Total to unwind operations on Iran gas project over US sanctions


(MENAFN) France's Total was announced to be walking away of a gas project worth USD1 billion in Iran, with the US revealing a plan to hit the Islamic republic with sanctions.

The French energy giant declared its plan to stop all operations in the Iranian project by November if sanctions were imposed.

The company stated "Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before 4 November 2018."

It added "unless Total is granted a specific project waiver by US authorities with the support of the French and European authorities."

MENAFN1705201800450000ID1096869693


MENAFN

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.