Iran has sealed a deal with Japan for a controversial oilfield project, delayed by US allegations that Tehran is in pursuit of a nuclear weapons programme. Valued at USD 2 billion, the contract for part of the giant Azadegan field is one of Tehran’s biggest international deals since the 1979 Islamic revolution. It will see Japan Petroleum Exploration Co. (JAPEX), INPEX Corp. and Tomen Corp. develop the southern half of Azadegan, one of the world’s largest untapped oilfields. The northern half of Azadegan has attracted interest from China’s Sinopec, Russia’s LUKOIL, India’s ONGC and Spain’s Repsol.
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