Another big Company Withdraws from Iran
Iran’s oil minister Namdar Zengene announced that the French company TOTAL officially withdrew from Iran after the US sanctions decisions for the firm that did business with Tarhan.
“TOTAL officially withdrew from the contract on the development of the Southern Pars gas project, and negotiations are under way to determine who will take it,” said Zengene to the Iranian television channel.
According to Reuters reports from Iran’s state television Zengene stated that Total’s work at the 11th phase of the South Pars natural gas project is now in the process of adopting by another company.
Zengene said that the ministry’s website, SHANA, said today that Total announced its decision to leave two months ago.
In the process, China’s public company CNPC is expected to fill the vacancy of TOTAL that is coming out of the project. The share of the Chinese company in the project will increase from 30 percent to 80 percent.
The United States has brought sanctions back to Iran after being pulled out of a nuclear deal between Iran and Major states in 2015.
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