Iran: CNCP Takes Over Total Stake

Chinese state giant CNPC has assumed Total’s 50.1% stake at Iran’s South Pars Phase 11 project according to Iranian media. The move would bring CNPC’s stake to 80.1%, while domestic partner Petropars retains 19.9% ( MEES, 31 August ). Iran aims for the 2bn cfd phase to start up in 2021, although Total’s decision to pull out in August due to the re-imposition of US sanctions throws the timeline in doubt. Chinese firms have a history of sitting on projects in Iran during sanctions – not pulling out, but unwilling to do more than minimal work – and CNPC was thrown off of South Azadegan for this reason in 2014 ( MEES, 9 May 2014 ). (CONTINUED - 124 WORDS)