France's Total will quit Iran gas project if no sanctions waiver

The South Pars gas field facilities in the southern Iranian port town of Assaluyeh                  AFP  Atta Kenare

So the French energy giant won't commit any more funds to Iran's South Pars 11 project, in which it took a controlling stake a year ago.

Total issued a statement on Wednesday on the future of its oil projects in Iran stating that the decision came after President Donald Trump's announcement to withdraw from the JCPOA.

Total said it would not be making any further commitments towards the Iranian South Pars project for now, and added it was engaged with French and U.S. authorities over the possibility of a waiver to the project.

European Commissioner for Migration and Home Affairs Dimitris Avramopoulos, for his part, said that the EU is discussing "the possibility of applying our blocking statute" to protect the interests of European companies from the re-introduction of USA anti-Iranian sanctions.

The EU's top energy official, Commissioner Miguel Arias Canete, is heading to Iran for talks from May 18 to 21 to discuss ways of trying to overcome renewed USA sanctions against Iran's oil industry.

Total's announcement is in line with previous claims that it may be unable to conduct business in Iran should the United States bow out of the Iran nuclear deal and levy sanctions against Iran. The European Union, also a signatory to the atomic deal, has pledged to take steps to salvage the accord.

"Total will not be in a position to continue the SP11 project and will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the USA authorities with the support of the French and European authorities", the French group said in a statement.

UK review after tower block fire sparks controversy
UK review after tower block fire sparks controversy

US banks are involved in more than 90% of Total's financing operations, American shareholders represent upward of 30% of its investors and the company has more than $10 billion of capital employed in the country, it said. Total does about 30 percent of its business through the USA banking system. "There will be niche players who will far more benefit from trading with Iran than risk from the USA system, but it's going to be a very small set of players that are not going to be particularly well capitalized".

Should France's Total pull out of the project on development of South Pars gas field's phase 11, China's CNPC will replace it, Zanganeh told reporters on Wednesday. Managing Director Ali Kardor said this month.

Zanganeh's statement came after the French energy giant said that is preparing to pull out of the gas project in the face of renewed USA sanctions.

Sunk costs for Total as relates to its 50.1 percent stake in the project amount to roughly 40 million euros, according to its press release, but previous reports are that Total has sunk about $90 million into South Pars.

Denmark's Maersk Tankers, a major global shipping company whose oil tankers help carry Iran's oil exports to Asian markets, has also announced that it will wind down its business with Iran by November.

The company didn't say if these trades will be affected.

OnePlus To Launch Limited Edition Avengers-Themed OnePlus 6
The 6 GB RAM variant comes with 64 GB of internal storage whereas the 8 GB RAM variant comes in 128 GB and 256 GB storage options. The secondary rear camera is a 20 MP f/1.7 unit that uses pixel-binning technology to improve the quality of low-light images.

Related News:

  • Mark Dallas: Good Guy with a Gun Who Stopped Alleged School Shooter

    Mark Dallas: Good Guy with a Gun Who Stopped Alleged School Shooter

    Multiple neighbors in the area say police were called to Milby's home multiple times over the last few years for family disputes. Following the incident, neighbors of Dallas said he gave the community a sigh of relief, saving dozens of kids.
    Liverpool Boss Jurgen Klopp Excited By Mohamed Salah Potential

    Liverpool Boss Jurgen Klopp Excited By Mohamed Salah Potential

    The more trophies I've won at the end of the season, the better, and obviously with the national team, which is something I still don't have".
    Katz: sanctions against the leadership of Hezbollah - the right step

    Katz: sanctions against the leadership of Hezbollah - the right step

    Embassy in Jerusalem has enraged the Palestinian Authority, as well as militant group Hamaz, which has ties to Iran and Hezbollah. It is comprised of 12 members who are tasked with making the group's tactical decisions and oversee its activities countrywide.
  • WB Panchayat results: TMC takes lead, BJP second; counting underway

    WB Panchayat results: TMC takes lead, BJP second; counting underway

    From the nomination stage to the day of polling, where was the spirit of democracy? It was nothing but a murder of democracy. Widespread violence during the panchayat polls in West Bengal on Monday left at least 12 people dead and 43 injured.
    Bama, Longhorns agree to play home-and-home series in 2022-23

    Bama, Longhorns agree to play home-and-home series in 2022-23

    The Buckeyes will travel to Austin on August 30, 2025, and the Longhorns will travel to Columbus, Ohio on September 5, 2026. Alabama and Texas will play a home-and-home series in 2022 and 2023, the schools announced Wednesday.
    Fognini fires up Foro Italico crowd with win over Thiem

    Fognini fires up Foro Italico crowd with win over Thiem

    In the decider, a single break of serve in the seventh game gave Fognini the opportunity and he held to his two serves to win 6/3. His only defeat on the surface in 2018 was against Dominic Thiem in the quarter-finals of last week's Madrid Open.
  • Kami Rita summits Everest for record 22nd time

    Kami Rita summits Everest for record 22nd time

    Ang Kami Sherpa's 22nd ascent to the summit created a new record for the most visits to the peak of Everest, Reuters reported. The next most accomplished female Everest climber is American Melissa Sue Arnot, who has reached the top six times.
    Florida teacher on leave after raccoons drowned

