29 Dec 2011

Afghan - China oil deal signed

10:04 am on 29 December 2011

Afghanistan has signed a deal with China National Petroleum Corporation.

The contract is valid for 25 years. It covers drilling and a refinery in the northern provinces of Sar-e Pul and Faryab.

Mining Minister Wahidullah Shahrani said on Wednesday that work will start in October 2012.

The BBC reports that under the terms of the contract, Afghanistan will take 70% of the profits.