News ID: 219715
Published: 0256 GMT August 11, 2018

CNPC takes over Total share in Iran gas project

CNPC takes over Total share in Iran gas project

The share of China's CNPC I has reached 80.1 percent in Iran's South Pars Phase 11 Project after Total announced it would pull out of the project due to US sanctions.

Speaking to Shana, Director of Investment and Business at National Iranian Oil Company (NIOC) Mohammad Mostafavi said CNPC has taken over Total's share in the $5-billion gas project after the French energy major withdrew from the project due to US threats of sanctions.

Total announced in May that it pulled out of South Pars deal in light of a decision by US President Donald Trump to withdraw from the 2015 Iran nuclear deal.

The US administration has announced a series of new sanctions against Iran.

NIOC signed a contract for developing the project with a consortium of Total, the CNPC and Petropars.

Total's announcement comes after Denmark's Maersk, which operates oil tankers globally, said it would fulfil commitments in Iran already on its books but would not enter into any new contracts.

Total said it had spent less than $47 million on the Iran project so far and that pulling out would not affect the company's production growth targets.

Iran's Oil Minister Bijan Namdar Zanganeh said in May that Tehran would overcome pressures resulting from the United States' withdrawal from the nuclear deal.

"The current situation will pass and Iran will emerge as a winner," Zanganeh said.

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