    Florida teacher on leave after raccoons drowned

    It still does make me sick to my stomach", said the student's mother, who wanted to remain anonymous. She said her child came home in tears and was yelling and angry over what happened to the animals.
    Youtube will start crediting musicians properly in their videos

    Youtube will start crediting musicians properly in their videos

    That being the case, the implementation of " Music in this Video " is still a net positive for all those concerned. With its " Music in this video ", YouTube is hinting that both sides can help each other out.
  • The birth of a Legend: Chrissy Teigen announces second baby's arrival

    The birth of a Legend: Chrissy Teigen announces second baby's arrival

    Chrissy Teigen and her husband, John Legend have welcomed their baby boy! She had said: "I'm having a baby boy in the spring". Legend then re-tweeted his wife's announcement, but they did not shared any further details about their new family member.
    Man killed by exploding e-cigarette in US

    Man killed by exploding e-cigarette in US

    Tallmadge D'Elia was vaping at home on May 5 when the vaping device, manufactured by Philippines-based Smok-E Mountain, exploded. Deputy fire marshal Steven Lawrence, who attended the incident told Fox6: "It's like having a small.firecracker in your hand".
    TI arrested outside of his gated community

    TI arrested outside of his gated community

    Dude didn't have his key on him and argued with the security guard when he wasn't let in. T.I. makes his way to the ESPN set during the Atlanta Falcons' Super Bowl run in 2017.


Most liked

Kurt Cobain's Daughter Loses Nirvana 'MTV Unplugged' Guitar In Divorce Settlement
She has since made a decision to hand over the guitar as a way of settling the divorce proceedings quickly without a trial. "It's not his to take", Cobain's mother Courtney Love famously told TMZ as divorce proceedings took a turn for the worse.

Atletico Madrid Win Third Europa League Title
Just being in this final was an achievement for Garcia's team, but they will look back on the evening with regrets. This [final] was a very important game, as it allowed us to keep up at the top level.

Preakness Stakes 2018: Justify prohibitive favorite in morning-line odds
Quip (12-1) drew the first post while Lone Sailor (15-1), who finished eighth at Churchill Downs, will go from the second post. Bravazo made his first start on a wet track when sixth in the Kentucky Derby , beaten by eight lengths by Justify .

SC collegium defers reiteration of Justice Joseph's elevation to top court
The Supreme Court collegium has again deferred a formal decision on sending the file relating to the elevation of Justice K.M. An apex court official said that no decision has been taken as to when the recommendation will be sent to the Centre.

Feces-flinging woman attacks Langley Tim Hortons staff
The incident happened at the downtown location of Tim Horton's in Langley, British Columbia, southeast of Vancouver. The woman was detained by authorities and released with instructions to attend court at a later date.

Jets falter early on, Vegas nabs series lead
Courtesy of the NHL , the Golden Knights became Las Vegas' first major professional sports league team. "He didn't say it to us". I was just sitting there and he was sitting there and people were fighting. "I did that? I didn't think", Fleury said.

Crypto-unicorn: $3bn valuation as Dublin's Circle raises $110m
USDC would be an ERC-20 Token on the Ethereum Network based on the network rules defined by CENTRE. CENTRE , according to Circle , will be providing independent oversight of this new coin.

Scot Peterson's $8K-plus pension: It pays to be cowardly
Fathers of two of the victims of the Parkland shooting expressed their disgust over Peterson's generous pension on Twitter . Scot Peterson maintained that he believed the gunshots were coming from outside the school. "Allegations that Mr.

Senate passes bill to reinstate net neutrality
The CTIA, USTelecom and the NCTA earlier sent a joint letter to senators asking them to vote against the measure. The FCC repeal initially went into effect on April 23, 2018, but nobody felt the real effect of it all.

Filmmakers protest in solidarity with Palestine at Cannes
Telling reporters back in 2017 that found the rules outdated Stewart has been vocal about dressing the way she pleases. Cannes is renowned for attracting the world's most lovely people for a week of breathtaking red carpet moments.

Fixed odds betting machines maximum stake slashed to £2
She also took part in the Government's written consultation and called for a £2 maximum stake on Fixed Odds Betting Terminals. It added that the limit could result in around 900 of its high streets shops becoming loss-making.

California couple waterboarded kids, authorities say
Rogers told KABC-TV that she and her husband were being judged for his tattoos, and her choice to homeschool her children. A California father charged with torturing his children was charged with domestic violence in 2011.

National Basketball Association won't discipline Smith for shove
James was also astoundingly efficient, using his dribble to create space, while he knocked down an assortment of jump shots. After the game, the TV station rubbed it in to the Cleveland Cavaliers , running a "Most Useless Cavaliers" segment.

Gianluigi Buffon to leave Juventus after 17 years at the club
Buffon had planned to end his career at the 2018 World Cup, which would have been his sixth, but Italy failed to qualify. During his time with Parma he also won the Coppa Italia, UEFA Cup and Italian Supercoppa in 1999.

Iran nuclear accord not ideal, but best to stick with it: Merkel
Merkel described the deal as "everything other than ideal", but argued that global nuclear authorities said Iran was sticking to its commitments.