TEHRAN (Fars News Agency)- A top Iranian official said Tehran has found a new partner to replace France's Total in developing one phase of the South Pars gas field.
"Total has said in talks with the National Iranian Oil Company (NIOC) that it cannot have an active role in the project because of sanctions against Iran. Therefore, a new partner has been chosen to transfer Total's stake to," said NIOC managing director Seyfollah Jashnsaz.
The NIOC announced in February that Iran would sign a deal with Total by the end of the current Iranian year (March 21) to develop Phase 11 of South Pars. However, Total Chief Executive Christophe de Margerie denied the report.
According to press tv, Jashnsaz said the French company had a stake of 50 percent plus one share in each of the upstream and downstream sectors of phase 11 of South Pars.
He did not name the new partner and did not say whether Total is completely pulling out of the project. He, however, said that arrangements had been made with Total to transfer the leading share to the new partner.
The South Pars gas field has reserves of about 14 trillion cubic meters of gas - or about eight percent of the world's reserves.
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