Iran says Chinese state oil firm withdraws from $5B deal

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He gave no reason for the Chinese withdrawal and officials in Beijing didn’t immediately acknowledge it.

Source: Associated Press

TEHRAN, Iran: Iran’s oil minister said China’s state oil company has pulled out of a $5 billion deal to develop a massive offshore natural gas field, an agreement from which France’s Total SA earlier withdrew.

The Oil Ministry’s SHANA news agency quoted Bijan Zangeneh making the comment Sunday.

Zangeneh said Iranians alone would redevelop the portion of its South Pars oil field. He gave no reason for the Chinese withdrawal and officials in Beijing didn’t immediately acknowledge it.

The 20-year deal at South Pars came after the 2015 nuclear deal between Iran and world powers.

France’s oil giant Total withdrew from the deal after President Donald Trump unilaterally withdrew America from the accord and imposed crushing sanctions on Iran.

China is in the midst of its own trade war with the U.S.

 

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