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Sinopec to develop oil field in Iran |
| Home | (Bloomberg News, The Associated Press) - SHANGHAI: China's biggest refiner, Sinopec, and Iran have signed a $2 billion agreement on developing the Yadavaran oil field, firming Beijing's business links with Tehran despite U.S. calls for sanctions over Iran's nuclear program. The long-awaited agreement signed Sunday in Tehran completes a 2004 memorandum of understanding for state-owned Sinopec Group to help develop the huge oil field. Iran's oil minister, Gholam Hossein Nozari, praised the deal as a vindication of his country's efforts to counter pressures to isolate the country over its nuclear program. |