16 February 2019 - 18:42
News Code 83211642
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Iran to discuss China hesitation in development of gas field

Tehran, Feb 16, IRNA – Iran’s Minister of Petroleum Bijan Zangeneh said on Saturday that during his upcoming visit to China, he will discuss the hesitation of China National Petroleum Corporation (CNPC) in developing Phase 11 of South Pars Gas Field in southern Iran.

Zangeneh and Parliament Speaker Ali Larijani are scheduled to visit China later this week.

“While CNPC has been responsible for 81% of the development agreement of Phase 11 of South Pars Field, the company has done nothing to develop the project,” the minister said.

An international consortium led by France’s Total signed an agreement with National Iranian Oil Company (NIOC) on July 3, 2017 to develop Phase 11 of South Pars Field.

Apart from Total, other members of the consortium were CNPC and Iran’s Petro Pars.

Total as the leader of the consortium had a 50.1% share of the agreement while CNPC and Petro Pars had 30% and 19.9% shares, respectively.

After Total back out from the agreement under US pressures, the company’s share was transferred to CNPC.

The Iranian petroleum minister said that CNPC has done nothing to develop Phase 11 since the project was halted following Total’s withdrawal.

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