IRAN CANCELS SOUTH PARS PROJECT ACCORD

National Iranian Oil Co. (NIOC) has canceled an agreement for an Italian led group to develop South Pars offshore gas and condensate field. This followed the group's failure to raise 85% of the project's total $1.7 billion funding as required. Middle East Economic Survey reported the group is led by Technologie Progetti Lavori SpA of Rome and Saipem SpA of Milan and included Mitsubishi Corp. of Japan and Machinoimport of Russia.

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