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Iran may cancel a $5bn gas deal with China
- Iran: Thursday, December 27 - 2012 at 05:06
Iranian oil ministry has warned China it could cancel a much-delayed $5bn offshore gas exploration contract in the Gulf, Mehr news has reported. "There is a possibility of cancelling the contract" signed in 2009 to develop the South Pars gas field, which holds around 8% of the world's gas reserves, said ministry spokesman Alireza Nikzad. South Pars holds around 14 trillion cubic metres of gas, and Iran plans to use the "phase 11" project to fill its first-ever liquefied natural gas plant. Last year, Iran suspended a $16bn contract with China for the North Pars gas field, saying the decision to let the Chinese develop North Pars rested on their effectiveness in developing South Pars.
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