Malaysia’s Petronas has reduced its stake in Iran’s $2 billion Pars liquefied natural gas (LNG) project to less than 20 per cent, a top executive at French energy giant Total SA said.

Petronas had said in May that it was reconsidering its involvement on commercial terms. There had been speculation it might withdraw.
“Petronas are back but with a lower stake," Christophe de Margerie, Total president for exploration and production, said. He said Petronas’ stake could be around 10 per cent but did not say whether Total would raise its own stake in the project.
Iran’s LNG projects are closely linked to the upstream development of the giant South Pars gasfield in the Gulf.
Total and Petronas are jointly looking to develop phase 11 of this field. Petronas and Total formed a production company, Pars LNG, half owned by state oil firm National Iranian Oil Company (NIOC) to carry out the project. Total holds a 30 per cent stake and Petronas 20 per cent.