Wednesday, May 16, 2018

Total says it will have to leave Iran without sanctions waivers

South Pars gas field
French energy company Total said Wednesday it may have to leave an Iranian gas project unless it gets concessions from the U.S. government.

U.S. President Donald Trump reinstated sanctions on Iran last week, signaling an end to the U.S. involvement in the U.N.-backed agreement that gave Tehran room to maneuver in the energy sector in exchange for nuclear commitments. The U.S. government had acknowledged those sanctions pressures could spill over to European companies and set a 180-day clock ticking on compliance.

Total in July signed a contract with a Chinese partner related to phase 11 of the South Pars gas field off the coast of Iran. The terms at the time were in compliance with European, French and U.S. legislation, but the French company said Wednesday the situation has changed.

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