Iran: Chi­nese state oil firm pulls out from $5 bil­lion deal

The Morning Call - - NATION & WORLD -

TEHRAN, Iran — 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 Sun­day, an agree­ment from which France’s To­tal SA ear­lier with­drew over U.S. 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 U.S. from the deal.

It also comes as China and the U.S. en­gage in their own trade war.

Oil Min­is­ter Bi­jan Zan­geneh, quoted by the min­istry’s SHANA news agency, said Sun­day that the China Na­tional Petroleum Corp. was “no longer in the project.”

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