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

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

A Chinese state-run oil firm withdrew from a Dollars 5 billion agreement to develop a section of Iran's natural gas field, Tehran's oil ministry reported on Sunday.

Iran's crude exports have dropped more than 80 percent since the United States reimposed sanctions last November, according to the report.

Zanganeh also vowed that Iran "will use every possible way to export" its oil. TOTAL pulled of the deal immediately after the US withdrawal from the 2015 nuclear agreement in 2018, but CNPC's continued participation had remained unclear. "We are trying to remove the problems", he added.

China along with Russian Federation is one of the biggest diplomatic backers and economic partners of Iran. Iran has the world's second-largest natural gas reserves.

South Pars is the world's largest gas field.

Iranian company PetroPars has taken over a project on development of phase 11 of the country's South Pars gas field as a Chinese contractor dropped out of the project, oil minister announced. Under the initial terms of the arrangement, France's Total was to have a 50.1 % stake, with China's CNPC getting 30 % and Iran's Petropars organization having a 19.9 % stake. In response, Iran has gradually scaled back its commitments to the 2015 nuclear deal, under which Tehran accepted to curb its nuclear activities in return for lifting most worldwide sanctions. "Our mutual enemy is outside the Middle East". Tensions reached their height on September 14, with a missile and drone attack on the world's largest oil processor in Saudi Arabia and an oil field, which caused oil prices to spike by the biggest percentage since the 1991 Gulf War.

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.

Iran denies being responsible and has warned any retaliatory attack targeting it will result in an "all-out war".

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