Iran, China sign US$70bn energy deal

State owned oil-giant Sinopec signed a US$70 billion oil and gas deal with Iran, China's biggest ever energy deal with OPEC's number two producer. According to a memorandum of understanding, Sinopec will buy 250 million tons of liquefied natural gas over 30 years from Iran and invest in developing the giant Yadavaran oilfield. Meanwhile Iran also committed to export 150,000 barrels per day of crude oil to China for 25 years after commissioning of the Yadavaran field, Chinese state media reported. Iran is China's biggest oil supplier accounting for about 13% of China's oil imports.