“Sinopec is in talks with the National Iranian Gas Export Co and the National Iranian Oil Co to annually import at least five million tonnes of LNG from Iran,” said Sattarifar.

This move comes on the back of the MOU signed between China’s Zhuhai Zhenrong and the Iranian government, which would see the state-owned oil trader import around 110 million tons of Iranian LNG over 25 years.

“In exchange, Sinopec will be allowed access to a major Iranian oilfield and senior Sinopec executives will visit Iran next month to continue the talks,” added Sattarifar.