By Wang Ying
Jan. 15 (Bloomberg) -- China National Petroleum Corp. signed a $1.76 billion contract with the National Iranian Oil Co. to develop an oil field in western Iran, the Mehr News Agency reported, citing a signing ceremony yesterday.
The North Azadegan field holds six billion barrels of oil, the news agency reported. China National, parent of PetroChina Co., will develop the field in two phases, it said.
The agency said the agreement is a blow to the U.S. government and its allies, which had been discouraging investment in the Iranian oil industry.
To contact the reporter on this story: Wang Ying in Beijing at ywang30@bloomberg.net.
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