French oil and gas company Total has withdrawn from the Iranian project to develop the South Pars gas field in the Persian Gulf in connection with the restoration of US sanctions against Iran. In this project, it has been officially replaced by Chinese state oil and gas company CNPC, Bijan Zangane, Iranian Oil Minister, reported in the interview with ICANA. Total, which announced its likely withdrawal from the project in May, did not plan to sell its stake of 50.1%, but intended only to receive compensation for its investments in the project in the amount of about $50 million. The Iranian Oil Minister noted that Chinese CNPC has not yet started any operations, it has yet to hold talks on starting work.
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