Announcements that led oil and gas industry analysts to believe that China would replace Western investment in Iranian oil fields seem to have been premature. After US sanctions targeted Kunlun Shipping Co. and Cosco Shipping Holdings Co., Chinese oil and gas firms, China Petroleum & Chemical Corp, or Sinopec, withdrew from projects in Iran, including a project in the South Pars field left behind by French firm Total SA.

Source » jdsupra