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China cancels $ 5 billion investment in Iran oil project

by ace
China cancels $ 5 billion investment in Iran oil project

China's state-owned oil company has canceled its $ 5 billion investment plan for an offshore natural gas project in Iran, Tehran said on Sunday.

French company Total S.A. had also already canceled its participation in this project after the United States imposed sanctions against Iran.

The South Pars camp project, signed after Iran's 2015 nuclear deal with world powers, appears to be just the latest victim of Washington's pressure on the Persian country.

The incident also occurs as Beijing and Washington wage a trade war by imposing tariffs.

Oil Minister Bijan Zangeneh said China National Petroleum "was no longer in the project." He did not elaborate or give any reason for the withdrawal, although the news agency Shana said the Chinese oil company "canceled its participation in the contract."

Beijing has not confirmed the measure and has not published information about the cancellation of the Iranian project.

However, Iranian Foreign Minister Mohammad Javad Zarif criticized US sanctions on Sunday, according to the semi-official news agency. Tasnim.

"We have been facing a lot of investment problems because of the US policy of maximum pressure," Zarif told a parliamentary committee. "We are trying to remove the problems."

Iran has the second largest known natural gas reserve in the world and the fourth largest oil reserve in the world.

(tagsToTranslate) China National Petroleum cancels billionaire investment in Iran

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