CNOOC to sign LNG agreement with Iran

China National Offshore Oil Corp plans to sign an agreement with the National Iranian Oil Co for 10 million tons of liquified natural gas (LNG), the Wall Street Journal reported. The agreement would secure gas supplies for three new LNG terminals in China. Talk of an agreement comes as Iran faces rising costs and US sanctions, leading some to question its ability to hold up its end of the deal. China National Offshore Oil Corp, which could invest up to US$16 billion in Iran, has come under pressure from the US to halt its operations in the country.