Iranian Oil Minister Bijan Namdar Zanganeh said the China National Petroleum Company (CNPC) has officially replaced French company Total which has backed out of a deal on development of Iran's South Pars gas field.
The CNPC has formally replaced Total in the project on development of South Pars gas field’s phase 11, Zanganeh announced on Sunday, but noted that the Chinese company has not still begun the job.
“Negotiations should be held with the Chinese company CNPC to see when it would start the operational activities,” the minister added.
In July 2017, Total signed a $1 billion deal to develop the South Pars gas field, south of Iran.
According to the agreement, the CNPC could take over Total’s 50.1 percent stake and become operator of the project in case of Total’s withdrawal from Iran.
Total pulled out of South Pars deal in May 2018 in light of a decision by US President Donald Trump to pull his country out of the 2015 Iran nuclear deal.
The Persian Gulf Star Refinery (PGSR) in Southern Iran is now producing 103 million liters of high-quality gasoline per day with its 3 phases in full swing, a senior energy official said, adding that the 4th phase of the mega refinery will go on stream by 2 years.
Iran has exported $219.258 million worth of commodities to the Russian Federation in the first 10 months of the current local calendar year (March 21, 2018 – Jan. 21, 2019), indicating a 8.56 percent growth compared with corresponding period last year.
Iranian crude oil exports in January were higher than expected, while February shipments so far have been holding steady or even higher compared to last month, as several of Iran’s customers are using up their US sanction waivers to continue importing Iranian oil.
Oil prices slipped away from 2019 highs on Wednesday, with surging US supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela.
Qatar's ultra-light crude oil grades bore the full brunt of the recent return of Iranian condensate supply, with spot differentials for deodorized field condensate hitting multi-year lows, but uncertainty over the renewal of Iranian sanctions waivers could prop up the Qatari grade in the near term.
China, the UAE, Turkey, Germany and India are the top exporters of goods to Iran, supplying more than 57% of the country's imports, according to the data released by the Islamic Republic of Iran Customs Administration.