Oil Minister Bijan Namdar Zanganeh said no refunds will be provided to the French giant Total for its investments in Phase 11 of the giant South Pars Gas Field in the Persian Gulf until the phase goes on stream. "No fine is levied on Total for withdrawing from the million-dollar project. However, Iran will not pay back the company's investments up until Phase 11 starts production," Zanganeh was also quoted as saying by the Oil Ministry's portal, Shana. Total had finalized a deal in 2016 worth $4.8 billion to develop one of the least developed ventures among 24 phases of South Pars. However, it abandoned it in the wake of the US unilateral withdrawal from Iran's nuclear deal in May. Iranian officials earlier suggested China’s state-owned CNPC could take over Total’s stake in the South Pars gas project. The process to replace Total with CNPC is underway and the firm's plan to undertake the project is being studied by the National Iranian Oil Company.
