The terms of this $16 billion project, which should be competed in 2015, allows CNOOC to receive half of its LNG output. The China National Petroleum Corporation (CNPC) is developing parts of Iran's Masjed-i-Suleiman oil field, the Zagros Basin, the North Azadegan oil field, and the South Pars gas field. It also has a development contract for North Pars. Sinopec is developing Iran's Yadavaran oil field as well as increasing and modernizing Iran's petroleum refineries including a major refinery at Arak. In addition to North Pars, each of these other deals is also estimated to be worth billions of dollars. Expanding Iran's refining capacity is important since, though Iran is a major crude oil and natural gas exporter, its refining capacity has lagged behind growing domestic consumption.