China and Iran sign 16 billion dollar gas deal

Beijing - China and Iran have signed a memorandum of understanding worth more than 16 billion US dollars to develop a giant natural gas field, an Iranian diplomat in Beijing confirmed Friday, reported the China Daily. According to Iranian media reports China National Offshore Oil Corp (CNOOC) and the National Iranian Oil Company signed the agreement over the development of the North Pars gas field on Wednesday. Iran offered China a 25-year gas supply from the North Pars field. © 2006 dpa - Deutsche Presse-Agentur

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