January 15, 2009 2:00 am

Iran signs $1.7bn China oil deal

By Najmeh Bozorgmehr

Iran yesterday signed a $1.7bn (£1.2bn) oil contract with China, bypassing international sanctions on its nuclear programme.

Chinese company CNPC and the National Iranian Oil Companywill develop an oil field. Iran's economy relies on oil and needs investment to meet demand.

Najmeh Bozorgmehr, Tehran

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