Skip to comments.Source: CNPC Struggles to Finance Iran Gas Project But Not Pulling Out
Posted on 07/31/2012 11:28:33 AM PDT by thackney
China National Petroleum Corp. or CNPC, the country's largest energy producer, is struggling to finance an Iranian natural-gas project, but it has not pulled out, one Iranian official said Tuesday.
The Iranian official, along with a Chinese oil-company official, both refuted an Iranian report Sunday that said CNPC had pulled out of Iran's offshore South Pars gas field after constant and prolonged delays in the project.
CNPC has had "some difficulties [developing the project]," the Iranian official said, adding that "it has not brought its financing."
However, "there is no formal withdrawal from CNPC. It still has staff in Tehran and in Assaluyeh," the southern Iranian port city where the project is being overseen, the official said.
(Excerpt) Read more at rigzone.com ...
Mehr: CNPC Pulls Out of Iran’s South Pars Project
Monday, July 30, 2012
by Dow Jones Newswires|
China National Petroleum Corp. or CNPC, the country’s largest oil producing company, has pulled out of developing Phase 11 of Iran’s offshore South Pars gas field after constant and prolonged delays in the project, the Persian semi-official Mehr news agency reported Sunday.
The firm, which had delayed the project for more than 1,130 days, has already withdrawn all of its workers from the southern Iranian port city of Assaluyeh, the onshore part of South Pars gas field in the Persian Gulf, Mehr said, citing information from the oil ministry.
CNPC has also failed in starting preliminary steps for the project such as leveling the land, it said.
Natural has prices are in the toilet and Iran is less reliable than even China.
US Natural Gas prices are low, but the rest of the world is not having a shale gas boom.
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Political risk and force majeure events are too likely to get financed.