Iran Economy NewsIran cancels $2.5 billion Chinese oil contract

Iran cancels $2.5 billion Chinese oil contract

-

AP: Iran’s official IRNA news agency says the country has canceled a $2.5 billion deal with a Chinese state oil company over what authorities say were delays in fulfilling its contractual obligations.

The Associated Press

TEHRAN, Iran (AP) — Iran’s official IRNA news agency says the country has canceled a $2.5 billion deal with a Chinese state oil company over what authorities say were delays in fulfilling its contractual obligations.

The state-owned China National Petroleum Corporation had signed a contract with Tehran in 2009 to develop the giant Azadegan oil field in the southwest of the OPEC member state.

Wednesday’s report from IRNA says Iran’s oil ministry had given the Chinese company 90 days to meet its obligations or face expulsion from the project. When that did not happen to Iranian satisfaction, IRNA says officials decided to terminate the project.

CNPC did not immediately respond to requests for comment.

Latest news

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Iran’s Human Development Index Dropped Sharply

One of the most common questions asked in primary schools by teachers all over the world is, “wealth or...

Narcotics Iran Regime’s Income Source for Terrorism

Besides Iran’s malign activities, such as its regional interference, and missile and nuclear projects, drug trafficking plays a major...

Must read

Iran’s chief nuclear negotiator denies resignation

Iran Focus: London, Jul. 03 – Iran’s secretary of...

Iran nuke concessions ‘unlikely’

AP: Iran is unlikely to accept European incentives aimed...

You might also likeRELATED
Recommended to you