Iranian Minister of Petroleum Bijan Zangeneh said France’s Total had 60 days to secure a waiver from U.S. sanctions against Iran to stay in a multibillion-dollar gas project in South Pars.
The United States withdrew from the Iran nuclear deal on May 8 and said it would reinstate sanctions on Tehran.
Following a Tuesday meeting with the Iranian parliament’s energy committee, Mr. Zangeneh said the Iranian Ministry of Petroleum and the Parliament’s Energy Committee were in agreement to overcome the current difficult conditions of the country.
“The Petroleum Ministry and the Parliament’s Energy Committee share similar views in this regard,” he said.
The official announced the formation of an ad hoc committee by the Petroleum Ministry and the parliamentary body to manage the current situation, saying that Total is currently negotiating with the US government to stay in the development project of Phase 11 of the South Pars gas field.
“Total has 60 days to negotiate with the US government. In the course of these 60 days, the French government may also initiate talks with the US government aimed at ensuring Total’s stay in Iran.”
The Iranian Minister of Petroleum further said if the US government endorsed the sanctions waiver, Total would remain in the project, otherwise, the French company would be replaced by China’s CNPC International in South Pars 11 development.