Minisrter: Petropars to finalize phase 11 of South Pars

Iranian Petroleum Minister Bijan Zangeneh stressed the fact that CNPC and Total companies have completely withdrew from developing phase 11 of South Pars, saying that Petropars will finalize the project by itself.

Elaborating on the latest condition of developing phase 11 of South Pars gas field, Zangeneh said on Saturday that despite the fact that Petropars cooperated with CNPC and Total companies in developing South Pars, the company is now responsible for developing firs unit of the phase 11.

He noted that Petropars is now able to develop first unit of phase 11 which deals with producing gas and the company is not technologically able to develop the second unit.

Earlier, Zangeneh said that the US sanctions cannot stop the Iranian oil industry.

In July 2017, National Iranian Oil Company (NIOC) and the International Consortium, led by Total, signed an oil deal in the post-sanction era to develop phase 11 of South Pars.

As per the contract, CNPC of China and Iran's Petropars were other members of the international consortium.

Total's stake in the project was 50.1 percent, while that of CNPC and Petropars were 30 and 19.9 percent respectively.

News Code 191368

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