China has the opportunity to move further into South Pars oil and gas and acquire a stake in the Iranian South Pars gas field after Total withdrew under pressure from US sanctions. Thus far, China has a presence in Iraq , Iran , the United Arab Emirates and the United Arab Emirates as well as Iran , where China National Petroleum (CNPC ) already has a 30% stake in phase 11 of Iran 's South Pars and will become the majority stakeholder. Demand for gas in China has increased as the world's second -largest economy expanded and looked to improve air quality by reducing reliance on coal-fired power plants.
China has the opportunity to move further into Middle Eastern oil and gas and acquire a stake in the Iranian South Pars gas field after Total withdrew under pressure from US sanctions. Thus far, China has a presence in Iraq, Qatar, Saudi Arabia and the United Arab Emirates as well as Iran, where China National Petroleum (CNPC) already has a 30% stake in phase 11 of Iran's South Pars and will become the majority stakeholder. Demand for gas in China has increased as the world's second-largest economy expanded and looked to improve air quality by reducing reliance on coal-fired power plants.