Iran has announced that it is awarding major gas contracts to Chinese, Malaysian and Indian firms for its extensive South Pars natural gas field rather than selling them to the Western companies originally expected to win concessions. Iran's Oil Minister, Masud Mir-Kazemi indicated on Saturday that Tehran was planning to replace western oil companies which he accused of dragging their feet for years in the development of the vast South Pars natural gas field, reputed to be world's largest. Western companies have been reluctant to commit to Iranian oil and gas project as the US is seeking to impose new sanctions on Tehran.