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8/11, 8:30 PM (Source: TeleTrader.com)
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China's CNPC takes over Total's shares in Iran gas project

China's state-owned oil and gas corporation Chinese National Petroleum Corporation (CNPC) took over Total's share in Iran’s South Pars gas project, Iranian state news agency IRNA reported on Saturday.

France's Total had previously pledged to abandon the project unless it manages to secure a sanctions waiver from the United States. "China National Petroleum Corp has replaced Total of France with a 80.1 percent stake in phase 11 of the South Pars," Mohammad Mostafavi, the head of investment of Iran's state oil firm NIOC, said.

The administration of US President Donald Trump reintroduced sanctions on Tehran earlier this week and is pushing countries to cut all imports of Iranian oil until November. Trump warned the US will not be willing to cooperate with any country that continues "doing business with Iran."

Breaking the News / JC