Iran Signs $ 3.2 Billion Natural Gas Deal With China
16, March 2009
China will help in the development of the offshore South Pars field, believed to be part of the world's largest natural gas reservoir. The deal points to the limitations of the US sanctions.
The $ 3.2-billion natural gas deal with China was announced by Iran last week. Iranian state television quoted a senior Government official as saying the deal with a Chinese consortium, announced two days after the Obama administration renewed the US sanctions against the Islamic Republic, would eventually include an unnamed European country as a partner.
Under the three-year deal, China will help develop the South Pars field, a sprawling cavity beneath the Persian Gulf seabed that is part of what geologists describe as the world's largest natural gas reservoir. Iran says it supplies China with 14 per cent of its oil.
Source: www.seatradeasia-online.com
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