A senior Chinese delegation is expected in Tehran soon to sign an agreement for a $16 billion investment to develop an Iranian gas field and build an LNG plant, an Iranian source said Wednesday.

The contract had been due to be signed on February 27 in Tehran but the signing ceremony was postponed at the last minute without any explanation from either of the two parties--China's state-owned National Offshore Oil Corporation and the Iranian Pars Oil and Gas Company.

The source said the delay was because the Chinese delegation wanted to wait until after the UN Security Council had voted on new economic sanctions against Iran and send a more senior delegation to the signing ceremony. ... Read full article