Sinopec in Talks on Iran’s Oil Field

China Petroleum & Chemical Corp., best known as Sinopec, said Tuesday it does not plan to buy liquified natural gas from Iran because the price is too high, but that it is in talks on cooperating on oil production.

China is scrambling to meet its growing energy needs, and Sinopec had earlier held talks about purchasing LNG from Iran, which has the world’s second largest natural gas reserves.