French petrochemical firm Total said that it may pull out all its investments from Iran where again sanctions has been imposed by US unless the sanctions relief is provided to the firm.
Total has invested in Iran in South Pars along with Chinese firm CNPC and Iranian firm Petropars. Total itself holds 50.1% stake in South Pars Phase 11 with China’s state-owned CNPC owning 30% and Iran's Petropars 19.9%.
In a press release by firm, “As a consequence and as already explained before, Total will not be in a position to continue the SP11 [South Pars Phase 11] project and will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the US authorities with the support of the French and European authorities. This project waiver should include protection of the Company from any secondary sanction as per US legislation.” In the current circumstances, Total said it would not take any further commitment related to the SP11 project and, in accordance with its contractual commitments with the Iranian authorities, was engaging with the French and US authorities to examine the possibility of a project waiver.
