China, Iran sign oil deal
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Tehran, Jan 15 (Xinhua) Iran and China have signed a $1.76 billion deal here for the development of an oil field in Iran, media reports said.
The deal was signed between China National Petroleum Corporation(CNPC) and the National Iranian Oil Company (NIOC) in the presence of Iranian oil minister Gholam Hossein Nozari and Chinese ambassador Xie Xiaoyan, Iran's official news agency IRNA reported..
The North Azadegan oil field, which located in Iran's western province of Khuzestan, has an estimated reserve of six billion barrels of oil and can produce 75,000 barrels per day for 25 years, Nozari was quoted as saying.
Oil output of the North Azadegan oil field will reach 150,000 barrels per day when both the two phases of the project are finished, Nozari said.
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