(China Daily, Dec 25, 2006) China National Offshore Oil Corp has confirmed signing a memorandum of understanding for a US$16 billion project to develop Iran's North Pars gas field and build liquefied natural gas (LNG) plants.

The project will take eight years to complete, Xinhua reported. Liu Junshan, a Beijing-based spokesman for China's largest offshore oil producer, declined to confirm or deny an earlier media report of an agreement.

Source:China Daily