CNPC suspends investment in Iran's South Pars after U.S. pressure: sources | Reuters:
China National Petroleum Corp (CNPC) has suspended investment in Iran’s South Pars natural gas project in response to U.S. pressure and to minimize tensions amid trade talks between Beijing and Washington, three Chinese state oil executives said.
South Pars is the world’s largest gas field and CNPC’s investment freeze is a blow to Tehran’s efforts to maintain financing for energy projects amid the re-imposition U.S. sanctions on its energy sector earlier this year.
Iran said on Nov. 25 that CNPC replaced Total (TOTF.PA) as the operator of Phase 11 project at South Pars after the French company ended its participation rather than violate the sanctions.
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