Thursday, 24 May 2018 01:18 GMT
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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."

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Total to unwind operations on Iran gas project over US sanctions

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