12 August 2018 - 15:52
  • News Code: 284128
Total still in South Pars Contract: Official

TEHRAN (Shana) -- A senior Iranian oil official says French energy major Total is still part of a contract aimed at developing phase 11 of the supergiant South Pars Gas Field in Iran.

Deputy Petroleum Minster for Legal and Parliamentary Affairs Shojaoddin Bazargani said Total has not officially pulled out of the project and a notification by the Iranian Ministry of Petroleum will follow if it does so anytime in the future.

He said based on the contracts signed between National Iranian Oil Company (NIOC) and a consortium of Total, CNPC International and Petropars for developing the project, the French company has not yet officially withdrawn from the deal due to US sanctions on Tehran.

"CNPC International has announced it would overtake Total's share in the contract if it pulls out," he added, reiterating what was originally stipulated by the contract.

In case of Total's withdrawal from the contract, CNPC's share will be 80.1 percent in the project.  

In May, Total announced it would abandon the project if it fails to secure a sanctions waiver from the US government to work in Iran.

The same month, US President Donald Trump said Washington would no longer stay in Iran's nuclear deal and would reimpose sanctions on Tehran.

News Code 284128

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