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French+energy+giant+Total+to+pull+out+of+Iranian+gas+project
Thursday, 17 May 2018 - 14:42
French energy giant Total to pull out of Iranian gas project
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French energy giant Total is preparing to pull out of a billion dollar gas project in Iran in the face of renewed US sanctions.
 
Total said it will unwind operations by November unless sanctions are waived.
 
Washington is re-imposing strict sanctions on Iran, which were lifted under the 2015 deal to curb the country's nuclear ambitions.
 
German insurer Allianz and Danish tanker operator Maersk are also winding down their business in Iran.
 
Total signed a contract in 2017 to develop phase 11 of Iran's South Pars gas field, with an initial planned investment of $ 1bn (£750m).
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