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China National Petroleum Corp. is expected to take the lead on a $5 billion project to develop Iran’s share of the world’s biggest gas deposit, taking over from France’s Total SA, which halted operations after US President Donald Trump reimposed sanctions on the Islamic Republic.
State-owned CNPC, which had joined an original consortium involving Total and Iran’s Petropars Ltd. in 2016 to develop Phase 11 of the South Pars Gas field in the Persian Gulf, is set to increase its stake in the project from the current 30 per cent . Total had originally agreed to take a 50.1 per cent
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