"Under the agreement and clauses therein, if any party drops out of the contract it will lose its shares completely to its co-partner and it will receive no compensation," Ali Kardor said.
He was speaking about the impact of a possible US withdrawal from the Iran nuclear deal on May 12 and President Donald Trump's threat to restore sanctions on Tehran.
Total and its partners in the South Pars Phase 11 project – China's CNPCI – have so far spent $90 million in the South Pars project, Kardor said.
He said there were differences on the hiring of domestic companies and use of domestically manufacturing companies between NIOC and foreign parties to the agreement.
"We insist on the hiring of domestic companies and equipment. Our committees are discussing this issue," said Kardor.
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