Iranian oil minister Zangane announced yesterday that China's China Petroleum and Natural Gas Group (CNPC) has withdrawn from the large-scale development of a gas field in the Persian Gulf. Since the trump US administration, which withdrew from the nuclear agreement, reintroduced economic sanctions that also target companies in third countries, major European companies withdrew from Iran one after another. This was followed by Chinese companies that were negative to Iranian sanctions. This is a big blow for Rohani, who is aiming for economic growth by expanding foreign investment.
Shana News, a member of the Ministry of Petroleum of Iran, reported on the 6th. This gas field is the south pulse gas field. CNPC, Iran's state-run oil company and French energy giant Total were to jointly develop a part. It was the first major investment in Iran's resources related to foreign companies since the establishment of a nuclear agreement in 2015, in which the US and Europe eased economic sanctions in return for Iran's restriction on nuclear development.
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