China's state-owned CNPC has replaced France's Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister said on November 25.
The French company, which had a 50.1% stake in the project, said in August it had told Iranian authorities that it would withdraw from the South Pars gas project after it failed to obtain a waiver from US sanctions against Iran.
In May, industry sources said CNPC was ready to take over Total's stake in the project.
The offshore field, which Iran calls South Pars and Qatar calls North Field, holds the world's largest natural gas reserves ever found in one place.
CNPC already holds a 30% stake in the giant field, while National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9%.
Source:sxcoal
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