China Pulls out of Iran Oil Development
China Pulls out of Iran Oil Development Written by Shamsi Saadati on 08 October 2019 . The Iranian regime’s oil minister Bijan Zangeneh said Sunday that China’s state oil company pulled out of a $5 billion deal to develop part of the Gulf State’s massive offshore natural gas field; something that France’s Total SA withdrew from in 2018 over US sanctions. The South Pars field deal, which was agreed upon following the 2015 nuclear deal with world powers. The deal is about to collapse since the Iranian regime starts breaching it. In addition, U.S. sanctions on the Iranian regime have made it harder for foreign companies to do business in Iran. Zangeneh said that the China National Petroleum Corp. (CNPC) was “no longer in the project”, but did not elaborate on the reason for this, but the oil ministry’s SHANA news agency said CNPC “had pulled out of a contract”. Iran has the world’s second-largest known reserves of natural gas and the ...