Total could seek Iran sanctions waiver

Iran

PARIS, March 19, 2018 – Total will apply for an individual waiver of US sanctions if the Trump administration proceeds with reimposing them, the company’s CEO said on Sunday.

Signalling the company’s commitment to its 2017 deal to develop phase 11 of Iran’s super-giant South Pars gasfield, Patrick Pouyanne told UAE newspaper The National that the company would have to “look at the consequences” if US sanctions are reimposed.

“Either Donald Trump decides to maintain the waivers and we will move on with the project. […] If the U.S. decides not to sign the waiver … we will ask for a waiver from the U.S. authorities,” Pouyanne said.

In July of last year, the National Iranian Oil Company signed a deal to develop South Pars phase 11 with a consortium comprising Total (as operator with a 50.1% stake), CNPC (30%) and Iran’s Petropars (19.9%). The project has been valued at USD 4.8 billion, and Total has pledged an initial USD 1 billion in investment.

Total’s recent acquisition of Maersk has also made it a front-runner for the development of the South Pars Oil Layer.

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