CNPC Performs Balancing Act in Iran

(Beijing) – As the United States and European Union take economic sanctions against Iran over fears of its nuclear intentions, Western oil firms have gradually withdrawn from the country.

This has left China National Petroleum Corp. (CNPC) as the largest foreign oil company in the Middle Eastern country.

CNPC, China's largest oil and gas producer, has four projects in Iran, namely the Masjed-i-Suleiman oil project, the North and South Azadegan oil fields, and phase 11 of the South Pars offshore gas field.