BREAKING NEWS

China curbs Iran energy work under shadow of UreS sanctions

By REUTERS

SEPTEMBER 2, 2011 09:09

BEIJING - China has put the brakes on oil and gas investments in Iran, drawing ire from Tehran over a pullback that officials and executives said reflected Beijing's efforts to appease Washington and avoid US sanctions on its big energy firms.

The stakes are high for OPEC's second-largest producer, as China is one of the only powers on the international political stage capable of providing the billions of dollars of investment Tehran needs to maintain the capacity of its strategic oil sector.

Four energy executives in Beijing described retreats and slowdowns of Chinese ventures in Iran in recent months, even as China has bought more crude from its Middle East partner, which leans on Beijing for backing and investment to counter sanctions over its disputed nuclear plans.

The slowing of China's energy investments in Iran was prompted, at least partly, by Beijing's efforts since late 2010 to ease tension with the Obama administration and cut the risk of Chinese oil firms being hit by US sanctions that Congress has vigorously backed, said officials.

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