The French oil company returned to Iran after the country emerged from years of isolation linked with its nuclear programme. Only last year, it signed a deal to develop the South Pars gasfield with an initial billion-dollar investment.
Now, considering that President Trump has announced that he plans to reimpose sanctions on Iran, Total is being forced to re-evaluate the project.
Yesterday, in a statement, the company said:
“Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before November 4, 2018, unless Total is granted a specific project waiver by US authorities with the support of the French and European authorities.”
Now, considering that President Trump has announced that he plans to reimpose sanctions on Iran, Total is being forced to re-evaluate the project.
Yesterday, in a statement, the company said:
“Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before November 4, 2018, unless Total is granted a specific project waiver by US authorities with the support of the French and European authorities.”
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