CNPC ready to replace Total in the largest gas project in the world

The Chinese company CNPC has declared its readiness to take over Total's share in Iran's massive South Pars gas project, if the French company decides to leave Iran following the reinstatement of US sanctions.

Last June, a $ 1 billion deal was signed giving the Chinese company the option to buy out Total's share if it were to leave Iran.

According to the terms of the South Pars phase 11 development agreement, CNPC could take back the 50.1% stake in Total and become the operator of the project.

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