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CNPC Takes Over Iranian Gas Project from Total

Tuesday 27 November 2018

TEHRAN (RT) — China’s state-owned energy major CNPC has replaced France’s Total in Iran’s South Pars gas project, according to Iranian Oil Minister Bijan Zanganeh. The French company withdrew from Iran under pressure of US sanctions.

The Chinese firm “has officially replaced Total in Phase 11 of South Pars but it has not started work practically,” he told ICANA news agency. “Talks need to be held with CNPC […] about when it will start operations”, Zanganeh added. Also on rt.com Washington’s Iran sanctions bite: Germany trying to ‘minimize’ damage, France wants exemptions

The French firm had a 50.1% stake in the project, CNPC has 30%, with the remaining shares belonging to Iranian national oil company subsidiary PetroPars.

Total was the first Western firm to invest in Iran’s energy sector after sanctions were lifted following the 2015 nuclear deal. It signed a contract in 2017 to develop Phase 11 of South Pars field with an initial investment of $1 bln.

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