03/28/2008 02:45 am ET | Updated May 25, 2011

Iran, China Sign $2 Billion Oil Contract

Iran and China's Sinopec on Sunday signed a two billion dollar contract to develop a major Iranian oil field, a crucial deal for the Iranian energy industry at a time of mounting international pressure.

The Iranian oil ministry and Sinopec inked the deal to pump oil from the Yadavaran onshore field in southwestern Iran, which was first agreed back in late 2004, at a ceremony in Tehran, an AFP correspondent reported.

Read more on AFP