China National Petroleum Corporation (CNPC) has reportedly replaced France’s energy giant Total in Iran’s massive South Pars gas project.

Total has a 50.1% stake in the gas field, CNPC holds a 30% stake and National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9%.

“China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC … about when it will start operations,” ICANA news agency quoted Iran’s Petroleum Minister Bijan Zangeneh as saying on November 25.

Total signed a contract to develop phase 11 of the South Pars natural gas field in 2017 with an initial investment of $1 billion. It was the first major Western energy investment in Iran after sanctions were lifted under the 2015 nuclear agreement signed between Tehran and six world countries, including the US.


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