OREANDA-NEWS.  June 15, 2012. 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 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.