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Title : U.S. Sanctions On Iran Are Impacting China (Update)
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U.S. Sanctions On Iran Are Impacting China (Update)

China National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. Photo: AP

SCMP: Chinese oil giant CNPC may be latest to bow to US sanctions on Iran

* Iranian minister on Sunday said the state-owned company had pulled out of US$5 billion South Pars field deal
* It comes after six Chinese companies and five executives were sanctioned by the US for transporting oil out of Iran

A Chinese oil giant appears to be the latest company to bow to US sanctions on Iran, with Tehran saying that the state-owned China National Petroleum Corp (CNPC) was no longer part of a US$5 billion deal to develop a gas field in the country.

The withdrawal – not confirmed by CNPC but noted by Iranian Minister of Petroleum Bijan Zangeneh in official media on Sunday – comes as the United States has been seeking to cut off investment and cash flowing into Iran’s energy sector, part of an economic pressure campaign that China has criticised and resisted.

The Chinese oil firm’s move to pull out of the natural gas field project also comes as the US and China are due to hold another round of trade talks later this week, and experts say it shows Beijing – long a stalwart economic partner of Iran – is feeling the pressure from Washington.

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WNU Editor: There were other reasons for this Chinese withdrawal. The Iranian regime's threats against other oil exporters to China like Saudi Arabia. Instability in Iran itself. Better opportunities elsewhere. Bottom line. China did their calculations and concluded that this is a bad deal.

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