The China National Petroleum Corporation (CNPC) has pulled out of a $5 billion project to develop the South Pars gas field in Iran. According to CNPC officials, it has become increasingly difficult to handle payments because China's Bank of Kunlun, the primary vehicle for Iranian-Chinese business, no longer accepts trades with Iran. French petroleum company Total SA pulled out of the project last year in the wake of renewed U.S. sanctions. Iranian oil minister Bijan Zangeneh announced that Iran's Petropars Co. would take over full development of the gas field.