Iran: US Sanctions Total Pulls Out of Multi-Billion Gas Project with Iran
Due to the recently imposed sanctions by the US, French oil giant Total has officially quit a major gas project in Iran.
Teheran/Iran — Iran’s Oil Minister Bijan Zanganeh announced on Monday that the French company has cancelled its participation in the South Pars natural-gas project.
Within the framework of the $ 4.8 billion deal, Total had previously agreed to develop phase 11 of the largest natural gas field in the world. However, the end to the deal has been expected since the US pulled out of the nuclear deal with Iran. The oil minister told icana.ir (the website of the Iranian parliament) on Monday that the government was looking for an alternative investor. Reports indicate that the country is looking towards Chinese oil company CNPC to take the place of Total in this project.