Business Standard

Iran state-owned company to finish gas project after China's CNPC pulls out

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.

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran Photo: Reuters
Premium

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran. File Photo: Reuters

AFP | PTI Tehran
Iran's oil minister said Sunday that China's CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project.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

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in