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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Iran, China firms sign 3 bln dollar LNG deal: report AFP - Sunday, March 15 TEHRAN (AFP) - - Iran's state-owned gas company and a Chinese consortium Saturday signed a multi-billion dollar deal to produce liquefied natural gas in the Islamic republic's South Pars field, a report said. ADVERTISEMENT The deal, worth 3.39 billion dollars, was signed by Iran LNG company with the Chinese consortium for an annual production of 10.5 million tonnes of LNG, the state broadcaster reported. It did not reveal the name or give any details of the Chinese consortium. "According to this contract, building gas liquefying lines in phase 12 and another block of South Pars gas field will be handed to the Chinese consortium," the television said. The gas field is located in the Gulf. It added that the project would be implemented in three years and that an unnamed European firm would join the Chinese consortium in three months. In January, Iran and China signed a separate 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran. Western oil companies have refused to invest in Iran because of the controversy over its nuclear energy programme and Tehran has increasingly turned to Asian companies. Iran holds the world's second-largest gas reserves and has significant economic ties with China -- a veto-wielding member of the UN Security Council, which has imposed sanctions against Tehran over its refusal to halt sensitive nuclear work. Iran said on Wednesday that French energy giant Total would have no "active role" in developing phase 11 of the offshore South Pars gas field and that a new partner had been found for the project. The development of South Pars field, which holds about eight percent of world reserves, has been delayed amid a lack of investment in a country faced with severe gas needs of its own in winter. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Malaysia cuts foreign worker permits by 70%AFP - 1 hour 14 minutes ago China recovers $1.2 bln embezzled in coal regionAFP - 1 hour 42 minutes ago Macau still worth a gamble: analystsAFP - Sunday, March 15 G20 bridges differences before key finance summitAFP - Sunday, March 15 Related Articles: Business Malaysia cuts foreign worker permits by 70%AFP - 1 hour 14 minutes ago China recovers $1.2 bln embezzled in coal regionAFP - 1 hour 42 minutes ago Vodafone Qatar to launch IPO on April 12Reuters - 1 hour 58 minutes ago OPEC oil cartel set for crucial output meetAFP - Sunday, March 15 Insurance giant AIG to pay $165 million in bonusesAP - Sunday, March 15 Enlarge Photo Iran, China firms sign 3 bln dollar LNG deal: report Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Obama program helping US economy: Summers Bailed-out AIG plans bonuses worth millions: report Arrest warrant issued for Lindsay Lohan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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