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China National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. Photo: APChina National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. China National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. Photo: AP Chinese state-owned oil company China National Petroleum Corporation has pulled out of a US$5 billion deal to develop a portion of Iran’s massive offshore natural gas field, the Islamic Republic’s oil minister said on Sunday, after France’s Total SA earlier withdrew from the agreement over US sanctions. The South...

Iranian Oil Minister Bijan Zanganeh says China's national petroleum company has pulled out of a $5 billion deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf. The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States. It also follows a series of military confrontations in the area between Iran and the naval forces of Britain and the United States. The China National Petroleum Corporation (CNPC) became the dominant investor in plans for the expansion of South Pars, the world’s largest gas...