Iran state-owned company to finish gas project after China’s CNPC pulls out
Iran’s oil minister said Sunday that China’s CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project.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 $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.
