Iran Guard firm pulls out of gas development deals

AP: Iran’s Oil Ministry says the powerful Revolutionary Guard’s engineering arm, recently hit by U.N. sanctions, has partially withdrawn from developing the giant South Pars natural gas field.

The Associated Press

By NASSER KARIMI

TEHRAN, Iran (AP) — Iran’s Oil Ministry says the powerful Revolutionary Guard’s engineering arm, recently hit by U.N. sanctions, has partially withdrawn from developing the giant South Pars natural gas field.

The report on the ministry website Friday says Khatam al-Anbia and another Guard-linked firm, Sepanir, pulled out of implementing two phases of the South Pars project, which has 30 phases.

The report gives no reason for the withdrawal, and both firms remain involved in other parts of the project. But the announcement comes after the United Nations in June targeted Khatam al-Anbia in new financial sanctions against Iran.

Khatam al-Anbia is one of Iran’s largest enterprises with stakes in mining, telecommunications and the oil and gas sector.