Iranian Oil Minister Bijan Namdar Zanganeh said the China National Petroleum Company (CNPC) has officially replaced French company Total which has backed out of a deal on development of Iran's South Pars gas field.
The CNPC has formally replaced Total in the project on development of South Pars gas field’s phase 11, Zanganeh announced on Sunday, but noted that the Chinese company has not still begun the job.
“Negotiations should be held with the Chinese company CNPC to see when it would start the operational activities,” the minister added.
In July 2017, Total signed a $1 billion deal to develop the South Pars gas field, south of Iran.
According to the agreement, the CNPC could take over Total’s 50.1 percent stake and become operator of the project in case of Total’s withdrawal from Iran.
Total pulled out of South Pars deal in May 2018 in light of a decision by US President Donald Trump to pull his country out of the 2015 Iran nuclear deal.
Industrial metals came under renewed pressure on Tuesday after a defiant speech from China's president Xi Jinping diminished hopes of an early settlement in the top commodity importer’s intensifying trade dispute with the US.
Chinese Deputy Foreign Minister Zhang Jun underlined the importance of his country's relations with Iran, specially in trade and economic fields, and Beijing's determination to continue bilateral ties in any conditions.
The volume of non-oil goods exported from the ports of Hormozgan province of Iran has increased by 24% in the past 8 months, Director of Bandar Lengeh Ports and Maritime Directorate Ghasem Askarinasab said, adding that the ports have also accomplished more successes in other areas.
The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report.
After flooding the US market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories.
Russia exported 36.65 million barrels less crude oil in the first ten months of the year, not least because of its participation in the OPEC+ pact to reduce global supply.