May 30, 2018 / 7:33 AM / in 5 months

Iran says Total has two months to seek U.S. sanctions exemption -SHANA

LONDON, May 30 (Reuters) - French oil major Total has two months to seek exemption from U.S. sanctions after Washington’s withdrawal from the international nuclear deal, Iran’s oil minister told state news agency SHANA on Wednesday.

The minister, Bijan Zanganeh, added that failure to secure an exemption would mean Iran would bring in China’s CNPC to replace Total on the South Pars gas project.

Zanganeh also said on state television that an agreement with Europe would inspire other potential buyers of Iranian oil.

“Europe is buying only one third of Iranian oil, but an agreement with Europe is important to guarantee our sales, and find insurance for the ships ferrying the crude. Other buyers would also be inspired by this,” he said.

Reporting by Bozorgmehr Sharafedin Editing by David Goodman

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