KABUL - The Afghan Ministry of Mines said on Saturday that CNPC International, China's largest energy company, won the rights to extract oil in the Amu Darya river basin.
The ministry has agreed upon the details of the project with CNPC International. The deal has been sent to the Afghan Council of Ministers for approval.
The river bed is thought to hold more than 80 million barrels of oil, the ministry said.
"The details of the contract are ready and, after the approval of the Afghan Council of Ministers and Chinese government, the practical phase will be started," Jawad Omer, a spokesman for the Ministry of Mines, said. "The [approval] process is to be finished by December this year."
A total of 12 companies entered the bidding process for the Amu Darya development rights but CNPC International won after agreeing to give 15 per cent of its profits from the extracted oil to Afghanistan.