Dec. 10 (Bloomberg) — China Petrochemical Corp. signed a $2 billion agreement to develop Iran’s Yadavaran oil field, advancing prospects for a contract on the sale of liquefied natural gas to the world’s fastest-growing major economy.

The field will produce 85,000 barrels a day in four years and a further 100,000 barrels a day three years after that, China’s official Xinhua news agency cited Iranian Oil Minister Gholam Hossein Nozari as saying yesterday. Under an initial agreement in 2004, China would pay Iran as much as $100 billion over 25 years for LNG and oil and 51 percent stake in Yadavaran.

Sinopec Group, as China Petrochemical is known, hopes to talk about liquefied natural gas supplies “later,” Iran’s state news agency IRNA said today, citing Zhou Baixiu, president of Sinopec Group’s international exploration and production unit. China is “willing” to buy LNG from Iran, Zhou said.

China, a veto-holding member of the United Nations Security Council, has resisted pressure from the U.S. to isolate Iran and impose a third round of international sanctions over the country’s nuclear program. The Chinese government wants its oil and gas producers to step up their global search for energy resources to meet rising consumption, spurred by an economy that surged 11.5 percent in the third quarter.

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