ran has threatened to give petroleum giant Total's stake in the South Pars gas fields to China if the French company could not secure protection from U.S. nuclear-related sanctions.
Total signed a $4.8 billion contract to develop phase 11 of the South Pars—by far the world's largest natural gas field—last July, after the 2015 nuclear deal struck between the U.S., Iran and five other world powers saw a rolling back of sanctions against the revolutionary Shiite Muslim nation in exchange for it cutting nuclear production. Trump's May 8 withdrawal from the nuclear accord, however, has put this investment at risk and Iranian Petroleum Minister Bijan Zanganeh said the state-owned China National Petroleum Corporation (CNPC), which already claims 30 percent of the project, could take the French supercompany's 50.1 percent stake.
"Total has 60 days to negotiate with the U.S. administration while the French government can also use these 60 days to negotiate with the U.S. administration so that Total can stay in Iran," Zanganeh said in a statement, according to The Financial Times.
"If the U.S. administration does not agree with Total staying in Iran, China will replace this company," he added.
