News

TEHRAN July 16 (Reuters) - An
engineering company linked
to Iran's elite Revolutionary Guards has pulled out of
developing two phases of the country's huge South Pars offshore
natural gas field, a news agency reported on Friday.

Iran's Revolutionary Guards, recently hit with sanctions
imposed by the United States and United Nations' Security
Council, has been seen as playing a growing economic role in
the Islamic Republic.

"By confirming reports that Khatam al-Anbia has withdrawn
from developing two phases of the South Pars gas field, the Oil
Ministry said this withdrawal will not create any problems for
the development of these phases," Mehr news agency reported.

Khatam al-Anbia signed an agreement in May to develop three
other phases of South Pars, the world's largest reservoir of
gas.

Mehr's report did not refer to new sanctions on the
Revolutionary Guards. It also did not make clear why the
company was pulling out of the deal.

Iran sits on the world's second-largest gas reserves after
Russia, but sanctions hindering access to foreign capital and
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