Iran and China's Sinopec could sign a long-awaited final multibillion - dollar agreement for the development of the Yadavaran onshore oilfield, the Iranian oil minister said.
"Iran could probably sign a contract this evening with China's Sinopec to develop Yadavaran," Gholam Hossein Nozari told reporters on the sidelines of an oil conference.
In late October 2004, Iran and Sinopec inked an initial agreement to develop Yadavaran in southwestern Iran, which is estimated to hold more than three billion barrels of recoverable crude. Based on that memorandum of understanding, China was to have a 51 percent share in the project. But Nozari refused to disclose the final financial details.
The agreement also involves China's purchase of an annual 10 million tons of Iranian liquefied natural gas for 25 years, beginning in 2009. Iran and China have significant economic ties and Beijing is the second largest importer of Iranian goods after Japan.
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