Exit follows broader Chinese pullback from Islamic Republic amid U.S. pressure
China National Petroleum Corp. has pulled out of a $5 billion natural-gas project in Iran as escalating tensions threaten to sever Beijing's trade with Tehran, a key lifeline for the Islamic Republic.
The exit by Beijing—which had vowed to resist U.S. restrictions on Iran—is a blow to Tehran's attempts to fight growing economic isolation and comes after Washington brought new sanctions on Chinese companies still trading with Iran.
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