News > Chinese Company Negotiating for Giant Project (16 April 2019)

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Chinese Company Negotiating for Giant Project (16 April 2019)

Iranian Oil Minister Bijan Namdar Zanganeh said that negotiations are underway with a Chinese company to complete development of the South Pars oil field phase 11.

Zanganeh told Energy Commission of Iran"s parliament on Monday that a preliminary contract has been signed with the Chinese company, adding that at the moment the managers of the company are in Tehran.

Zanganeh went on saying that talks on how to begin the continuation of the cooperation is underway with the Chinese company, saying, “We don’t know how long the talks will last.”

Early in February, the oil miinster had touched upon implementation of Phase 11 project of South Pars and Total’s withdrawal from the project, saying, "We signed only one important deal after the JCPOA which concerned development of Phase 11 Project of South Pars with a consortium of France’s Total, China’s CNPCI and Iran’s Petropars in which China had 30% stocks and had insisted to enter the contract.”

“With Total’s withdrawal from the project, the Chinese company has taken over its stocks as the developer of the project and we still insist that the Chinese stay in the contract.”

Zanganeh continued: “We have written to the Chinese for the development of Phase 11 of South Pars gas field, but they have not answered our correspondence so far.”

Source: IRNA - Date: (16 April 2019)

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