China's top oil refiner Sinopec Corp will participate in the oil field development project in Iran, which might boost its weak stock.

Market sources said that Sinopec is negotiating with National Iranian Oil Company (NIOC) about the development projects of Yadavaran oil field in its Iran's local province Khouzestan. The fields' oil reserve is 183 million barrels, and gas reserve is 12.5 trillion cubic feet

In addition, Sinopec will hold the online investors conference on annual performance of 2007, further squeezing its refining margins as domestic fuel prices are capped by the government.