China, Iran may finalize oil deal in March: report – Jason Subler

From Reuters, via the Washington Post:

China and could sign a multi-billion dollar agreement on developing a major oilfield in Iran as early as next month, the semi-official Caijing Magazine said on its Web site.

The magazine cited Mu Shuling, an executive at Sinopec Corp. <0386.HK>, as saying a delegation of the National Development and Reform Commission, China's economic-planning body, could go to Iran as early as March, where the two could sign a deal on jointly developing the Yadavaran field in southern Iran.

The deal, which the magazine said could be worth as much as $100 billion in gas and oil sales and field development costs, follows a memorandum of understanding signed in October 2004. Negotiations over Iranian oil projects often drag on for years.

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