Total to drop billion-dollar Iranian gas project unless USA waives sanctions

Total to drop billion-dollar Iranian gas project unless USA waives sanctions

Total to drop billion-dollar Iranian gas project unless USA waives sanctions

The US decision to withdraw from the nuclear deal between Iran and an alliance of western powers was taken earlier this month, despite opposition from France, Germany and the United Kingdom, and threatens a huge swathe of global business deals.

Oil companies have been forced to reassess their investment plans in the OPEC producer, however, in the wake of the May 8 move by the U.S. to pull out of the worldwide nuclear deal with Iran and re-impose sanctions on the country.

In announcing his withdrawal from the deal, Trump warned companies that they face sanctions if they do business with Iran.

USA banks are involved in more than 90 percent of Total's financing operations, while us shareholders represent more than 30 percent of its shareholding, according to the company.

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A withdrawal from the Iran challenge wouldn't have an effect on Complete's present general manufacturing targets because the group had since opened up different progress alternatives, it mentioned.

"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 group said.

Determined to keep the accord alive, European leaders need to find a way to assure companies that their investments are beyond Washington's extra-territorial reach. The rest of the project is under the ownership of the Iranian state energy company.

Total's announcement comes after Denmark's Maersk, which operates oil tankers globally, said it would fulfil commitments in Iran already on its books but would not enter into any new contracts.

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France, Germany and Britain are leading a European effort to safeguard Europe's economic interests in Iran. Total does about 30 percent of its business through the United States banking system.

A European diplomat was more blunt: "We have a situation where there is a will to impose sanctions on Europeans and a resentment towards European companies who are now being accused of supporting a terrorist state".

Total has been carrying out tenders for topsides, jackets, pipelines and other work since soon after receiving its $2 billion contract for the gas field in July 2017, but it has yet to make a final investment decision. Joe Kaesar, the CEO of Germany's Siemens, told CNN his company would not be able to do any new business with Tehran.

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