Iranian Minister of Petroleum Bijan Zangeneh on Saturday regretted the hesitation of China National Petroleum Corporation (CNPC) in developing Phase 11 of South Pars Gas Field in southern Iran.
Since the signing of the contract with CNPC after France's Total backed out of an earlier agreement on July 3, 2017, the Chinese corporation has done nothing to develop the project, IRNA quoted the minister as saying.
CNPC has been responsible for 81 percent of the development agreement of Phase 11 of South Pars Field, Zangeneh noted.
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The minister added that he would discuss CNPC hesitation during his visit to Beijing, due later this week. An international consortium led by France's Total signed an agreement with National Iranian Oil Company (NIOC) to develop the project. Total as the leader of the consortium had a 50.1 percent stake of the agreement while CNPC and Iran's Petro Pars had 30 percent and 19.9 percent equities, respectively, according to the IRNA report.
After Total back out from the agreement under US pressures, the company's share was transferred to CNPC.
