China Investing $20B To Develop Iran Oil Fields: Report

Law360, New York (July 9, 2012, 4:26 PM EDT) -- China has agreed to invest $20 billion to develop two oil fields that will eventually produce 700,000 barrels per day, Iran's Press TV reported Sunday, the latest sign of tightening energy ties between oil-hungry China and Iran, which is seeing export routes choked off by U.S. sanctions.

Iran Oil Minister Rostam Qasemi told the station that the agreement to develop the Azadegan and Yadavaran oil fields in southern Iran comes after more than a decade of negotiations. The two fields are thought to hold up to...
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