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Chinese oil company withdraws from $5-billion Iran deal

The South Pars field deal, struck in the wake of Iran’s 2015 nuclear deal with world powers, appears to be just the latest business casualty of America’s pressure campaign on Tehran

AP|
Oct 06, 2019, 11.17 PM IST
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Iran
Iranian foreign minister Mohammad Javad Zarif separately complained on Sunday about the US campaign against Tehran and its impact on foreign investments.(Representative Image)
TEHRAN: China’s state oil company has pulled out of a $5-billion deal to develop a portion of Iran’s massive offshore natural gas field, the Islamic Republic’s oil minister said on Sunday, an agreement from which France’s Total earlier withdrew over US sanctions.

The South Pars field deal, struck in the wake of Iran’s 2015 nuclear deal with world powers, appears to be just the latest business casualty of America’s pressure campaign on Tehran following President Donald Trump’s unilateral withdrawal of the US from the deal.

Oil minister Bijan Zangeneh, quoted by the ministry’s SHANA news agency, said on Sunday that the China National Petroleum Corp. was “no longer in the project”. Iranian foreign minister Mohammad Javad Zarif separately complained on Sunday about the US campaign against Tehran and its impact on foreign investments.

“We have been facing plenty of problems in the field of investment because of the US maximum pressure policy,” Zarif told a parliamentary committee, according to the semi-official Tasnim news agency. “We are trying to remove the problems.”
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