** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

Iran oil ministry cancels $2.5b Chinese contract

01 May 2014

AFP, Tehran :
Iran announced Tuesday that it was cancelling a $2.5 billion contract with China National Petroleum Corp. (CNPC), citing the company's failure to fulfil its obligations.
The first phase of the deal was for CNPC to drill 185 wells at the giant South Azadegan field, which straddles the Iran-Iraq border.
But the oil ministry said on its website that only seven wells had been drilled so far under the contract, which was signed in late 2009.
"Due to non-compliance by the Chinese company CNPC, the termination of the contract will be issued," said Rokneddin Javadi, managing director of the National Iranian Oil Company (NIOC).
China has become a bigger player in the Iranian oil market since Western governments imposed sanctions on Tehran as punishment for its controversial nuclear programme.
Under the South Azadegan agreement, CNPC was to target production of 600,000 barrels per day.
However, Javadi said that one month after a 90-day ultimatum was issued in mid-February, the Chinese company had taken no action, leading to cancellation of the contract.
Under a separate $1.76 billion agreement signed in January 2009, CNPC and the NIOC are developing the North Azadegan field, aiming to produce 75,000 barrels per day.
The Azadegan field is one of the world's biggest with reserves of about 42 billion barrels.
Another Chinese oil giant, Sinopec, is developing the Yadavaran field, which neighbours Azadegan.

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