Iran cancels $2.5bn deal with Chinese state oil company

Iran cancels $2.5bn deal with Chinese state oil company

PanARMENIAN.Net - Iran has canceled a $2.5 billion deal with a Chinese state oil company over what authorities say were delays in fulfilling its contractual obligations.

The state-owned China National Petroleum Corporation had signed a contract with Tehran in 2009 to develop the giant Azadegan oil field in the southwest of the OPEC member state, the Associated Press reported, citing the country’s official IRNA news agency.

IRNA said Iran's oil ministry had given the Chinese company 90 days to meet its obligations or face expulsion from the project. When that did not happen to Iranian satisfaction, officials decided to terminate the project, according to the agency.

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