Total quits Iran: reports

Iran

TEHRAN, August 20, 2018 – Super-major Total has abandoned the South Pars project, Iranian Minister of Petroleum Bijan Namdar Zangeneh was quoted as saying on Monday.

State news agency IRNA quoted the minister as saying that the process of substituting another company was underway.

Total holds a 50.1% stake in South Pars phase 11. The French oil and gas giant has been under pressure to leave Iran after the USA announced that it would withdraw from a 2015 nuclear accord and unilaterally reimpose sanctions on Tehran. Earlier in August, news reports that partner CNPC would take the project over from Total were dismissed as premature.

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