SHANGHAI: China and Iran are close to setting plans to develop Iran’s Yadavaran oil field, a Chinese magazine reports, a multibillion dollar deal that comes as Tehran faces the prospect of sanctions over its nuclear programme. According to Caijing, a respected financial magazine, a Chinese government delegation is due to visit Iran as early as March to formally sign an agreement allowing China Petrochemical Corp, or Sinopec, to develop Yadavaran.