The share of China's CNPC International has reached 80.1 percent in Iran's South Pars Phase 11 Project after Total announced it would pull out of the project due to US sanctions, Shana reported.
Speaking to Shana, Director of Investment and Business at the National Iranian Oil Company (NIOC) Mohammad Mostafavi said CNPC has taken over Total's share in the $5 billion gas project after the French energy major withdrew the plan because of the US threats of sanctions.
Total announced in May that it pulls out of South Pars deal in light of a decision by US President Donald Trump to pull his country out of the 2015 Iran nuclear deal.
The US administration has announced a series of new sanctions against Iran, aimed at driving its oil exports down to zero.
NIOC signed a contract for developing the project with a consortium of Total, the CNPC and Petropars