Total unable to continue the South Pars 11 project in Iran
Total unable to continue the South Pars 11 project in Iran
EU energy and climate commissioner Miguel Arias Cañete
17 May, 2018, 00:35
French oil and energy company Total said on Wednesday that may pull out of the Iran South Pars 11 energy project, in light of a decision by US President Donald Trump to withdraw from an global nuclear deal with Iran.
In a statement, Total said it "will have to unwind all related operations" before November 4, unless it's granted a specific waiver by U.S. authorities that would protect it against sanctions.
Total's decision comes after President Donald Trump announced last week that he was pulling the United States out of a landmark 2015 nuclear deal with Iran and reintroducing sanctions.
Siemens CEO Joe Kaeser told CNN this week that Trump's decision meant his company could not do any new business in 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.
The project waiver should include protection of the Company from any secondary sanction as per US legislation, it added. SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian market and for which Total has voluntarily implemented an IRGC-free policy for all contractors participating in the project, thereby contributing to the worldwide policy to restrain the field of influence of the IRGC. Furthermore, considering the various growth opportunities which have been captured by Total in recent months, Total confirms that a withdrawal from SP11 would not impact its production growth target of 5% CAGR between 2016 and 2022.
Companies are starting to take matters into their own hands as European and some other governments struggle to save the Iran deal.
Supporters of the deal, which lifted earlier sanctions on the Islamic Republic in exchange for it curbing its nuclear ambitions, need to find a way to reassure companies that their investments are beyond Washington's extra-territorial reach.
Iran's energy ministry predicted a year ago that the Total-led project would eventually produce tens of billions of dollars worth of gas products.
"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".
Iran has said it may start enriching uranium again if it can no longer see any economic benefit from sticking to the deal. "With that in mind it's a logical decision".
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