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News number: 8803161306

18:00 | 2009-06-06

Economy

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Iran Replaces Total with CNPC in South Pars Gas Field Project

TEHRAN (FNA)- The National Iranian Oil Company (NIOC) decided to replace France's Total with China's National Petroleum Corporation (CNPC) in developing phase 11 of Iran's South Pars gas field after the French oil giant wasted time on the project.



"Signing the deal has meant the replacement of French Total Company with China National Petroleum Corporation," Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz stressed, referring to the agreement signed between Tehran and Beijing on the project.

The remarks came as the French company announced that it is still active in the project.

"We are still involved in this project and especially in the major project of South Pars 11, combined with the liquefied natural gas (LNG) train," Jean-Jacques Mosconi, head of strategy and planning at Total, told the Reuters Energy Summit on Thursday.

CNPC is already a major partner in Iran's energy projects. Iran signed a US$1.7B deal with CNPC in January for the development of Iran's North Azadegan oil field which is estimated to have six billion barrels of oil in reserve.

Jashnsaz also described Iran as one of the main suppliers of oil to China with the export of 450,000 barrels per day, and said the two countries' cooperation is increasing in oil and gas sectors.