Sinopec, Iran close $2bn oil deal

State-owned oil company Sinopec has signed a US$2 billion agreement to develop an oil field in Iran, AFP reported. Despite China's endorsement of UN sanctions against Iran last week for the country's nuclear program, the agreement signed today to develop the Yadavaran onshore field has been under discussion since 2004. The field will produce up to 185,000 barrels per day when it reaches its full capacity in four years. China is the second-largest importer of Iranian goods after Japan.