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CNPC Quits Flagship Iran Gas Project as U.S. Sanctions Bite

  • First Total withdrew from South Pars, now CNPC is out: Shana
  • Hobbled by sanctions, Iran is on its own at giant gas field

Photographer: Xinhua News Agency via Getty Images

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China National Petroleum Corp. is no longer a partner in Iran’s biggest natural gas project, and the Persian Gulf nation will develop Phase 11 of the giant South Pars field on its own, Oil Minister Bijan Namdar Zanganeh said.

CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran. Phase 11 was the biggest infrastructure development project with major foreign participants that Iran arranged after the accord took effect.