Sinopec To Develop Oil Field with Iran

China's biggest oil refiner Sinopec signed a $2 billion agreement with Iran on developing the Yadavaran oil field.

Iran's oil minister, Gholam Hossein Nozari, praised the deal as a vindication of his country's efforts to counter pressures to isolate the country over its nuclear program.

"The other message this contract has is that if other countries intend to invest in our major oil and gas fields, they should not waste time, otherwise they will surely lose investment opportunities in Iran," he said.