News ID: 215257
Published: 1246 GMT May 18, 2018

Zanganeh: Chinese company ready to replace Total in South Pars

Zanganeh: Chinese company ready to replace Total in South Pars

A Chinese company is ready to replace French energy giant Total if it decides to exit South Pars Gas Field Phase 11 development project, declared Iran's Oil Minister Bijan Namdar Zanganeh.

"Total has said that if it doesn't get a waiver from the United States to continue its work, it will begin to pull out of the deal. If that happens, the Chinese firm CNPC will replace Total." Zanganeh was quoted as saying by Shana.

In a press release on Wednesday, Total said it may pull out of South Pars project in light of the recent US withdrawal from the Iran nuclear deal.

"On May 8, US President Donald Trump announced the United States' decision to withdraw from the JCPOA (nuclear agreement) and to reinstate US sanctions that were in force before the JCPOA implementation, subject to certain wind down periods," Total said in the press release.

It added that it has to unwind all related projects by November 4,2018 unless it is granted a specific waiver by the US.

Total added it is engaging with French and US authorities to examine the possibility of a project waiver.

It underlined that the waiver should include protection of the company from any secondary sanction as per US legislation.

The French company, together with the other partner Petrochina, launched the project on July 4, 2017, in compliance with UN resolutions and US, EU and French legislation applicable at the time.

South Pars Phase 11 is a gas development project aimed at meeting the needs of the domestic Iranian market.

   
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