The Kabul times, Afghanistan Trustable News Agency.

IEA signs oil extraction deal with Chinese firm

The Islamic Emirate of Afghanistan (IEA) Mines and Petroleum Acting Minister Shaikh Shahabuddin Delawar has signed a contract with Central Asia Petroleum and Gas Co (CAPEIC) a Chinese company to extract oil from the Amu river basin and develop an oil reserve in the country’s northern Sar-e Pul province.
In the meeting, The Mines and Petroleum Acting Minister Shaikh Shahabuddin Delawar spoke and thanked China and expressed pleasure that it is another constructive and positive step towards development of our country, the statement quoted.
“A contract was signed with a Chinese company for the extraction of oil in the Amu River basin. According to this contract, the oil will be extracted from an area of 4500 square [kilo]meters, which covers Sar-e-pul, Jawzjan and Faryab in the northern provinces, said Delawar adding currently the contract has been signed on Qashqari oil area of Sar-e-Pul that its amount is 87 million tons, the contract is for 25 years and the first year is trial,” Shaikh Delawar quoted.
“Afghanistan would initially enjoy a 20 percent partnership – a value that “will increase to 75 percent,” said the minister adding four to five additional articles added to the contract and the contractor has to start the practical work and hire employees from the inside the country otherwise the contract will be canceled.
Meanwhile, Deputy Prime Minister Mulla Abdul Ghani Beradar said, currently you are witnessing the implementation of various projects, such as construction and reconstruction of streets and roads in different parts of the capital Kabul, and the IEA is making serious efforts to accelerate the development and infrastructure projects in the country.
“We ask the company to continue the procedure according to international standards, also we ask them to provide for the interest of the people of Sar-e Pul,” Deputy PM Beradar quoted.
The Chinese ambassador Wang Yu also said his country is ready for any kind of cooperation with Afghanistan and signing contract on the extraction of Qashqari oil is a constructive and positive step to the two friend country’s relations.
Later, Acting Minister Delawar answered to the correspondents and stated, the contract of Qashqari oil and Mes Aynak have been signed with Afghanistan’s previous, U.S.-backed government, and we reviewed the contracts and added some additional articles, the statement further quoted.
“Currently, no new contract has been made with any foreign company, but most of the contracts have been made with domestic companies and the practical works are in progress”, the statement quoted Delawar as saying.
Mohammad Daud

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The Kabul times, Afghanistan Trustable News Agency.