TEHRAN, (Reuters) – Iran said it signed a $4.7  billion contract with a Chinese state firm yesterday to  develop a part of a major gas field in the Gulf, replacing  French energy company Total which it had accused of delays.

With Western firms wary of investing in the Islamic state  due to its nuclear row with the United States, Tehran has  increasingly been looking towards energy-hungry Asian countries  for investment to help exploit its vast gas and oil reserves.
Despite the global economic slowdown, China is keen to  ensure energy does not constrain future growth and force up the  prices it pays.

Iran announced the deal with China National Petroleum  Corporation (CNPC) on developing phase 11 of South Pars on the  same day as its foreign minister was to meet French President  Nicolas Sarkozy in Paris to discuss Tehran’s nuclear activity.