No Chinese company has sued NIOC: Iran's deputy oil min.
Iran's deputy oil minister and managing director of the National Iranian Oil Company (NIOC) has denied reports about a Chinese company suing NIOC over development of an Iranian oil field.
Roknoddin Javadi was quoted by Iranian media as saying on Sunday that reports about a Chinese company having filed a lawsuit against NIOC, requesting compensation for losses are not true.
Earlier this week, a report appeared on a website claiming that a Chinese company has taken legal action against NIOC with London Court of International Arbitration, asking compensation for its alleged losses.
The website even quoted an unnamed source as saying that if the court’s verdict were in favor of the Chinese company, NIOC would have to pay at least USD 1 billion in compensation to the Chinese side!
According to Iranian Oil Ministry's official SHANA news agency, China National Petroleum Corporation International (CNPCI) was in charge of developing Iran's South Azadegan oil field, which is shared with Iraq. However, following imposition of sanctions on the Islamic Republic by the US and the European Union under false claim of diversion in Iran's civilian nuclear program toward military purposes, the Chinese company refrained from fulfilling its obligations.
In February 2014, CNPCI was given three months to meet its obligations regarding the South Azadegan oil field or face expulsion from the project.
During the same month, Iran’s Oil Minister Bijan Zangeneh said no major progress had been observed in the South Azadegan oil field with experts noting that Iran’s production from the joint field stood at around 50,000 bpd, while Iraq was recovering 175,000 bpd of oil from its sector of this field and was planning to raise its output to 400,000 bpd.
Finally, Iran terminated the USD-2.5-billion contract with the Chinese company after it failed to fulfill its contractual obligations.
Javadi said on April 29, 2014, that despite the 90-day ultimatum given to the Chinese company in February, it had taken no action one month after the ultimatum expired.
However, the Chinese company is still working in Iran as contractor for development of the North Azadegan oil field.
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