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Regions :: Middle East :: Iran

Iran Threatens to Cancel Major Chinese Contract

2:57 AM MDT | June 24, 2011 | Natasha Alperowicz

The National Iranian Oil Co. (NIOC; Tehran) has warned China National Petroleum Corporation, that it would cancel its contract, unless the Chinese company fulfils its obligations. The companies signed a $5-billion contract two years ago under which Chinese companies were to develop phase 11 of the South Pars gas field near Assaluyeh, Iran. The facilities with design for 2 billion cu meters/day of natural gas and 70,000 bbl of gas condensate, are expected to supply a significant portion of the feedstock required by Iran’s growing petrochemical industry...

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