Iran’s deputy oil minister, Mansour Moazami, told The Wall Street Journal that China could potentially lose a US$4.7 billion contract to develop Iran’s South Pars gas field if project delays persist. “We are giving a first warning, a second warning. Maybe in the end, we will terminate the contract,” he said. Iran’s oil minister, Bijan Zanganeh, has vowed to shake up the country’s largest industry, which has suffered years of decline thanks to mismanagement and international sanctions. State-owned China National Petroleum Corporation was awarded the contract in South Pars in 2009 after international pressure forced France’s Total (TOT.NYSE) to pull out.