International Development News
Development News Edition

Iran says China's CNPC pulls out of gas project

Iran says China's CNPC pulls out of gas project

Tehran, Oct 6 (AFP) Iran's oil minister said Sunday that China's CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project. The South Pars gas field was to be developed jointly by France's Total, China National Petroleum Corporation and Petropars under a USD 4.8-billion (4.1 billion-euro) deal signed in July 2017.

The deal came after Iran reached a 2015 agreement with world powers that gave it relief from sanctions in exchange for limits on its nuclear programme, ending years of economic isolation. Total left the project three months after US President Donald Trump's administration withdrew from the nuclear accord in May last year and reimposed sanctions on Iran's oil industry and other key sectors of the economy.

"Phase 11 (of South Pars) will be entirely developed by Petropars company," Iran's Oil Minister Bijan Namdar Zanganeh was quoted as saying by the ministry's official website. Asked whether CNPC International had abandoned the project, Zanganeh said: "Yes, they have".

The other parties to the Iran nuclear deal -- Britain, France, Germany, China and Russia -- have vowed to stay in the accord despite the US withdrawal, but their efforts have so far borne no fruit. Zanganeh said that Petropars did not take the lead on South Pars from the outset because "we wanted to attract foreign investment for this project" and that Petropars was "supposed to learn alongside these (foreign) companies".

He added that the development of a pressure booster platform would depend on talks between Iran's MAPNA Group and other companies. Petropars signed a USD 440 million agreement in September with another state-owned firm, Pars Oil and Gas Company, to develop the Balal field in the Gulf. (AFP) IND


(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...

Our school campaigns are our strongest ally: Joaquin Antuna, founder of Peace and Cooperation

Joaquin Antuna is the founder of Peace and Cooperation, a Spanish NGO which was nominated as peace messenger by the United Nations in 1986. Antuna is of very firm opinion that in order to have an incisive impact on the community we live in,...

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....


Latest News

UPDATE 3-Cricket-NZ's Wagner removes Root in first England test

Neil Wagner removed England captain Joe Root shortly before the break to swing the first test back slightly in New Zealands favor as the tourists reached 121-3 at tea on an opening day in Mt. Maunganui on Thursday.Joe Denly was on 41, while...

Raptors pull away to beat Magic for second time

Fred VanVleet scored 24 points and added seven assists, and the Toronto Raptors defeated the visiting Orlando Magic 113-97 on Wednesday night. The Magic lineup was depleted after they lost center Nikola Vucevic and forward Aaron Gordon to s...

UPDATE 4-A U.S.-China 'Phase One' trade deal may not be inked this year

Completion of a phase one U.S.-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightene...

Sebastien likely to become hurricane on Thursday or Friday - NHC

Tropical Storm Sebastien could strengthen into a hurricane on Thursday or Friday over the Atlantic, the U.S. National Hurricane Center NHC said on Wednesday night.Sebastien was located about 295 miles 475 km north northeast of the northern ...

Give Feedback