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Foreign Affairs

Total officially quits Iran: Oil Minister

Tehran, Iranian Petroleum Minister Bijan Zangeneh announced on Monday that the French oil and gas company 'Total' has officially left the contract with Iran to develop the South Pars oil field in southern country.

Total has announced its withdrawal from South Pars agreement for two months, Zangeneh said.

The process of substituting another company is now underway, he added.

In July 2017, National Iranian Oil Company (NIOC) and the International Consortium, headed by Total, signed an oil deal in the post-sanction era to develop phase 11 of South Pars.

As per the contract, CNPC of China and Iran's Petropars were other members of the international consortium.

Total stake in the project was 50.1 percent, while that of CNPC and Petropars were 30 percent and 19.9 percent, respectively.

Source: Islamic Republic News Agency - IRNA

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