Total at Risk of Losing Gas Field Stake to CNPC If It Quits Iran
- France’s Total has spent $90 million at South Pars: Kardor
- Trump to decide on re-imposing sanctions on Iran by May 12
Fuel trucks branded with the Total SA logo.
Photographer: George Osodi/Bloomberg
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Total SA, the only Western energy major investing in Iran, will lose its stake in the South Pars natural gas field to its Chinese partner if the Paris-based company withdraws from the country, the head of National Iranian Oil Co. said.
Total has spent $90 million to help develop the offshore field and won’t be compensated before production begins, Ali Kardor, managing director of state-run NIOC, said Sunday at a news conference in Tehran. Kardor didn’t specify whether Total would receive any compensation if it pulled out of the project in Iran’s section of the world’s biggest gas deposit.