TEHRAN, Iran (AP) — Iran’s official IRNA news agency is reporting that China’s state-owned petroleum corporation has taken a majority share of the country’s South Pars gas project after French oil and gas company Total announced it would pull out because renewed U.S. economic sanctions against Iran.
The Saturday report quotes Mohammad Mostafavi, an official in Iran’s state oil company, as saying CNPC now owns 80 percent of the shares in the $5 billion project, having bought shares from Total.
CNPC originally had some 30 percent of shares in the project.
The renewal of U.S. sanctions took effect on Tuesday.
Most Read Nation & World Stories
- Amazon dumps NYC headquarters and its promised 25,000 jobs
- Too big to sell: Airbus bids pained adieu to superjumbo A380 VIEW
- Unclaimed $1.5B prize: South Carolina could be big loser too
- Congress OKs border deal; Trump will sign, declare emergency WATCH
- Trump tests presidential power, declares emergency at border WATCH