*China's oil fields in Iran

               Azadegan oil field



TEHRAN, January 14 (RIA Novosti) - The National Iranian Oil Company and China National Petroleum Corporation (CNPC) signed on Wednesday a $1.76 billion contract on developing Iran's North Azadegan oil field, local media reported.

The North Azadegan oil field is located in the Iranian southwestern province of Khuzestan on the border with Iraq. The oil field has estimated oil reserves of 6 billion barrels, making it possible to produce an average of 75,000 barrels a day over the next 25 years, Iranian media said.

The contract signed in Tehran covers the first stage of the oil field development. The contract's overall price for the first and second stages expected to be implemented over a period of 12 to 17 years is likely to reach about $4 billion, the Iranian media said.

This is the second large deal Iran has signed with China in the oil sector in recent years. In December 2007, Iran's Petroleum Ministry and Chinese oil company Sinopec signed a $2 billion contract to develop the Yadavaran oil deposit, which holds 18.3 billion barrels in proven reserves.

Read the article at: 

Iran, China sign $1.76 Billion contract to develop Iranian oil field- (Jan 15, 2010)

My thoughts: Perhaps this is the reason why China is sending "a lower-level" diplomat to today's meeting NY concerning sanctions on Iran? China is giving a clear warning not to place sanctions on Iran and a warning to countries iching to start a war in Iran. 

"Six major powers are on Saturday to mull a response to Iran's nuclear defiance but China is sending a lower-level diplomat in a signal of its reluctance to back tougher sanctions pushed by the West."

"Britain, France, Germany, Russia and the United States are sending top officials of their respective foreign ministries to the talks in New York which are being hosted by the European Union."


"The six officials representing the so-called P5+1 are to meet at noon (1700 GMT) for a working lunch at the EU mission in New York, but a diplomat cautioned against expecting any "spectacular" outcome."


"The goal is to crank up the pressure on Iran to accept a UN-brokered deal aimed at allaying suspicions about the nature of its nuclear program by shipping most of its low enriched uranium (LEU) stockpile abroad to be further enriched into reactor fuel."

World powers meet over fresh Iran sanctions - (Jan 16, 2010)