China, Iran May Sign Oil Field Pact In March

China and Iran may sign a pact as early as March to jointly develop the massive Yadavaran oil field in southern Iran, the influential Chinese magazine Caijing said in a report Thursday.

China Petroleum & Chemical Corp. (SNP) Group, or Sinopec Group, may have a 51% share in the field, while India’s Oil & Natural Gas Corp. (500312.BY) may take a 29% interest, and the remaining 24% may go to Iran’s domestic oil companies, the report quoted Mu Shuling, the board director of China Petroleum & Chemical Corp. (SNP)(SNP), a listed subsidiary of Sinopec Group, as saying.

Royal Dutch Shell PLC (RDSB) (RDSB.LN) is also interested in the 24% share, the report said, citing Mu.

IWON