Iran Makes Example of Chinese Contract

Iran has offered western nations a clear example of the contracts they might miss out on by following US trade sanctions against the nation, signing a lucrative contract with China's Sinopec group today.

The project, for the development of the Yadavaran oilfield in southwestern Iran, is valued around US$2bn, with two phases, one for 85,000 barrels of oil per day and the other for 100,000 within three years.

Reserves at the field are estimated to be around 18.3 barrels.

By staff writer