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PetroChina Parent Signs Accord to Develop Afghanistan Oilfields

China National Petroleum Corp., the nation’s largest oil company, agreed to develop Afghanistan’s Amu Darya basin, a project the war-ravaged country's government estimates will yield about $7 billion in profits.

The project will have an initial investment of about $400 million, CNPC President Lu Gong Xun said after signing the accord with Afghan Mines Minister Wahidullah Shahrani today in Kabul. The contract will include exploration and extraction, and the government will get 70 percent of the profit from selling each barrel of oil, Shahrani said.