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Jun 13 2012

UPDATE: China Trying To Cut Iranian Oil Imports -CNPC Executive

Wednesday, Jun 13, 2012

(Adds quotes on Gazprom)

VIENNA--China is trying to cut its Iranian oil imports, a China National Petroleum Corp. executive said Wednesday.

Speaking to reporters on the side of a seminar of the Organization of Petroleum Exporting Countries, Wang Dongjin, a CNPC vice president, said it remained unclear, however, how China could reduce its imports from the Islamic Republic.

"We will see at a later date state," he said, what do with "some contracts signed before sanctions on Iran."

Mr. Dongjin also said CNPC is in talks with Russian natural-gas giant OAO Gazprom (GAZP.RS) over a possible asset swap.

"It is a potential, it is in a preliminary state," he said, adding that the discussions focused on CNPC entering natural-gas "exploration blocks or developing some gas field in the Barents Sea" in Russia.

He said natural-gas production at CNPC's Amour River project was due to start at the end of next year.

Mr. Dongjin also said CNPC wasn't currently considering buying a stake into Russian joint-venture TNK-BP.

BP PLC (BP), which owns half of TNK-BP, recently signalled it was considering exiting the venture.

Write to Benoit Faucon at benoit.faucon@dowjones.com

(END) Dow Jones Newswires

13-06-12 1139GMT


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