Iran 's Oil Minister Rostam Qasemi said China has agreed to invest $20 billion in developing two oil fields which will eventually produce 700,000 barrels per day of crude oil, Iran 's Press TV reported Sunday on its website.

The oil minister, speaking to reporters Sunday on a visit to the Petropars Co., said the agreement to develop Azadegan and Yadavaran oil fields has been reached after 10 to 15 years of negotiations with the Chinese side, the report said.

He said the Chinese side has started its activities by investing $20 billion in the oil fields, the report said.

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