China’s state-run petroleum company CNPC has pulled out of a major Iran gas project. CNPC has divested itself of a deal of about $ 5 billion to develop a part of the offshore natural gas field here.
Iran’s Petroleum Minister Bijan Nadar Zangeneh said that Iran’s state-run petroleum company Petropars will now take responsibility for the project. Iran was exempted from sanctions in exchange for restricting nuclear programs following an agreement with the world’s largest countries in 2015. Let us know that in July 2017, there was an agreement between CNPC of China, French petrochemical Total and Petropars on this gas field. In May last year, US President Donald Trump again imposed various restrictions 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 distanced itself from it.
No reason has been given for CNPC’s separation from the project, although the Chinese company is believed to have taken this step due to US sanctions. China is currently negotiating with the US to end the trade war.
In such a situation, he does not want any other confrontation with America. Apart from America, Britain, France, Germany, China and Russia were also involved in the agreement with Iran in 2015. These countries have spoken of staying on the agreement with Iran. However, since the withdrawal of the US from the agreement, the joint efforts of these countries have not proved to be particularly beneficial for Iran.