Oil giant Sinopec signed a deal worth between US$20 million and US$59 million with Iran for the exploration and potential development of its onshore Garmsar oil block, Chinese state media reported, citing Iranian state radio. Garmsar is one of 16 oil blocks Iran put out to tender in 2003. The exploration deal covers a four-year period, and the block will be awarded to Sinopec if it is found to be viable. The deal came after Iranian President Mahmoud Ahmadinejad's visit last week to China for a meeting of the Shanghai Cooperation Organization, a regional cooperation grouping in which it is an observer. Shanghai Securities News said Sinopec has also bid on three other onshore blocks in Iran – Khorramabad, Kuhdasht and Saveh.