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
- The little-noticed surge across the U.S.-Mexico border: Americans heading south VIEW
- Can 'Jeopardy!' whiz James Holzhauer be beat? The science of memory and recall, explained
- Trump plans to release thousands of migrants in two Democratic strongholds, Florida officials say
- Ammo from crashed F-16 safely destroyed
- Trump's sanctions on Iran are hitting Hezbollah hard