State-controlled China National Petroleum Corporation (CNPC) is replacing French oil and gas major Total in Iran’s multi-billion-dollar South Pars gas project, Iran’s semi-official news agency ICANA quoted Oil Minister Bijan Zanganeh as saying. Last year, Total became the first supermajor to return to Iran after the previous sanctions were lifted, with the multi-billion-dollar South Pars 11 gas development project. But after the U.S. withdrawal from the Iran nuclear deal, Total said in May that it would not be in a position to continue the South Pars 11 gas project and would have to unwind all related operations before November 4, 2018, “unless Total is granted a specific project waiver by the U.S. authorities with the support of the French and European authorities. This project waiver should include protection of the Company from any secondary sanction as per US legislation.” “Total has always been clear that it cannot afford to […]