Big Blow to Iran, after the French company, China withdraw from gas project
Big Blow to Iran, after the French company, China withdraw from gas project

Tehran: Iran, facing tough sanctions by the US, has suffered a major setback. Many foreign companies have withdrawn from important projects in the country due to US sanctions. In this episode, Iran has suffered another major setback. China's state-run petroleum company CNPC has decided to pull out of a major Iran gas project. CNPC has divested itself of a $ 5 billion (about Rs 35,000 crore) deal to develop a part of the offshore natural gas sector here.

This information has been given by Petroleum Minister Bijan Namdar Jangneh himself. Iran Petroleum Company, the state-run petroleum company, will now be responsible for the entire project. Iran's nuclear programs were exempted from sanctions in exchange for an agreement with the world's largest countries in 2015. Subsequently, in July 2017, an agreement was reached between CNPC of China, French petrochemical Total and Petropars on this gas field.

In May last year, US President Donald Trump imposed a series of sanctions on Iran, separating the US from the nuclear deal with Iran. Only three months after this, Total exited itself from the Iran project. Since then, there was a cloud of apprehension over the agreement on the project. Now CNPC has also disassociated itself from it. However, CNPC has not given any reason behind this.

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