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

Dez River Joins the Dried-Up Rivers of Iran

The Iran regime’s insistence on pointless dam construction and the diversion of the rivers has dried up another river...

Iran’s Bankrupted Pension Funds

Four of the Iran regime’s pension funds are currently unable to pay their retirees' salaries and benefits from internal...

Iran’s Pharmaceutical Industry on the Verge of Extinction

In Iran, patients with unique and critical diseases are experiencing intimately suffer from a dire drug and medicine supply...

The Latest Status of Iran’s Nuclear Program

Complexity does not describe the current state of Iran's nuclear program; The situation has become much more complicated, and...

Iran’s People Do Not Buy the Regime’s Economic Promises

Right before Ebrahim Raisi, the Iran regime’s president took the office, he and his economic team introduced a 7000-page...

Protests Continue in Iran With “Death to…” Slogans

During the nomination of his cabinet in the Parliament last year, President Ebrahim Raisi spoke about his priority...

Must read

U.N.’s Ban denounces Iran on Holocaust, Israel

Reuters: Incoming U.N. Secretary-General Ban Ki-moon told Iran on...

Iran’s Government Arrests Youth in Connection With November 2019 Protests

On October 14, the East Azerbaijan police commander announced...

You might also likeRELATED
Recommended to you