Iranian Oil Minister Bijan Zanganeh says China's national petroleum company has pulled out of a $5 billion deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf.
The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States.
Total had planned to invest $1 billion under its 2017 contract with Iran, but backed out of the project amid pressure from Washington, which has reimposed U.S. sanctions on Tehran in response to its nuclear and ballistic missile programs and is calling on other countries to stop doing business with Iran.
The Chinese state firm's withdrawal from the project is the latest setback in Iran's attempt to bring a swath of new sectors of the South Pars gas field online before the end of the Iranian calendar year on March 20.
Iran shares the world's largest gas field with Qatar.
In his statement, Zanganeh said Iran wants to improve ties with all the countries of the Middle East and suggested the possibility of negotiations with Saudi Arabia on joint projects.
In response, Iran has gradually scaled back its commitments under the 2015 nuclear deal, under which Tehran had agreed to cut back nuclear activities in return for lifting most international sanctions.
https://en.radiofarda.com/amp/iran-says-china-has-pulled-out-of-south-pars-natural-gas-project/30202011.html?__twitter_impression=true
The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States.
Total had planned to invest $1 billion under its 2017 contract with Iran, but backed out of the project amid pressure from Washington, which has reimposed U.S. sanctions on Tehran in response to its nuclear and ballistic missile programs and is calling on other countries to stop doing business with Iran.
The Chinese state firm's withdrawal from the project is the latest setback in Iran's attempt to bring a swath of new sectors of the South Pars gas field online before the end of the Iranian calendar year on March 20.
Iran shares the world's largest gas field with Qatar.
In his statement, Zanganeh said Iran wants to improve ties with all the countries of the Middle East and suggested the possibility of negotiations with Saudi Arabia on joint projects.
In response, Iran has gradually scaled back its commitments under the 2015 nuclear deal, under which Tehran had agreed to cut back nuclear activities in return for lifting most international sanctions.
https://en.radiofarda.com/amp/iran-says-china-has-pulled-out-of-south-pars-natural-gas-project/30202011.html?__twitter_impression=true
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