The Iranian oil minister said Wed. that the French company Total has two months to negotiate with US over sanctions exemption in a bid to remain in Iran’s South Pars 11 Phase development project.

“Total has 60 days to negotiate with the US government. During these 60 days, the French government can negotiate with the US government over the fate of Total’s investment in Iran,” Bijan Namdar Zanganeh was quoted as saying by Iran’s Ministry of Petroleum on Wednesday.

The Iranian oil minister said that if the US government agrees to exempt the Total, the company will remain in Iran, otherwise, the China National Petroleum Corporation (CNPC) will replace the French company.

Zanganeh also said that in a recent meeting between Iran’s Petroleum Ministry and the Parliament’s Energy Commission, a joint committee has been formed to tackle the problems which have emerged after the US withdrawal from the nuclear deal with Iran.

He added that in the yesterday meeting, they had discussed how to sell Iranian oil and replace new buyers after the United States’ withdrawal from the nuclear deal and the reinstatement of sanctions.

Source: Mehr News Agency