China could lose a US$4.7 billion contract to develop Iran’s South Pars gas field if delays on the project continue, the Wall Street Journal reported Monday, citing an Iranian deputy oil minister. State-owned China National Petroleum Corp. (CNPC) won the contract in 2009 after international pressure forced France’s Total S.A. to pull out. However, the project has been plagued with numerous delays, Mansour Moazami, Iran’s deputy oil minister for planning, was quoted as saying. Tehran is threatening to terminate the deal after a series of warnings, the report said. CNPC declined to comment. The South Pars field is the largest gas reservoir in the world not mixed with oil.
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