// IP Marketing video - START// IP Marketing video - END

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.

 Top stories
Michael Carpenter “hailed the level of cooperation in defense sector between Azerbaijan and the United States,” Azeri media reported.
The Israeli military said its aircraft attacked targets in Syria hours after a mortar bomb from fighting in Syria struck the Golan Heights.
Transnistria does not share a border with Russia. It has been de facto independent since the 1990s but is not internationally recognised.
Eight-seat Beechcraft planes will carry passengers to the Black Sea city of Batumi and the highland regions of Kazbegi and Svaneti.
Partner news