Iran Inks Deal With Chinese Company On South Pars Gas Field Project Phase 11 - Reports

Iran has signed an agreement with a Chinese company to develop phase 11 of the Iranian South Pars gas project, Mehr news agency reported on Tuesday, quoting Iranian Petroleum Minister Bijan Zangeneh

MOSCOW (UrduPoint News / Sputnik - 16th April, 2019) Iran has signed an agreement with a Chinese company to develop phase 11 of the Iranian South Pars gas project, Mehr news agency reported on Tuesday, quoting Iranian Petroleum Minister Bijan Zangeneh.

The 11th phase of the South Pars contract was signed between National Iranian Oil Company and a consortium of France's Total, China's CNPC International and Petropars Company in Tehran on July 3, 2017. However, following the 2018 US sanctions against Iran, France pulled out of the contract and its stocks were transferred to China.

The South Pars is the largest gas field in the world, according to Iran's Petropars oil company, which is located in the Persian Gulf and accounts for nearly half of all gas reserves of Iran. The gas exploitation in the field has been divided into 24 phases.