Tehran: Iran’s oil minister, Bijam Namdar Zanganeh, says China’s state owned Petroleum Company (CNPC) will take over if France’s Total fails to get exemption from US sanctions in two months.
Bijan Namdar Zanganeh said state-owned China National Petroleum Corporation (CNPC) would take over if the US Department of Treasury failed to issue a waiver for Total.
“In the two months, the French government can negotiate with the US over the fate of Total’s investment in Iran,” Iranian media quoted.
US sanctions against Iran are expected to hold back after President Donald Trump declared the country’s withdrawal from the 2015 nuclear deal.
Trump also warned that even foreign companies doing business in Iran could face punitive measures in the United States.
That includes Total, which signed a deal to invest more than $2bn in Iran in July 2017. Total is a publicly listed company in the New York Stock Exchange, and its revenue in 2017 was reported at $171.5bn.
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