China has signed a $70 billion deal for the development of Iran's energy sector.

China's state-owned Sinopec Group has signed a deal to develop oil fields and liquefied natural gas in Iran. The memorandum of understanding, signed on Oct. 28, called for Sinopec to purchase 250 million tons of LNG from Iran over the next 30 years.

Another element of the MoU was that Sinopec would develop the Yadavaran oil field. Officials said Iran was committed to sell Sinopec 150,000 barrels per day for 25 years at market prices.

Iran has been the leading oil supplier to China, Middle East Newsline reported. Officials said Iran was negotiating a similar oil development and LNG contract with China National Petroleum Corp.