Iran on Wednesday signed a $1.7bn oil contract with China bypassing international sanctions over the country’s nuclear programme.
Jiang Jiemin, the president of CNPC, China’s largest oil and gas company, and the head of National Iranian Oil Company, Seifollah Jashnsaz, signed the contract to develop part of North Azadegan oil field.
Iran’s energy sector urgently needs foreign investment to maintain production both to meet increasing domestic consumption and to maintain petrodollars in an oil-dependent economy. However, international sanctions have hindered major projects in Iran which sits on the world’s second largest oil and gas reserves.
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