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Iran and Sinopec close to oil field deal |
| Home | (IHT) - DOHA, Qatar: Iran is close to a deal with Sinopec of China on developing the Yadavaran oil field, the Iranian oil minister, Kazem Vaziri-Hamaneh, said Monday. Sinopec Group, the state-owned parent of Sinopec Corporation, agreed in October 2004 to take the lead in developing the Iranian oil field and to buy 10 million tonnes, or 11 million tons, of liquefied natural gas every year for 25 years in a deal worth as much as $100 billion. "We are getting very close to a final decision on Yadavaran," Vaziri-Hamaneh said on the sidelines of a gas producers meeting here. The two sides have failed to agree on final terms and a senior industry official familiar with the discussions said in Singapore last year that a deal would be delayed due to a price disagreement. |