Iran says French energy giant Total is still to officially announce its withdrawal from one of the country’s biggest gas projects with a top official saying no change has been occurred in the combination of a consortium formed over the project.
Total not withdrawn from SP Phase 11 yet: Iran
13 Aug 2018 - 9:38
Iran says French energy giant Total is still to officially announce its withdrawal from one of the country’s biggest gas projects with a top official saying no change has been occurred in the combination of a consortium formed over the project.
Mohammad Mostafavi, head of investment and business affairs of the National Iranian Oil Company (NIOC), was quoted by media as saying that the terms of the contract with Total, China’s CNPC and Iran’s Petropars over the development of Phase 11 of South Pars had no changed yet.
In July 2017, the NIOC awarded the project to the trio through a contract worth around $4 billion.
Total – with a leading share of 50.1 percent in the development of Phase 11 - had earlier announced it would withdraw from the project once the US restores the sanctions against Iran.
Earlier this month, US President Donald Trump signed an executive order which made the sanctions against Iran effective.
The sanctions would in the first wave prevent Iran’s access to the US dollar among other restrictions. The second wave that would hit in November would ban investments in Iran’s oil and gas projects.
Following Total’s announcement, speculations emerged that CNPC would replace the French company in leading the project’s development with a revised share of 80 percent.
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