Iran’s oil minister said on Aug. 20 that France’s Total (NYSE: TOT) has officially left Iran after the U.S. threatened to impose sanctions on companies that do business in the country, Iranian state TV reported.
“The process to replace [Total] with another company is underway,” Bijan Zanganeh was quoted as saying, adding that Total was no longer working on its contract to develop phase 11 of the South Pars gas project.
The Oil Ministry’s website SHANA also quoted Zanganeh as saying that Total had announced its plans to leave more than two months ago.
Iranian officials had earlier suggested China’s state-owned CNPC could take over Total’s stake in the South Pars gas project, lifting its interest to more than 80% from 30% now.
The U.S. re-imposed sanctions on Iran after Washington withdrew from the 2015 nuclear agreement between Tehran and world powers. The agreement had imposed limits on Iran’s nuclear ambitions in exchange for sanctions relief.
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