Sinopec in deal to explore Iran oil block – Beijing Time

From Beijing Time via China Economic Net:

China’s Sinopec has signed a multi-million dollar contract with for the exploration and potential development of an block in the Islamic republic, Iranian official media reported.

Iranian state radio said the deal to explore the onshore Garmsar block — one of 16 oil blocks that Iran put out to tender in 2003 — was worth between 20 million dollars and 59 million dollars and covers a four-year period.

The report said that if Garmsar is found to be viable, its development will be also awarded to Sinopec — one of China’s largest oil groups.[Full Text]

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