Iran signs $3.2bn natural gas deal with China

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Tehran: China will help in the development of the offshore South Pars field, believed to be part of the world's largest natural gas reservoir. The deal points to the limitations of U.S. sanctions.
Iran announced a $3.2-billion natural gas deal with China on Saturday.
Iranian state television quoted a senior government official as saying the deal with a Chinese consortium, announced two days after the Obama administration renewed US sanctions against the Islamic Republic, would eventually include an unnamed European country as a partner.
Under the three-year deal, China will help develop the South Pars field, a sprawling cavity beneath the Persian Gulf seabed that is part of what geologists describe as the world's largest natural gas reservoir. Iran says it supplies China with 14% of its oil. [16/03/09]