Iran says Chinese state oil firm withdraws from $5B deal

China's state oil company has pulled out of a $5 billion deal to develop a portion of Iran's massive offshore natural gas field, the Islamic Republic's oil minister said Sunday, an agreement from which France's Total SA earlier withdrew over U.S. sanctions.

Oil Minister Bijan Zangeneh, quoted by the ministry's SHANA news agency, said Sunday that the China National Petroleum Corp. was"no longer in the project." He did not elaborate or give any reason for the withdrawal, though SHANA said the company"had pulled out of a contract" to develop the field. "We have been facing plenty of problems in the field of investment because of the U.S. maximum pressure policy," Zarif told a parliamentary committee, according to the semi-official Tasnim news agency."We are trying to remove the problems."

Iran holds the world's second-largest known reserves of natural gas and the world's fourth-largest oil reserves. Total first pulled out of Iran in 2006 as United Nations sanctions first took hold over fears Iran's atomic program would be used to build nuclear weapons. Tehran has maintained its program is only for peaceful purposes. Iran cancelled another CNPC contract in 2012 amid increasing international sanctions which led to the 2015 nuclear deal.

Source: News Formal (newsformal.com)

Even China bends the knee to the US

Read another way: China wants a trade deal with the USA.

If the IRANIAN government would quit being a bunch of jerks maybe they could prosper.

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