DUBAI: China’s state-owned energy major CNPC has taken over the share in Iran’s South Pars gas project held by France’s Total, the Iranian state news agency IRNA reported on Saturday. Total has said it would pull out unless it secured a US sanctions waiver.

“China National Petroleum Corp (CNPC) has replaced Total of France with a 80.1 percent stake in the phase 11 of the South Pars (gas field),” IRNA quoted Mohammad Mostafavi, director of investment of Iran’s state oil firm NIOC, as saying. There was no immediate confirmation of the report by CNPC.

Published in Dawn, August 12th, 2018