Chinese Company to take over if “Total” fails to secure US sanctions waiver in 60 days: Iran

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ASSALUYEH, IRAN: TO GO WITH AFP STORY IRAN-OIL-GAS: (FILES) -- A general view of Phase One of the South Pars gas field in the southern port of Assaluyeh taken 26 May 2003. Oil and gas will begin flowing before year-end from Phase One of the massive South Pars field, which was developed primarily by national interests, the project chief said 03 December 2003. Gholamreza Manoushehri, managing director of state-owned company Petropars, said Phase One "will go on line before the end of December with a capacity of 27 million cubic metres (954 million cubic feet) of gas and 40,000 barrels of light oil a day, which represents daily revenue of 840,000 dollars for the gas and one million for the oil." AFP PHOTO/Atta KENARE (Photo credit should read ATTA KENARE/AFP/Getty Images)

 

Tehran, May 31 (TNS): Iran’s oil minister, Bijam Namdar Zanganeh, says China’s state-owned Petroleum Company (CNPC) will take over if France’s Total fails to get the exemption from US sanctions in two months.
Bijan Namdar Zanganeh said state-owned China National Petroleum Corporation (CNPC) would take over if the US Department of Treasury failed to issue a waiver for Total.
“In the two months, the French government can negotiate with the US over the fate of Total’s investment in Iran,” Iranian media quoted.
US sanctions against Iran are expected to hold back after President Donald Trump declared the country’s withdrawal from the 2015 nuclear deal.
Trump also warned that even foreign companies doing business in Iran could face punitive measures in the United States.
That includes Total, which signed a deal to invest more than $2bn in Iran in July 2017. The total is a publicly listed company in the New York Stock Exchange, and its revenue in 2017 was reported at $171.5bn.

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