Iran’s oil minister said France’s Total has a 60-day window to negotiate a sanctions waiver with United States to stay in the Iranian offshore South Pars development deal.
If the U.S. government doesn’t agree with Total to exclude it from the newly imposed sanctions against Iran, China’s CNPC would step in to replace Total’s stake, oil minister, Bijan Zanganeh said to state news agency SHANA on Wednesday.
“Total has 60 days to negotiate with the U.S. government,” Zanganeh said.
The United States this month said it would impose new sanctions against oil and gas producer Iran after abandoning the 2015 nuclear agreement that limited Tehran’s nuclear plans.
Total signed a contract with Iran late 2017 to invest US$1 billion to develop phase 11 of the South Pars, part of the world’s largest gas field.
After renewed U.S. sanctions, Total said earlier in May that it would pull out of South Pars if it did not receive a waiver from U.S..