Total leaves officially Iran

Total leaves officially his multi-billion-dollar gas-project in Iran, the biggest gas-reserve in world and a future production of 2 billion cubic feet per day, as the result of the USA threatening companies that continues to treat with Iran.

The French oil company Total signed a contract in 2017 with national Iranian petrol company to develop the South Pars 11 project. Total had 50.1% of the project against 30% for the Chinese oil company CNPC and the Iranian Petropars with 19.9%. Before starting the project Total was looking for a waiver to continue the project in IRAN and a protection against US sanctions but without success.

 

With the arrival of the new US President Donald Trump, USA is retiring from the agreement JCPO and imposing further sanctions on Iran and companies that market with it. The agreement JCPOA (Joint Comprehensive Plan of Action) concluded by Iran and the P5 + 1 (China France, Germany, Russia, United Kingdom and United States) on July 14, 2015, aims to stop the Iran’s nuclear project against the gradual lifting of sanctions and the embargo.The President Donald Trump tweeted earlier this month: “Anyone doing business with Iran will not do business with the United States.”  The most of oil transactions go through US banks and the dollar is the currency of exchange, so total is obliged to follow US laws and withdraw from Iran if it does not want to suffer financial penalties (Total has already invested 40 million in the project on an investment of 1 billion), in contrast to Chinese and Russian investors who make most of their transactions in local currencies.

 

 

Keyword: Total, Iran, USA, Gas, south pars 11,

Photo source :

https://financialtribune.com/sites/default/files/styles/slideshow/public/05_sp_550.jpg?itok=Nt4D7zmC&c=7cd5044ce19d004ac1bf035b0075d0a2

Sources:

https://www.nytimes.com/reuters/2018/08/20/business/20reuters-iran-france-total.html

https://www.irishtimes.com/business/economy/french-oil-giant-total-pulls-out-of-iran-after-us-sanctions-1.3602073

https://www.france24.com/en/20180820-iran-total-french-oil-giant-quits-us-sanctions

http://www.lefigaro.fr/conjoncture/2018/08/20/20002-20180820ARTFIG00101-iran-total-tire-officiellement-un-trait-sur-le-plus-grand-projet-gazier-du-monde.php

 

A propos de Mohammed DJEDDIS

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