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US Iran sanctions give China the lead in the world's largest gas field



China National Petroleum Corp. is expected to take the lead on a $ 5 billion project to take over Iran's share of the largest gas deposit in the world after US President Donald Trump has stopped sanctions on Islamists Republic

The state-run CNPC, which joined an original consortium in 2016, in which Total and the Iranian Petropars Ltd. Participations to develop Phase 11 of the South Pars gas field on the Persian Gulf would increase their share of the project from the current 30 percent. Total had initially agreed to take a 50.1 percent share of the development.

CNCP becomes the leading operational partner of the project, said the state-run news agency Islamic Republic, citing Mohammad Mostafavi, head of investment and business at National Iranian Oil Company. According to Shana, the official news site of the Oil Ministry, the terms of the contract have not yet officially changed. Total, which completed its deal with Iran in July 201

7, had already spent around 40 million euros (45.7 million dollars) on the project, when Trump announced in May that the US would have the 2015 nuclear deal officially known as the Joint Comprehensive Plan of Action, and would resume the sanctions against Teheran that were lifted after the signing of the agreement.

The first round of US sanctions has been launched This week, it will come again, and in November there will be more, reflecting the efforts of companies following the signing of the 2015 nuclear agreement by Iran, the US and five other countries as well as the European Union rushed to Iran considerably complicated.

Iran agreed to take steps to limit its nuclear program and, in return for granting economic sanctions, to undergo review by the International Atomic Energy Agency.

Numerous European Companies, Including Total, Since the turnaround in the US, they have withdrawn their operations and investments from the oil-rich Persian Gulf. On August 7, Trump marked the return of the sanctions with a tweet: "Anyone doing business with Iran will not do business with the United States."

Iran, which owns the largest gas reserves in the world, shares South Pars, also known as the North Dome Field, with neighboring Qatar

Total, having previously withdrawn for sanctions against South Pars in 2009. It planned a first $ 1 billion investment for Phase 11, with the ultimate goal of producing 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day, including condensate, the company said in a July 2017 statement. Total said that the contract has a term of 20 years.

CNPC has been active in Iran since 2004 and operates oil, gas and oil field services, according to the company's website. In 2006, it received a three-year contract for offshore wellbore and other services in South Pars.


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