(MENAFN) Iran is considering a USD3 billion agreement offered by China's Sinopec for the upgrade of its Yadavaran oilfield.
China Petroleum & Chemical Corp (Sinopec) delivered the proposal under a current deal signed for running the oilfield located in southwest Iran on the Iraqi border.
According to Sinopec as sources reported, the offer is not in breach of the U.S. sanctions since the Yadavaran deal was inked in 2007.
If Iran approved of the pact, output at the oilfield will be doubled to over 200,000 barrels a day (bpd) in only six months.
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