YEREVAN, DECEMBER 12, ARMENPRESS. China National Petroleum Corp (CNPC) suspended investments in Iran’s South Pars natural gas project in response to US pressure and to minimize tensions amid trade talks between Beijing and Washington, sources told Reuters.

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 US sanctions on its energy sector earlier this year.

The investment halt followed four rounds of talks in Beijing, including one as recently as October, with senior US officials who urged CNPC to refrain from injecting fresh financing in Iran, said one of the sources.