French Oil Firm May Leave Iran

South Pars a huge offshore natural gas field shared between Iran and Qatar holds around 14 trillion cubic metres of gas

"Total has always been clear that it can not afford to be exposed to any secondary sanction, which might include the loss of financing in dollars by U.S. banks for its worldwide operations, the loss of its United States shareholders or the inability to continue its USA operations", Total said in a statement. The 20-year development project, of which Total is for now a part of, envisages bringing gas production from the field to 2 billion cu ft of gas daily.

French oil major Total has halted plans to help develop Iran's giant South Pars gas field as it seeks to clarify whether the investment can avoid falling foul of returning USA sanctions on Tehran, the oil company said Wednesday.

Zanganeh said that Total will not face any fine if it withdraws, but the investment it has so far made in the project will not be repaid until full implementation of the project.

Companies caught violating sanctions could be cut off from the United States financial system and targeted with a range of other punishments. The European Union, also a signatory to the atomic deal, has pledged to take steps to salvage the accord.

In a statement, Total said it "will have to unwind all related operations" before November 4, unless it's granted a specific waiver by USA authorities that would protect it against sanctions.


"The risks of being on the wrong side of the USA government are not worth the benefits of trading with Iran, once the sanctions are in place", said Jason Gammel, an analyst at Jefferies LLC. "They have us by the throat because so much business is conducted and cleared in dollars", one European investment banker said. "There will be niche players who will far more benefit from trading with Iran than risk from the US system, but it's going to be a very small set of players that are not going to be particularly well capitalized".

Under the contract's term, CNPC will take Total's shares in the project if the French company pulls out of the contract, Zanganeh said, Iran's media outlets reported. Managing Director Ali Kardor said this month. It said it had so far spent less than 40 million euros ($47 million) on the project and that pulling out would not impact the company's production growth targets.

In a deal first signed in late 2016, Total agreed to operate the South Pars project with a stake of 50.1%. An additional $1 billion has been committed to the project.

Managing Director of Pergas International Consortium Colin Rowley, and Bijan Alipour, managing director of National Iranian South Oil Co., signed a preliminary deed on the partnership in the presence of British Ambassador Rob Macaire in Tehran on Wednesday night.

Related News:

  • Panchayat poll violence: Centre asks Bengal govt to send another report

    Panchayat poll violence: Centre asks Bengal govt to send another report

    The state administration, however, claimed only six of those deaths were poll-related, State Election Commission (SEC) said. From the nomination stage to the day of polling, where was the spirit of democracy? "People were bullied", Modi said.
    Kane on 'amazing' Salah: 'I haven't seen Mo to talk with him'

    Kane on 'amazing' Salah: 'I haven't seen Mo to talk with him'

    With 44 goals and 14 assists in 52 games for club and country, Salah has placed himself among the world's elite forwards. Klopp's players reassemble in Marbella on Wednesday after a couple of days off for a short training camp.
    Rapper TI arrested near Georgia home

    Rapper TI arrested near Georgia home

    He said the guard was asleep when his client arrived at the guardhouse and it took "some time to wake up the sleeping guard". The artist, whose real name is Clifford Harris, was arrested Wednesday morning outside of his gated community.
  • Florida teacher drowns 'nuisance animals' in front of class

    Florida teacher drowns 'nuisance animals' in front of class

    The mother of the student who shot the video, both who wish to remain anonymous, said to a reporter at WKMG-TV, "It made me sick. The cell phone video shows the raccoons in a cage being immersed in water in a trash can and drowning in front of the class.
    Disgraced Parkland officer will get pension

    Disgraced Parkland officer will get pension

    Fathers of two of the victims of the Parkland shooting expressed their disgust over Peterson's generous pension on Twitter . Peterson rushed to the building, but stayed outside for about four minutes during the shooting and never went inside.
    In Pics: Bollywood Beauties Sizzle at Cannes 2018!

    In Pics: Bollywood Beauties Sizzle at Cannes 2018!

    The film, by Spike Lee, stars Corey Hawkins and Topher Grace and takes on the checkered history of the Ku Klux Klan. She slayed everyone on the red carpet at the 71st Cannes Film Festival as she flaunted her sexy figure.
  • Frances Bean's Ex Given Kurt Cobain's MTV Unplugged Guitar

    Frances Bean's Ex Given Kurt Cobain's MTV Unplugged Guitar

    There are few guitars with more history than Kurt Cobain's acoustic one, which he played during Nirvana's 1993 " MTV Unplugged ". Lee even filmed himself chasing a limousine for several miles that he thought I was a passenger in.
    Goldman Sachs Just Launched A New Cryptocurrency

    Goldman Sachs Just Launched A New Cryptocurrency

    We are excited to be working directly with Bitmain on realizing our shared vision. It recently got hold on cryptocurrency exchange is known as Poloniex.
    YouTube just added songwriter, label and publisher credits to millions of songs

    YouTube just added songwriter, label and publisher credits to millions of songs

    Now, these credits will natively appear on both music videos and user-uploaded content that features recorded songs. That being the case, the implementation of " Music in this Video " is still a net positive for all those concerned.
  • Feces-flinging woman attacks Langley Tim Hortons staff

    Feces-flinging woman attacks Langley Tim Hortons staff

    She can then be seen picking up her excrement from the floor with here bare hands, and throwing it at staff behind the counter. She then pulls down her trousers , proceeds to defecate on the floor, and then picks it up and flings it at the employee.
    Chrissy Teigen has given birth to a baby boy!

