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China's CNPC replaces France's Total in Iran's South Pars gas project

The French company said in August it had told Iranian authorities it would withdraw from the South Pars gas project after it failed to obtain a waiver from US sanctions against Iran

Reuters  |  DUBAI 

CNPC already holds a 30 per cent stake in  the giant field, while National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9 per cent
CNPC already holds a 30 per cent stake in the giant field, while National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9 per cent

China's state-owned has replaced France's Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister said, according to the semi-official news agency ICANA on Sunday.

"China's has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with ... about when it will start operations," Zanganeh told ICANA, without giving further details.

Total, which had a 50.1 per cent stake in the project, and CNPC could not immediately be reached for comment.

The French company said in August it had told Iranian authorities it would withdraw from the after it failed to obtain a waiver from US sanctions against Iran.

In May, industry sources said CNPC was ready to take over Total's stake in the project.

The offshore field, which Iran calls South Pars and Qatar calls North Field, holds the world's largest natural gas reserves ever found in one place.

CNPC already holds a 30 per cent stake in the giant field, while National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sun, November 25 2018. 16:58 IST
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