The Ministry of Mining and Petroleum of the Islamic Emirate of Afghanistan (IEA, the self-designation of the country by the Taliban) announced the termination of a 25-year contract for oil production in the Amu Darya basin with the Chinese company Afchin, citing repeated violations of the terms of the agreement. This is reported by Khaama Press.
In an official statement released today, June 17, the Ministry said that joint investigative committees have been formed to investigate violations of the contract. The findings confirmed that Afchin repeatedly failed to fulfill its obligations. This prompted the Ministry to take legal steps to officially terminate the contract.
Under the agreement, the Chinese company Afchin pledged to invest $ 150 million in the first year and $ 540 million over three years, but did not fulfill the promises.
The oil field, located in the Afghan provinces of Sar-i-Pul and Faryab, covers an area of more than 4,500 square kilometers and contains an estimated 87 million tons of proven crude oil reserves.
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