30 April 2014 - 15:45
  • News Code: 216262
Iran to Replace CNPCI with Domestic Firm

TEHRAN April 30 (Shana)--Iran’s petroleum minister said National Iranian Oil Company (NIOC) has been tasked with picking a contractor to develop South Azadegan oil field whose development contract with a Chinese firm was cancelled.

Bijan Namdar Zanganeh said the deal with China National Petroleum Corporation International (CNPCI) was terminated due to the Chinese company’s foot-dragging on the project.

He also said that “there are problems with regards to progress” in Yadavaran oil field which is under development by China’s Sinopec.

The CNPCI signed a deal with the NIOC in 2009 to develop the South Azadegan oil field which Iran shares with Iraq. 

The Azadegan field is one of the world's biggest with estimated reserves of about 42 billion barrels of oil.

News Code 216262

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