China Petroleum & Chemical (Sinopec) Group, the parent of China Petroleum & Chemical Corp (Sinopec), is expected to ink a contract with Iran to develop the latter's Yadavaran oil field soon, Forbes reported, citing Shanghai Securities Journal. The report said Iran would give China's largest refiner a 51 percent stake in the oil field, the overseas subsidiary of India's state-owned Oil & Natural Gas Corp would get a 29 percent stake, and the rest would be owned by National Iranian Oil. China and Iran signed a memorandum of understanding in October 2004 under which Sinopec would develop Yadavaran in exchange for buying 10 million tons of Iranian liquefied natural gas (LNG) annually for 25 years at a cost of 100 billion US dollars. Yadavadan is in the south of Iran and has proven crude oil reserves of over 30 billion barrels.