China signs $70 billion oil and LNG agreement with Iran
Deal's political benefits could arrive before economic ones
By Agence France Presse (AFP)
Saturday, October 30, 2004
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State oil giant Sinopec Group has signed a $70 billion oil field development and liquefied natural gas agreement with Iran, China's biggest energy deal with the No. 2 OPEC producer, an Iranian official said Friday. The preliminary deal may yield political benefits far sooner than commercial ones as Iran courts China's favor on the UN Security Council.
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