Iran ready for replacement of Total with China’s CNPC

Tehran, May 17, IRNA – Minister of Petroleum Bijan Zangeneh said on Wednesday that if France’s Total goes away from the project to develop 11th phase of South Pars, Chinese National Petroleum Corporation (CNPC) will replace it.

Talking on the sidelines of signing ceremony of HOA to develop Karanj oilfield with Pergas Consortium, he added that if the US does not issue sanctions exemption for Total to proceed with activities in Iran, it will withdraw from South Pars phase 11.

CNPC will take possession of Total’s shares in the project, he said.

Zangeneh further noted that in the event of Total withdrawal from the agreement, it will not be fined, but the investment it has so far made in the project will not be repaid until full implementation of the project.
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