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Iran gives Total 60 days to get exemptions from US sanctions
EPA / ABEDIN TAHERKENAREH Iran gives Total 60 days to get exemptions from US sanctions
Iran gave French oil giant Total up to sixty days to secure exemptions from the United States sanctions following Washington's withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the FT reported on Wednesday citing Tehran's oil minister. Otherwise, the Chinese state-owned China National Petroleum Corporation (CNPC) might take over Total's over-50% stake in the South Pars project (pictured), the world's largest natural gas field, Iranian oil minister Bijan Zanganeh warned.
"Total has 60 days to negotiate with the US administration while the French government can also use these 60 days to negotiate with the US administration so that Total can stay in Iran. If the US administration does not agree with Total staying in Iran, China will replace this company," Zanganeh stated.
Earlier in May, Total, which became the largest foreign investor in Iran after the nuclear deal was signed in 2016, warned that it would be forced to abandon the South Pars project by November 4 if it doesn't obtain legal assurances from the United States, "with the support of the French and European authorities."
Breaking the News / FH