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	<title>Total SA Archives - Iran News Daily</title>
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		<title>Chinese state oil firm has withdrawn from $5bn deal</title>
		<link>https://irannewsdaily.com/2019/10/chinese-state-oil-firm-has-withdrawn-from-5bn-deal/</link>
					<comments>https://irannewsdaily.com/2019/10/chinese-state-oil-firm-has-withdrawn-from-5bn-deal/#respond</comments>
		
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		<pubDate>Tue, 08 Oct 2019 06:30:10 +0000</pubDate>
				<category><![CDATA[economic]]></category>
		<category><![CDATA[CNPC]]></category>
		<category><![CDATA[JCPOA]]></category>
		<category><![CDATA[South Pars]]></category>
		<category><![CDATA[Total SA]]></category>
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					<description><![CDATA[<p>China&#8217;s state oil firm has pulled out of a $5bn deal to develop a portion of Iran&#8217;s massive offshore natural gas field, the Islamic republic&#8217;s oil minister said on Sunday, an agreement from which France&#8217;s Total SA earlier withdrew over US sanctions. The South Pars field deal, struck in the wake of Iran&#8217;s 2015 nuclear [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://irannewsdaily.com/2019/10/chinese-state-oil-firm-has-withdrawn-from-5bn-deal/">Chinese state oil firm has withdrawn from $5bn deal</a> appeared first on <a rel="nofollow" href="https://irannewsdaily.com">Iran News Daily</a>.</p>
]]></description>
										<content:encoded><![CDATA[<h4 class="fn14 news_lead pr8 pl8 pt8 pb8">China&#8217;s state oil firm has pulled out of a $5bn deal to develop a portion of Iran&#8217;s massive offshore natural gas field, the Islamic republic&#8217;s oil minister said on Sunday, an agreement from which France&#8217;s Total SA earlier withdrew over US sanctions.</h4>
<p>The South Pars field deal, struck in the wake of Iran&#8217;s 2015 nuclear deal with world powers, appears to be just the latest business casualty of America&#8217;s pressure campaign on Tehran following President Donald Trump&#8217;s unilateral withdrawal of the US from the deal. Chinese state oil firm has quit it&#8217;s share in South Pars development, <a href="https://irannewsdaily.com/" target="_blank" rel="noopener noreferrer">Iran News</a> reports.</p>
<p>It also comes as China and the US engage in their own trade war, as Beijing and Washington levy billions of dollars of tariffs on each other&#8217;s goods.</p>
<p>Oil Minister Bijan Zangeneh, quoted by the ministry&#8217;s SHANA news agency, said on Sunday that the China National Petroleum Corp was &#8220;no longer in the project.&#8221;</p>
<p>He did not elaborate or give any reason for the withdrawal, though SHANA said the company &#8220;had pulled out of a contract&#8221; to develop the field.</p>
<p>Officials in Beijing did not immediately acknowledge their decision. Phone calls to the CNPC rang unanswered on Sunday and its website bore no mention of the withdrawal.</p>
<p>However, Iranian Foreign Minister Mohammad Javad Zarif separately complained on Sunday about the US campaign against Tehran and its impact on foreign investments.</p>
<p>&#8220;We have been facing plenty of problems in the field of investment because of the US maximum pressure policy,&#8221; Zarif told a parliamentary committee, according to the semi-official Tasnim news agency. &#8220;We are trying to remove the problems.&#8221;</p>
<p>With Total&#8217;s withdrawal, CNPC had taken over the French firm&#8217;s stake. Now Petropars will develop the field alone, Zangeneh said.</p>
<p>Total first pulled out of Iran in 2006 as United Nations sanctions first took hold over fears Iran&#8217;s atomic programme would be used to build nuclear weapons. Tehran has maintained its programme is only for peaceful purposes.</p>
<p>Iran cancelled another CNPC contract in 2012 amid increasing international sanctions which led to the 2015 nuclear deal.</p>
<p>The post <a rel="nofollow" href="https://irannewsdaily.com/2019/10/chinese-state-oil-firm-has-withdrawn-from-5bn-deal/">Chinese state oil firm has withdrawn from $5bn deal</a> appeared first on <a rel="nofollow" href="https://irannewsdaily.com">Iran News Daily</a>.</p>
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