    Chrissy Teigen has given birth to a baby boy!

    Teigen, 32, shared the news on Twitter on Thursday May 17 writing, "Somebody's herrrrrrre!" along with baby bottle emojis". I think she'll probably have some growing pains because she's currently running the house right now.
    Increasing concern as Ebola outbreak spreads to city in DR Congo

    Increasing concern as Ebola outbreak spreads to city in DR Congo

    It can spread rapidly through contact with small amounts of bodily fluid and its early flu-like symptoms are not always obvious. It involves vaccinating voluntary contacts, contacts of those contacts and health care and other front-line workers.


Most liked

Facebook rolls out Stories archive and voice posts, starting in India
Finally, Facebook will let you archive your stories like it does on Instagram so you can save the stories you like the most. These memories can be seen right when you log into your Facebook account and help you save the storage on your smartphone.

SRO stops school shooter in IL
The shooting unfolded near the school's gym, where students were practicing for graduation, at around 8:00 a.m. local time. She says after she and her classmates heard the shots fired, they were evacuated to Page Park just down the street.

Discovery of distant galaxy opens door to 'uncharted period of cosmic history'
If astronomers discovered oxygen in MACS1149-JD1, it meant that inside the galaxy, stars have formed even earlier and died in the galaxy.

Justify Odds-on Favorite at 7
The odds are against that, unless a bruised heel Justify was treated for acts up after training on an off track at Pimlico. Good Magic , which finished second in Kentucky, has the next-best odds of winning.

Atletico bid to erase pain of finals past in Marseille showdown
Since then it is Barcelona who have emerged as the leading contender to sign the former Real Sociedad man and have been tipped to meet his €100million buy out.

SC collegium defers reiteration of Justice Joseph's elevation to top court
The collegium intends to send Justice Joseph's name along with other names being considered for Supreme Court judgeships. Justice Jhala's name has been approved after taking into consideration the material on record .

Three more Ohio E. coli cases linked to lettuce
Talk to your doctor if you have symptoms of an E. coli infection and report your illness to your local health department. Attorneys Fred Pritzker and Brendan Flaherty represent people sickened with E. coli O157:H7 infections and HUS.

Seven Teams Earn NCAA Public Recognition Awards
Five Canisius programs recognized were men's cross country , golf , men's swimming and diving, men's track and field and rowing . The aggregate 2016-17 Academic Progress Rate data for all NCAA Division I institutions will be announced later this month.

Tickle Me, Fleury: Vegas goalie tickles Jets player's ear
After the game was tied 1-1, Vegas got two goals from its second line, which features Erik Haula between Neal and Alex Tuch . Defensively, the Winnipeg Jets are allowing 2.6 goals per game and are killing 81.8 percent of their opponents power plays.

Pope 'very worried' by Gaza violence
Eight children under the age of 16, including an eight-month-old baby, were among Monday's dead. Calling for "dialogue, justice and peace", said violence "has never led to peace".

Whitney Houston was 'sexually abused', film claims
Dee Dee is said to have struggled with narcotics addition and died in 2008 , aged 63. She was a attractive woman, but she was never particularly sexy.

ND Senate discuss net neutrality, plan moving forward
Net neutrality, under which the internet has operated since its inception, ensures that there is no favoritism in internet access. Once there, the caucus would need a simple majority to adopt the resolution - and with Collins, it has 50 votes.

Italian Open 2018: Novak Djokovic, Rafael Nadal Advance to Round of 16
The 30-year-old next plays Germany's Peter Gojowczyk before a possible quarter-final showdown with top-seed Nadal. He has French Open 10 out of 12 times in his career and surely he is the favourite this year as well.

Ministers cut betting machine stakes from £100 to £2
The decision is a victory for campaigners against the excesses of the gambling industry, including a number of Christian groups. With tighter curbs and higher taxes in their home market, the companies are likely to seek to expand across the Atlantic.

JR Smith Won't be Disciplined for Flagrant Foul
The relentless pressure and intensity of the Celtics continued to wear on the Cavs, as Boston were just kicking into gear. LeBron James responded to his weak game one performance with one of the best playoff quarters of his career.