Japan close to deal with Iran on US$2b oil project

October 3, 2006 10:36

Japan will soon wrap up talks with Iran over a US$2 billion dollar contract to develop one of the largest oil fields in the world, the Japanese trade minister said Tuesday. Media reports have suggested the United States has urged Tokyo to freeze the project to apply pressure on Iran, which is suspected of developing nuclear weapons under the cover of a nuclear energy research program. "Negotiations are very much entering the final stage," Trade and Industry Minister Akira Amari told reporters Tuesday. Japan's Inpex Corp., a state-designated oil development company, signed a contract with the National Iranian Oil Company in February 2004 to jointly develop the Azadegan field, in Iran's southwest, in a US$2 billion project.

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