Managing-Director of the National Iranian Gas Exports Company Roknoddin Javadi told PIN that the talks between Iran and China regarding liquefied natural gas (LNG) exports have been dragged out. He said the deal has to be renewed between the two countries. “LNG market is turbulent and growing now. Customers are seeking lower prices, but they have hit snags in their decision-making procedures and they have to come up with new conditions in the market,” he said. Chinas Sinopec is negotiating the annual purchase of 10 million tons of LNG from Iran. Once the contract is finalized, Iran would raise its LNG sale to 250 million tons in 25 years. “The two governments have signed the contract for 10 million tons of LNG but NIGEC and the LNG section of Sinopec are still negotiating,” Javadi said, adding that the two sides have reached agreements on certain parts of the deal. The deal Iran is to finalize with China is valued at 1.5 billion dollars and the Islamic Republic can earn between 35 and 40 billion dollars in 25 years. Chinas CNPC has signed a deal to purchase nine million tons per year of LNG from Iran. It reached agreement with the National Iranian Oil Company. Iran would export 200 million tons of LNG to China in 25 years. China is a leading importer of crude in the world and its growing thirst for energy would require more imports of oil and gas in the coming years. This country is currently seeking sources to supplying its energy needs. Iran is slow in selling its gas as LNG prices would definitely jump in the coming years.