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