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China’s CNPC to replace French Company Total in Iran’s SP11 Project

On August 12, the Islamic Republic of Iran News Agency (IRNA), the official news agency of Iran, quoted the National Iranian Oil Company (NIOC), which said that China National Petroleum Corporation (CNPC) purchased shares of the French oil company Total in the Iranian gas project “South Pars 11.”

Mohamad Mostafavi, investment and business manager at Iran’s National Oil Company, said, “CNPC bought shares of the French company Total. Its shares currently account for 80.1 percent of the ‘South Pars 11’ project.”

He added that cooperation with large Chinese companies also carries strategic importance for NIOC. In June, Total of France announced that, if the company could not obtain a sanction waiver from the US government with the support of France and the European authority, it would withdraw from the “South Pars 11” project.

Source: Russian Sputnik News, August 12, 2018
http://sputniknews.cn/china/201808121026105342/

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