Total Corporation, one of the leading French energy companies, withdraws from the gas project in Iran. Experts say that the project cost is estimated at $4.8 billion.
The company considers the gas project in Iran to be unreliable on grounds of a threat of US sanctions. Bijan Namdar Zangeneh, Iran's oil minister, confirmed the information and noted that they intended to seek an alternative to Total. Recall that in August and November 2018, the second wave of US sanctions against Iran is expected. It will be targeted at the oil and gas sector, which is of vital importance to the country, and any organization that conducts business with Iran, is liable to sanctions from the White House.
Earlier, the French corporation was one of the three leading energy companies which helped to develop the South Pars, the world's largest natural gas deposit shared between Iran and Qatar. Along with the China National Petroleum Corporation and Iranian Petropars, Total planned to invest the first billion euros in the gas project. The corporation recognized its vulnerability due to US sanctions.
The company has about $10 billion in US assets, and 90% of its financial transactions are carried out through banks in the United States.
