The interim Afghan Taliban government has signed a 25-year deal with a Chinese company to extract oil from Afghanistan’s Amu River basin and develop oil reserves in the country’s north.
Acting Minister of Mines and Petroleum Sheikh Shahabuddin Delawar and an official of Xinjiang Central Asia Oil and Gas Company signed the first major foreign investment deal in Kabul in 2021, according to international media reports. The capital is Kabul.
Acting Deputy Prime Minister Mullah Abdul Ghani Baradar Akhund and Chinese Ambassador to Afghanistan Wang Yu were also present at the signing ceremony.
“Recently, several projects have been approved by the Economic Commission, and through their initiatives, fundamental steps will be taken for the country’s prosperity and public welfare,” Afghan state media quoted Baradar as saying.
“We request that the company proceed with the process in accordance with international standards and in the best interest of the people of Sar-e Pul (Northern Province of Afghanistan),” he added.
Speaking at the event, Sheikh Shahabuddin Delawar said that under this agreement, the Chinese company will extract oil from a combined area of 4,500 square kilometers in North Sar-e-Pul, Jawajan and Faryab provinces.
“More than three thousand local people will get jobs in this project,” he said.
Delaware said that initially 200 tons of oil will be extracted daily and gradually 1000 tons of oil will be extracted per day.
Speaking at the event, the Chinese ambassador called the agreement important for the economic growth of the war-torn country and a positive step towards closer ties between Kabul and Beijing.
According to the agreement, the Chinese company will invest $150 million in the first year which will increase to $540 million in three years.
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