Iran's Petroleum Engineering and Development Company (PEDEC) has announced that the Islamic Republic and China will invest about USD 12 billion on developing Iran's Azadegan oilfield, Press TV reports.
PEDEC's Managing Director Naji Sa'douni said on Saturday that the projects of developing the Azadegan oilfield in Iran's southwestern province of Khuzestan will add 600,000 barrels of oil to the country's daily output, Mehr news agency reported.
The official added that the investment will be made within the next 10 years, noting that the development of the first phase of the field is expected to be completed in 52 months.
Iran and China to develop Azadegan oilfield
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