Iran’s oil minister says China’s state oil company has pulled out of a $5 billion deal to develop a massive offshore natural gas field, an agreement from which France’s Total SA earlier withdrew.
The Oil Ministry’s SHANA news agency quoted Bijan Zangeneh making the comment Sunday.
Zangeneh said Iranians alone would redevelop the portion of its South Pars oil field.
Zangeneh gave no reason for the Chinese withdrawal and officials in Beijing didn't immediately acknowledge it.
However, industry sources confirm that China canceled the Iran deal because the United States would SANCTION the Chinese for doing business with Iran!
The 20-year deal at South Pars came after the 2015 nuclear deal between Iran and world powers.
France's oil giant Total withdrew from the deal after President Donald Trump unilaterally withdrew America from the accord and imposed crushing sanctions on Iran.
China is in the midst of its own trade war with the U.S.
If China cancels oil deals with Iran as well, Iran is in massive trouble and will probably collapse or have to shut the straight of Hormuz in an effort to cause global oil disruption. Such a move would be met with war.
REMINDER: YOU can keep this web site FREE to the General Public by clicking one or more of the ads below which generates Advertiser revenue of two to three cents per click - no purchase necessary by you -- and helps offset operating costs for this web site.