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Title : Iran Confirms China Has Withdrawn From A Crucial $5 Billion Gas Project
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Iran Confirms China Has Withdrawn From A Crucial $5 Billion Gas Project

Under terms of the initial deal, Total was to have a 50.1 percent stake, with CNPC getting 30 percent and the Iranian firm Petropars getting 19.9 percent [File Photo/Raheb Homavandi/Reuters]

RFE: Iran Says China Has Pulled Out Of South Pars Natural Gas Project

Iranian Oil Minister Bijan Zanganeh says China's national petroleum company has pulled out of a $5 billion deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf.

The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States.

It also follows a series of military confrontations in the area between Iran and the naval forces of Britain and the United States.

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WNU Editor: Many things can be read into this Chinese decision to abandon this Iranian project. My read is that the Chinese see this as a bad deal, complicated by sanctions and Iran's aggressive approach towards other oil exporting nations in the region. Bottom line. If given a choice between Iran or Saudi Arabia and other oil exporting nations in the Middle East, China is betting on Saudi Arabia and its allies.

More News On China Withdrawing From A Crucial $5 Billion Iran Gas Project

Iran says Chinese state oil firm withdraws from US$5 billion deal -- SCMP/AP

Iran says Chinese state oil firm withdraws from $5bn deal -- Al Jazeera

China Pulls Out of Giant Iranian Gas Project -- The Wall Street Journal

In Huge Blow, Iran Confirms China Has Exited Crucial $5 Billlion Gas Project -- Zero Hedge

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