Iran issues Total ultimatum

Iran

TEHRAN, May 30, 2018 – China’s CNPC could take over Total’s share in South Pars phase 11 unless the French super-major secures an exemption from US sanctions within two months, Iranian officials said on Wednesday.

“Total has 60 days to negotiate with the US government,” Iranian Minister of Petroleum Bijan Namdar Zangeneh told state news portal Shana.

The news came as Russia’s Lukoil said it would pause projects in Iran to study the impact of US sanctions, joining IOCs including Total and BP. Chinese companies such as CNPC and some smaller European firms such as the UK-based Pergas consortium have nevertheless continued with their development plans in Iran, while Indian government officials have said India would only abide by international sanctions imposed by the UN.

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