Ltd, the biggest offshore oil producer in China, was the first Chinese oil company to gain a foothold in the Arctic regions after partnering with Iceland-based Eykon Energy to bid for an exploration license.

However, experts said the exploration costs in Iceland and the absolute need for advanced technology will remain major obstacles to any exploration off Iceland's northeast coast.

Andy Brogan, an oil analyst with Ernst&Yong, told China Daily on Monday that the Iceland government will be sensitive about environmental protection, but understands the economic benefits.

Related Stories
Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US