China, Iran may sign huge oil deal
Shanghai: China and Iran are said to be setting up plans to develop Iran's Yadavaran oil field, according to media reports. The deal comes as Tehran faces the prospect of sanctions over its nuclear program. The deal is said to be worth about $100bn.

According to Caijing, a respected financial magazine, a Chinese government delegation would soon visit Iran in early March '06 to formally sign an agreement allowing China Petrochemical (Sinopec), to develop Yadavaran. The Wall Street Journal also reported in Friday's editions that the two sides are trying to conclude the deal in coming weeks before potential sanctions are imposed on Iran for its nuclear ambitions. The report cited unnamed Iranian oil ministry officials familiar with the talks. The deal would complete a memorandum of understanding signed in '04.

In exchange for developing Yadavaran, one of Iran's largest onshore oil fields, China would agree to buy 10m tons a year of liquefied natural gas for 25 years, beginning in '09, the Caijing report said, citing Sinopec board member Mou Shuling. Chinese and Iranian officials in Beijing said they could not confirm the report.
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Arcelor's can do better without Mittal Steel
New Delhi: Arcelor, the European steel giant under takeover threat from steel magnate LN Mittal, is arguing that the proposed $22.3-bn offer would destroy Arcelor's value. The Luxembourg-based company has criticised Mittal Steel's management structure, "short-term" marketing approach, "limited" distribution network and "lack of" state-of-the-art technologies.

It says it has a much better future without Mittal Steel. Mittal Steel has been accused of adopting "far from exemplary" social terms while dealing with restructuring. The Luxembourg-based company is expected to make a presentation to its stakeholders on February 28, highlighting its future plans. The governments of France, Belgium, France and Luxembourg will be briefed about the details. Luxembourg holds 5.6 per cent stake in the company, Belgium owns 2.3 per cent and a number of Arcelor's manufacturing facilities are located in France and Spain.
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