China National Petroleum Corp (CNPC) on Tuesday announced the first shipment of oil from its investment project in Iran, saying the project in the North Azadegan oil field had entered "the important cost recovery phase."
The shipment of 2 million barrels of oil left Iran on Monday morning (Iranian time) en route to China, CNPC said in a statement on its website, hailing the progress in the project and its potential.
The North Azadegan field started production in April 2016, according to the statement.
The Chinese and Iranian sides agreed in September to deliver the first 3 million barrels of oil in October, and another 1 million barrels of oil would be shipped at the end of the month, according to the statement.
A single purchase
