© Eric Piermont/Agence France-PresseThe logo of Total at the company's headquarters in La Defense business district in Paris
French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions.
"Total has officially left the agreement for the development of phase 11 of South Pars (gas field). It has been more than two months that it announced that it would leave the contract," he told the ICANA news agency, which is linked to the oil ministry.
The United States said in May that it was abandoning the 2015 nuclear deal and reimposing sanctions on Iran in two phases in August and November. The second phase will target Iran's oil industry, and Total had already said it would be impossible to remain in Iran unless it received a specific waiver from Washington, which was not granted.
Via Agence France-Presse
Comment: Sputnik
reports Terhan looking for new company to fill the gap:
Iranian Oil Minister Bijan Zanganeh said that France's Total has officially left Iran, according to Iranian state TV.
"Total has officially withdrawn from the agreement on the development of South Pars 11 project. It has been more than two months since the company announced its withdrawal from the agreement," Bijan Zanganeh said as quoted by the ICANA news agency.
The minister noted that Tehran was currently looking for a company which would replace Total in the project.
The US relations with Iran have further deteriorated in the wake of Washington's decision to withdraw from the historic 2015 nuclear deal in May, as well as to reimpose sanctions on Iran in two phases in August and November.
On August 7, the United States officially put into effect the first package of sanctions against Tehran, which are targeting Iran's purchase of US dollar banknotes, trade in gold and other metals and transactions involving the national currency.
The second phase is set to target Iran's oil industry, and Total had already said it would be impossible to remain in Iran unless it received a specific resolution from the US.
France can hardly be happy about this.
Seeing as the US has pretty much burned its bridges in Iran, and also locked its allies out of the country, look for Russia to express interest. It's a natural fit. Iran would welcome a stable, honest business partner. Another win for Putin?
Comment: Sputnik reports Terhan looking for new company to fill the gap: France can hardly be happy about this.
Seeing as the US has pretty much burned its bridges in Iran, and also locked its allies out of the country, look for Russia to express interest. It's a natural fit. Iran would welcome a stable, honest business partner. Another win for Putin?