Iran Sets March Gas Field Deadline for China, Tehran Times says .

Iran's oil minister, Rostam Qasemi, said China National Petroleum Corp. must start developing phase 11 of the South Pars gas field by the end of the Iranian year on March 20, 2013, the Tehran Times reported.

An agreement was signed more than two years ago and Iran is "dissatisfied" with the Chinese company's "frequent delaying," the newspaper cited Mousa Souri, the managing director of Pars Oil and Gas Co., as saying last October.

The National Iranian Oil Co. signed a $5 billion contract with CNPC three years ago to develop phase 11 of the gas field, which Iran shares with Qatar. The Chinese company replaced French oil producer Total SA. Iran, which is under international financial and energy sanctions over its nuclear program, said it chose another partner because Total was delaying the project.